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103 Years Old Private Sector Bank Hikes FD Rates Up To 8%; Details Here
Tamilnad Mercantile Bank Ltd is a 103-year-old private-sector bank being established in 1921. The bank has hiked its interest rates on domestic term deposits of less than Rs 2 Cr and following the revision it is now offering returns of up to 8%. The bank is now offering a maximum interest rate of 7.50% to the general public and 8% to senior citizens on deposits made for a period of 400 days. The new fixed deposit interest rates take effect on April 10, 2024, according to the bank's official website.
Tamilnad Mercantile Bank FD Rates
On deposits maturing in 7 to 90 days, the bank is offering an interest rate of 5.25% and on those maturing in 91-120 days, Tamilnad Mercantile Bank is promising an interest rate of 5.75%. Tamilnad Mercantile Bank is promising an interest rate of 6.00% on a deposit tenure of 121 days to less than 1 year and the bank will pay an interest rate of 7.00% on a deposit tenure of 1 year to less than 400 days. Term deposits maturing in 400 days will fetch an interest rate of 7.50% and those maturing above 400 days to less than 2 years will fetch an interest rate of 7%.
Senior citizens are eligible to get an additional benefit of 0.50% in terms of interest rates on their deposits maturing in more than 1 year to 10 years.
| Period | General Public (Below 2 crore) New w.e.f 10.04.2024 | Senior Citizens (Below 2 crore) New w.e.f 10.04.2024 |
|---|---|---|
| 7-14 days | 5.25 | 5.25 |
| 15-29 days | 5.25 | 5.25 |
| 30-45 days | 5.25 | 5.25 |
| 46-60 days | 5.25 | 5.25 |
| 61-90 days | 5.25 | 5.25 |
| 91-120 days | 5.75 | 5.75 |
| 121-179 days | 6 | 6 |
| 180-270 days | 6 | 6 |
| 271 days to less than 1 year | 6 | 6 |
| 1 year to less than 400 days | 7 | 7.5 |
| 400 days | 7.5 | 8 |
| Above 400 days to less than 20 months & 20 days | 7 | 7.5 |
| 20 months & 20 days | 7 | 7.5 |
| Above 20 months 20 days to less than 2 years | 7 | 7.5 |
| 2 years to less than 3 years | 6.75 | 7.25 |
| 3 years to 10 years | 6.5 | 7 |
| Source: Bank Website |
Recently on 12th April, RBI appointed Shri.Thomas Mathew, Regional Director, Reserve Bank of India, Thiruvananthapuram as additional director of Tamilnad Mercantile Bank for a period of two years from April 12, 2024 to April 11, 2026 or till further orders, whichever is earlier, in place of Shri.S.B.Suresh Kumar, General Manager (retd.), Reserve Bank of India, as per a regulatory filing.
With its headquarters located in Thoothukudi, Tamilnad Mercantile Bank Ltd (TMB), one of the most well-known old private sector banks, has a rich history spanning over a century and an impressive record of consistent profit-making in the sector. With 547 branches and 12 regional offices spread throughout 17 states and 4 Union Territories, TMB boasts a pan-Indian presence and services over 5 million satisfied customers.
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