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TMB increases NRE, FCNR (B) rates
CHENNAI:
Tamilnad Mercantile Bank has hiked the interest rate by 10 basis points for all maturity periods on its non-resident external (NRE) term deposits over the previous month rates. Now the rate of interest for NRE term deposits for one year to below three years stands at 6.40 per cent and for three-year deposits the bank offers 6.45 per cent. It has also hiked the interest rates on its foreign currency non-resident (bank) FCNR-B term deposits from June 1 for various maturity periods in U.S. dollars, pound sterling, and Canadian and Australian dollars, says a release.
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