TMB launches 555-day deposit

Tuticorin, Tamil Nadu, Feb 3 (UNI) Tamil Nadu Mercantile Bank (TMB) launched its new deposit product 'TMB 555' besides revising rates on other deposits.

According to a bank release, 'TMB 555' offered customers higher interest rate of 9.25 per cent to general public and 9.75 per cent to senior citizens for 555-day deposit. The minimum deposit amount would Rs 10,000.

The bank also hiked rates on its other deposits which will now carry 8.25 to 8.50 per cent for periods of one year to 443 days, 8.50 to 8.8.75 per cent for three to eight years and 8.75 to nine per cent for above eight years. The bank offers additional 0.50 per cent on the deposits for senior citizens.

UNI