Tamilnad Mercantile Bank will give a maximum interest of 8% on fixed deposits to general customers. The bank will offer 8.50% interest to senior citizens. The new interest rates are effective from 10 February 2023.
The 102-year-old Tamil Nad Mercantile Bank has increased interest rates on fixed deposits (FDs) of less than Rs 2 crore. According to the official website of Tamilnad Mercantile Bank, the new interest rates are effective from Friday, February 10, 2023.
After the change in interest rates, Tamil Nad Mercantile Bank will give a maximum interest of 8% on fixed deposits to general customers. At the same time, the bank will offer 8.50% interest to senior citizens.
Tamilnad Mercantile Bank Fixed Deposit Rates
Tamil Nad Mercantile Bank is now offering an interest rate of 5.25% on fixed deposits maturing in 7 to 120 days. At the same time, the bank will now pay 6% interest on fixed deposits of 121 days to less than 1 year. At the same time, Tamilnad Mercantile Bank will give 8% interest to general customers on 300-day fixed deposits.
The bank will now pay 7.25% interest on 1 year FD. The bank will now pay 7% interest on deposits above 1 year and up to 2 years. At the same time, the bank will pay 6.75% interest on fixed deposits of 2 years to less than 3 years. Tamil Nad Mercantile Bank is now offering a standard interest rate of 6.50% on Fixed Deposits maturing in 3 years to 10 years.
Senior citizens will get 0.50% more interest
Senior citizens will get 0.50% or 50 basis points more interest over standard rates on fixed deposits ranging from 300 days to 10 years. Senior citizens will get the highest interest of 8.50% on 300 days fixed deposits.
Tamilnad Mercantile Bank has reported a net profit of Rs 279.70 crore in the December quarter of the current financial year. The bank’s profit has increased by 37.88 percent as compared to the same period a year ago. Tamil Nad Mercantile Bank had a profit of Rs 202.88 crore in the December quarter of the last financial year.
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