FD Rate Hike: 102 year old private bank is giving 8.50% return on FD for 300 days

FD Rate Hike: The country’s 102-year-old Tamilnad Mercantile Bank was established in 1921. Which 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 .
According to the official website of the bank, the new rates are effective from today, February 10, 2023. Let us tell you that two days ago the MPC of RBI has increased the policy interest rates by 25 basis points.

After which the repo rate has become 6.50 percent. The maximum interest rate for fixed deposit customers of Tamil Nadu Mercantile Bank will be 8 per cent for general customers and 8.50 per cent for senior citizens.

Tamil Nadu Mercantile Bank FD Rates

1. The bank will pay 5.25 percent interest on FDs of 7 days to 120 days.
2. The bank will pay 6% interest on FDs of 121 days to less than 1 year.
3. The bank will give a maximum interest rate of 8 percent on FD of 300 days.
4. Tamil Nadu Mercantile Bank will give 7.25 percent interest rate on 1 year FD.
5. The bank will pay 7% interest on FDs of more than 1 year to less than 2 years.
6. The bank will pay 6.75 percent interest on FDs of 2 years to less than 3 years.
7. The bank will pay 6.50 percent interest on FDs of 3 years to 10 years.

Siniya citizens will get this much return

Senior citizens will get 0.50 per cent or 50 basis points more than the standard rate on fixed deposits maturing in 300 days to 10 years. In such a situation, senior citizens can get a maximum return of 8.50 per cent by booking their fixed deposits with Tamil Nadu Mercantile Bank for a tenure of 300 days.