Tuticorin, Aug 22 (PTI) Private sector lender Tamil Nadu Mercantile Bank has revised interest rates on its deposits for general and senior citizens, with immediate effect.
In a statement, the Tuticorin-based bank said it has increased the domestic term deposit interest rates to 0.50 per cent from the existing 0.25 per cent, for deposits of 91 days to 10 years.
For senior citizens, the interest rates have been increased from 25 basis points to 50 basis points, for deposits of 1 to 10 years, it said.
For deposit period of 91 days to 179 days, the interest rates have been increased to 8.50 per cent from existing eight per cent, while for deposits of 180 days and less than one year, it has been increased to nine per cent from the existing 8.75 per cent.
For deposits of one year and upto five years, the interest rates have been revised to 9.50 per cent from existing 9.25 per cent and 10 per cent from existing 9.50 per cent for senior citizens.
For deposits above five years and upto 10 years, the senior citizen deposit rates have been revised to 9.50 per cent from the existing 9.25 per cent, the statement added. PTI CORR VIJ APR STS