TMB launches "TMB Double" scheme

Tuticorin, Jan 4 (UNI) The Tamil Nadu Mercantile Bank Limited (TMB) has introduced a depository scheme "TMB Double", under which a customer, who invests an amount will be paid double the sum back after a specified term.

A release from the bank today said for general public the deposited amount will double after eight years and three days, while for senior citizens, the amount would be double in 93 months and 14 days.

The rate of interest for the general public was fixed at 8.75 per cent per annum and 9 per cent per annum for senior citizens.

The minimum deposit under the "TMB Double" was Rs 1000 and multiples of Rs 1000. There was no maximum deposit ceiling under the scheme.

The depositors could avail loan up to 90 per cent against their deposits under the new scheme, the release added.

UNI