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Tamilnad Mercantile Bank raises deposit rates
CHENNAI:
Tamilnad Mercantile Bank has increased interest rates for its term deposits with effect from December 23. After the revision, the bank offers its maximum interest rate of 9.25 per cent (8.50 p.c.) for above 8 years deposits to senior citizens and 8.75 per cent (8 p.c.) to other general public. It offers a maximum of 9.5 per cent (9 p.c.) interest to senior citizen deposits under the tax saving deposit scheme. For others, the bank offers 9 per cent (8.5 p.c.) for its tax saving deposit schemes. The differential rate of interest slab has been modified to Rs. 50 lakhs and above from Rs. 25 lakhs and above, says a bank release.
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