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Tuticorin-based TamilNad Mercantile Bank has hiked its interest rates on domestic term deposits between 25 and 125 basis points for various tenures from Wednesday.
According to a bank release, the interest rate for the maturity of 1 year to 554 days has been increased from 9.25 per cent to 10.00 per cent for general public. The bank has effected the increase in the maturity bucket of 5 years to 10 years by 125 basis points, the increased interest rate is 10 per cent for general public and 10.25 per cent for senior citizens.
The bank has increased the interest rate for its special deposit scheme of TMB 555 days deposit by 25 basis points for senior citizens, from 10.25 per cent to 10.50 per cent and for general public, the interest rate is 10.25 per cent.
For TMB Porkuvial Deposit Scheme of 10 years, the bank has increased the interest rate from 9.00 per cent to 10.00 per cent for general public and 10.25 per cent for senior citizens. Senior citizens are eligible to get 0.25 per cent additional rate of interest from the normal rate of interest in the buckets of 1 year to 10 years, the release added.
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