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Tamilnad Mercantile Bank Ltd has increased the interest rates on domestic term deposits by 25 to 125 basis points for various time buckets with immediate effect.
The interest rate for maturity of one year to 554 days has been increased from 9.25 per cent to 10 per cent. For 5-10-year deposits, the bank has increased the rate by 125 bps to 10 per cent for the general public and 10.25 per cent for senior citizens.
On the TMB 555 days special deposit, the rate has been increased by 25 bps to 10.25 per cent. The rate for senior citizens is 10.5 per cent
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