Tamilnad Mercantile Bank Limited (TMB) is an Indian bank having its administrative center in Thoothukudi, Tamil Nadu. It was laid out in 1921. Interest rates have changed for fixed deposits under Rs. 2 crores, as per the bank’s official site.
On September 1, 2022, the updated rates will become effective. The bank will presently offer fixed deposits with maturities going from 7 days to 10 years and interest rates going from 2.75% to 5.75% because of the change.
Tamilnad Mercantile Bank FD Rates
The bank presently offers interest rates of 2.75% on fixed deposits with maturities somewhere in the range of 7 and 14 days and 3.50% on term deposits with maturities somewhere in the range of 15 and 45 days. Deposits that matured in 46 to 90 days will be charged an interest rate of 3.75%, and those that adult in 91 to 179 days will be charged an interest rate of 4.50%.
Tamilnad Mercantile Bank will currently offer an interest rate of 5% on fixed deposits maturing in 180 days or under a year, while the bank will likewise ensure an finterest rate of 5.50% on fixed deposits maturing in a year.
The bank presently offers interest rates of 5.75% on term deposits maturing in three to a decade and 5.60% on fixed deposits maturing in over a year however under two years.
The bank gives older residents an extra rate benefit of 0.50% or 50 premise focuses on fixed deposits with maturities between one year and a decade.
One week from now, on September 5, Tamilnad Mercantile Bank Ltd. will start its first sale of stock (IPO), which will finish up on September 7. The base part size for the first sale of stock (IPO) of 800 crores is 28 offers, and the evaluating range has been laid out at 500 to 525.
It is proposed that the contribution be recorded on both the NSE and the BSE on the grounds that the organization hopes to raise 831.60 crores from it. As of March 31, 2022, the moneylender had 509 branches, of which 106 are situated in country regions, 247 in semi-metropolitan regions, 80 in metropolitan regions, and 76 in metropolitan regions. Tamilnad Mercantile Bank is notable all through Tamil Nadu because of its 369 branches.
