New Delhi. The country’s 102-year-old Tamilnad Mercantile Bank was established in the year 1921. This bank has 509 branches across India and 12 regional offices. The bank has increased the interest rates on fixed deposits of less than Rs 2 crore ie FD. According to the official website of the bank, the new rates are effective from today, February 10, 2023.
The bank said that this decision has been taken after the RBI increased the repo rate by 25 basis points (0.25 per cent) to 6.50 per cent on Wednesday. Tamil Nadu Mercantile Bank is offering a maximum of 8 per cent interest to customers and 8.50 per cent interest to senior citizens on FDs.
Tamilnad Mercantile Bank FD Rates
- 7 days to 14 days: For general public – 5.25 per cent; For senior citizens – 5.25 per cent
- 15 days to 29 days: For general public – 5.25 per cent; For senior citizens – 5.25 per cent
- 30 days to 45 days: For general public – 5.25%; For senior citizens – 5.25 per cent
- 46 days to 60 days: For general public – 5.25 per cent; For senior citizens – 5.25 per cent
- 61 days to 90 days: For general public – 5.25%; For senior citizens – 5.25 per cent
- 91 days to 120 days: For general public – 5.25 per cent; For senior citizens – 5.25 per cent
- 121 days to 179 days: For general public – 6 per cent; For senior citizens – 6 percent
- 180 days to 270 days: For general public – 6%; For senior citizens – 6 percent
- 270 days to 365 days: For general public – 6%; For senior citizens – 6.00 per cent
- 399 days: For general public – 8 per cent; For senior citizens – 8.50 per cent
- 1 year: For general public – 7.25 per cent; For senior citizens – 7.75 per cent
- More than 1 year up to 20 months 20 days: For general public – 7.00%; For senior citizens – 7.50 per cent
- More than 20 months but less than 2 years: For general public – 7.00%; For senior citizens – 7.50 per cent
- More than 2 years but less than 3 years: For general public – 6.75 per cent; For senior citizens – 7.50 per cent
- 3 years to 10 years: For general public – 6.50%; For senior citizens – 7.00 per cent
Repo rate hiked for the sixth time in a row
Let us tell you that on February 8, Reserve Bank Governor Shaktikanta Das increased the repo rate for the sixth consecutive time. After the monetary policy meeting, he said that the pressure of rising inflation in the world is also on India and to overcome it completely, it has become necessary to increase the interest rates of loans once again. However, this time the repo rate has been increased by only 0.25 percent.
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