Tamil Nadu   

Bank hikes interest rates

TUTICORIN: The Tamilnad Mercantile Bank Limited has increased the interest rates on its NRE and FCNR (B) term deposits with effect from November 16.

According to S. Selvan Rajadurai, General Manager, International Banking Division, the bank has increased the interest rate on 1 year and above and below 2 years category of NRE deposits by 75 basis points to 4.92 per cent as against 4.17 per cent and 2 year and above and below 3 years category of NRE term deposits by 75 basis points to 4.41 per cent as against 3.66 per cent.

Repco Bank has announced a special term deposit scheme, REPCO-40. According to K.B. Balaji, Branch Manager, the rate of interest for 40 months is 12 per cent for senior citizens and 11.50 per cent for others.

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