Tuticorin-based Tamilnad Mercantile Bank (TMB) has increased its domestic term deposit rates on various maturities by 25 to 100 basis points with effect from January 27.

With the latest hike, the highest interest rate on retail term deposits will be 10.00 per cent for the bucket of 555 days.

The interest rate on term deposits in the tenure of 15 to 29 days and 46 to 90 days have been raised by 100 basis points each to five per cent and six per cent respectively and in the tenure of 271 days to less than one year have been raised by 75 basis points to 8.25 per cent. The interest rates for one year have been increased to 9.25 per cent from nine per cent for general public and increased to 9.75 per cent from 9.25 per cent for senior citizens.

The interest rate for 10 year tenure is nine per cent, said Mr S. Selvan Rajadurai, General Manager, Business Development, TMB, Head Office, in a release to the press.

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