This private sector bank revises fixed deposit rates, check latest rates here

Tamilnad Mercantile Bank Limited (TMB) is an Indian bank having its head office in Thoothukudi, Tamil Nadu. It was established in 1921. Interest rates have changed for fixed deposits under Rs. 2 crores, according to the bank's official website. On September 1, 2022, the revised rates will go into effect. The bank will now offer fixed deposits with maturities ranging from 7 days to 10 years and interest rates ranging from 2.75% to 5.75% as a result of the adjustment. 

Tamilnad Mercantile Bank FD Rates

The bank now offers interest rates of 2.75% on fixed deposits with maturities between 7 and 14 days and 3.50% on term deposits with maturities between 15 and 45 days. Deposits that mature in 46 to 90 days will be charged an interest rate of 3.75%, and those that mature in 91 to 179 days will be charged an interest rate of 4.50%. Tamilnad Mercantile Bank will now offer an interest rate of 5% on fixed deposits maturing in 180 days or less than a year, while the bank will also guarantee an interest rate of 5.50% on fixed deposits maturing in a year.

The bank now offers interest rates of 5.75% on term deposits maturing in three to ten years and 5.60% on fixed deposits maturing in more than a year but less than two years.

The bank provides elderly citizens with an additional rate advantage of 0.50% or 50 basis points on fixed deposits with maturities between one year and ten years.

Next week, on September 5, Tamilnad Mercantile Bank Ltd. will begin its initial public offering (IPO), which will conclude on September 7. The minimum lot size for the initial public offering (IPO) of 800 crores is 28 shares, and the pricing range has been established at 500 to 525. It is suggested that the offering be listed on both the NSE and the BSE because the company expects to raise 831.60 crores from it. As of March 31, 2022, the lender had 509 branches, of which 106 are located in rural areas, 247 in semi-urban areas, 80 in urban areas, and 76 in metropolitan areas. Tamilnad Mercantile Bank is well-known throughout Tamil Nadu thanks to its 369 branches.