Tamil Nadu Mercantile Bank is a private sector established in 1921 and 102 years old bank having pan India presence with 509 branches in all over India and 12 regional offices Raise interest rates on fixed deposits of less than Rs. 2 crores. The new rates are effective from today, February 10, 2023, according to the bank’s official website. The bank made this announcement in response to the RBI which increased the repo rate by 25 basis points to 6.50 per cent on Wednesday. After the revision, the maximum interest rate for fixed deposit customers of Tamil Nadu Mercantile Bank will be 8% for general customers and 8.50% for senior citizens.
Tamil Nadu Mercantile Bank FD Rates
On fixed deposits maturing in 7 days to 120 days, the bank is now offering an interest rate of 5.25% and on those maturing in 121 days to less than 1 year, Tamil Nadu Mercantile Bank is now offering an interest rate of 6% Will promise On deposit tenure of 300 days, the bank is promising a maximum interest rate of 8% and for a tenure of 1 year, Tamil Nadu Mercantile Bank will offer an interest rate of 7.25%.
Deposits with maturity of more than 1 year to less than 2 years will now fetch an interest rate of 7% and deposits with maturity of 2 years to less than 3 years will now fetch an interest rate of 6.75%. On fixed deposits maturing in 3 years to 10 years, the bank is promising a standard interest rate of 6.50%.
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Senior citizens will get an additional interest rate of 0.50% or 50 basis points over and above standard rates on fixed deposits maturing in 300 days to 10 years, resulting in a maximum return of 8.50% from Tamil Nadu Mercantile. Bank by booking your fixed deposit for a tenure of 300 days.
The total business of the bank at the end of the third quarter in December 2022 with a growth rate of 5.69% was 78,242 crore, while its deposit and advance portfolios were, respectively, 43,440 crore and 34,802 crore in Q3 of FY23. The CASA position of the bank has increased by 10.15 per cent 12,851 crore, and its operating profit for Q3FY23 reached 404.81 cr as against 401.12 cr for Q3FY22. Tamil Nadu Mercantile Bank’s net profit reached 279.70 crores for Q3FY23 as against 202.88 Cr in the year-ago quarter registering a growth rate of 37.86%.
Net Interest Income (NII) climbed up to 18% 534.27 crore during Q3 FY23 452.76 crore in Q3FY22, while both the bank’s return on assets and return on equity grew by 2% and 17.14%, respectively. with full advantage of 1,617 crore and with a growth rate of 32.56%, the bank’s net worth climbed 6,583 crore in Q3FY23 from 4,966 crore in Q3FY22, while gross NPA as a percentage of total advances stood at 1.70% and net NPA at 0.75%.
Tamil Nadu Mercantile Bank opened two branches in Q3FY23, and plans to open another 25 branches before the end of the current financial year. The bank also disclosed that it entered into partnership with Kotak General Insurance Company Limited, Chola MS General Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited and Max Life Insurance Company Limited for insurance products during the quarter.
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