101 year old private sector bank revises fixed deposit rates: Details here

Tamil Nadu Mercantile Bank FD Rates

The bank is now offering an interest rate of 2.75% on fixed deposits maturing in 7 to 14 days and 3.50% interest rate on fixed deposits maturing in 15 to 45 days. An interest rate of 3.75% will be charged on deposits maturing in 46 to 90 days and 4.50% on fixed deposits maturing in 91 to 179 days. On fixed deposits maturing from 180 days to less than a year, Tamil Nadu Mercantile Bank will now offer an interest rate of 5%, while on fixed deposits maturing in one year, the bank will now guarantee an interest rate of 5.50%. The bank is currently offering an interest rate of 5.60% on fixed deposits maturing in more than one year but less than two years and 5.75% on fixed deposits maturing in three years to ten years.

On fixed deposits maturing in 1 year to 10 years, the bank offers an additional rate benefit of 0.50% or 50 bps over the standard rates to senior citizens.

Tamil Nadu Mercantile Bank Limited Will launch its initial public offering (IPO) next week on September 5 and close it on September 7 800 crore Initial Public Offering (IPO) is set on 500 to 525, and the minimum lot size is 28 shares. the company intends to generate 831.60 crore from this public offering, and it is recommended that the offer be listed on both NSE and BSE. The lender had 509 branches as on March 31, 2022, of which 106 are in rural areas, 247 in semi-urban, 80 in urban and 76 in metropolitan areas. With 369 branches, Tamil Nadu Mercantile Bank has a significant presence across Tamil Nadu.

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