Tamilnad Mercantile Bank cuts deposit rates

Tamilnad Mercantile Bank Ltd. (TMB) has decided to cut domestic term deposit rates across different maturities buckets by 50 basis points with effect from April 30, says a release. The interest rate on deposits with a maturity of 91 days to 179 days will now be 9 per cent per cent, down from 8.50 per cent. The interest rate for other maturities has also been reduced. The additional interest rate of 25 basis points for senior citizens will, however, continue, the release says.

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