TamilNad Mercantile Bank (TMB) has announced a rise in interest rates of fixed deposits for different maturities in the range of 25 to 100 basis points. The new rates have come into effect from January 27.
According to Mr S. Selvam Rajadurai, General Manager, Business Development, the rate hike has been triggered by the recent policy rate hike by the Reserve Bank of India.
The 555 day deposit would now offer interest of 10% to the depositor. Deposits of tenor15 to 29 days and 30 days to 45 days and 46-90 days will now bear interest of 5, 5.50 and 6 % respectively.
The interest for 91 days to 270 days and 271 days to less one year deposits will be 7.5 and 8.25 % respectively following the rate hike.
Deposits of tenor one year to 554 days have revised interest rate of 9.25% now and 9.75% for senior citizens.
Interest rates for 3 years to less than 10 years had been hiked to 8.75%.