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Bank offers new facility for investors

Staff Reporter

Tuticorin: Tamilnad Mercantile Bank had been offering Applications Supported by Blocked Amount (ASBA) facility for its Initial Public Offers (IPOs), Follow on Public Offers and Right Issues, effective February 1, said its General Manager (Business Development) S. Selvan Rajadurai.

In a press release, he said that that the bank had been included as one of Self Certified Syndicate Banks (SCSB). ASBA is a process in which application money will be blocked in the applicants' bank account till allotment of shares.

The bank has also increased its domestic term deposit rates with effect from January 27.

The highest interest rate on retail term deposits will be 10 per cent for the bucket of 555 days.

The interest rate on term deposits (15 to 29 days and 46 to 90 days) has been raised by 5 per cent and 6 per cent respectively.

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