This Private Sector Bank Revises Interest Rates On Fixed Deposits

Tamilnad Mercantile Bank Limited has revised its interest rates on domestic fixed deposits and Non-Resident Ordinary (NRO) deposits. The new rates are in effect from 18.11.2021 according to the bank's official website. On deposits maturing in 2 years to less than 3 years, the general public will now get a maximum interest rate of 5.35 percent, while senior citizens will receive a maximum interest rate of 5.85 percent, owing to the most recent adjustment made on interest rates by the bank.

Tamilnad Mercantile Bank FD Rates

With effect from 18th November 2021, the bank is now promising the following interest rates to the general public on their domestic deposits of less than Rs 2. Cr maturing in 7 days to less than 10 years.

Period	Interest rates in % p.a.
7 - 14 days	2.75%
15 - 29 days	3.50%
30 - 45 days	3.50%
46 - 60 days	3.75%
61 - 90 days	3.75%
91 days - 179 days	4.50%
180 days - 270 days	4.75%
271 days to less than 1 year	5.00%
1 year	5.25%
Above 1 year to less than 20 months & 20 days	5.25%
20 months & 20 days	5.25%
Above 20 months 20 days to less than 2 years	5.25%
2 years less than 3 years	5.35%
3 years to 10 years	5.00%
Source: Bank Website

Tamilnad Mercantile Bank FD Rates For Senior Citizens

Senior citizens will continue to get an additional rate of 0.50% on their term deposits maturing in 1 year to 10 years. Here are the latest fixed deposit interest rates of Tamilnad Mercantile Bank provided to senior citizens.

Period	Interest rates in % p.a.
7 - 14 days	2.75%
15 - 29 days	3.50%
30 - 45 days	3.50%
46 - 60 days	3.75%
61 - 90 days	3.75%
91 days - 179 days	4.50%
180 days - 270 days	4.75%
271 days to less than 1 year	5.00%
1 year	5.75%
Above 1 year to less than 20 months & 20 days	5.75%
20 months & 20 days	5.75%
Above 20 months 20 days to less than 2 years	5.75%
2 years less than 3 years	5.85%
3 years to 10 years	5.50%
Source: Bank Website

Tamilnad Mercantile Bank NRO Term Deposit Interest Rates

Tamilnad Mercantile Bank has also modified its interest rates on NRO deposits. Senior citizens should note that additional rates on NRO deposits are not applicable.

Period	Interest rates in % p.a.
7 - 14 days	2.75%
15 - 29 days	3.50%
30 - 45 days	3.50%
46 - 60 days	3.75%
61 - 90 days	3.75%
91 days - 179 days	4.50%
180 days - 270 days	4.75%
271 days to less than 1 year	5.00%
1 year	5.25%
Above 1 year to less than 20 months & 20 days	5.25%
20 months & 20 days	5.25%
Above 20 months 20 days to less than 2 years	5.25%
2 years less than 3 years	5.35%
3 years to 10 years	5.00%
Source: Bank Website