Tamilnad Mercantile Bank is to effect a 50 bps cut in its domestic term deposit rates across different maturity periods from April 30.
The 91-to-179-day deposits will earn 8.50 per cent against the existing 9 per cent, while those beyond 179 days up to one year will fetch 8.75 per cent (9.25 per cent).
The rate on the one-to-two-year deposit will be revised to 9.75 per cent (10.25) and for the two-year to less than five-year period, from 9.75 per cent to 9.25 per cent