Money & Banking

TMB raises domestic term deposit rates

PTI Madurai | Updated on January 29, 2011 Published on January 29, 2011

Tamil Nadu Mercantile Bank (TMB) has increased its domestic term deposit rates for various maturity periods by 25 to 100 basis points with effect from January 27.

The increase was based on the hike in repo and reverse repo rates by RBI, Mr S. Selvam Rajadurai, General Manager, Business Development, said in a press release here today.

The highest interest rate on retail term deposits would be 10 per cent for 555 days. The interest rate on term deposits with a period of 15 to 29 days and 30 days to 45 days and 46-90 days had been raised to 5, 5.50 and 6 per cent respectively. For deposits in the period of 91 days to 270 days and 271 days to less one year, the rates had been raised to 7.5 and 8.25 per cent, respectively, the release said.

The interest rates for one year to 554 days had been increased from 9 per cent to 9.25 per cent for general public and from 9.25 per cent to 9.75 per cent for senior citizens.

Apart from this, interest rates for 555 days had been increased from 9.5 per cent to 10 per cent for both general public and senior citizens and for 556 days to less than 3 years, the rates had been increased from 9 per cent to 9.25 per cent for general public and 9.25 per cent to 9.75 per cent for senior citizens, the release said.

Interest rates for 3 years to less than 10 years had been hiked from 8.5 per cent to 8.75 per cent for general public and from 8.75 per cent to 9 per cent for senior citizens, and for 10-year term deposit, the rates had been increased to 9 per cent, the release added.

Published on January 29, 2011
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