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TMB introduces new scheme

CHENNAI: Tamilnad Mercantile Bank has introduced a deposit product, TMB Double. The amount invested under this scheme will be doubled after eight years and three days for the general public and seven years nine months and 14 days for senior citizens. The bank has increased the interest rate for non-resident external (NRE) term deposits from January 1. The revised rates are: 6.33 per cent for one year to below two years, 6.16 per cent for two years to below three years and 6.08 per cent for three years. For FCNR-B term deposit, the rates have been increased ranging from nine basis points (bps) to 19 bps for U.S. dollar, says a bank release.

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