Tamil Nadu - Tuticorin   

Interest rates increased

TUTICORIN: Tamilnad Mercantile Bank has increased its domestic term deposit interest rates for a maturity period of three years by 50 basis points upwardly with effect from December 1. It was aimed at encouraging the habit of saving among the public, S. Selvan Rajadurai, General Manager, Business Development, said in a statement here.

The interest rate for a maturity period of 3 years has been increased from 11 per cent to 11.50 per cent and from 11.50 per cent to 11.75 per cent for senior citizens. An investment of Rs.1,000 for a period of 3 years would fetch a maturity amount of Rs. 14,154 for senior citizens and Rs. 14,051 for others, Mr. Selvan Rajadurai added.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Seamen of Punnakayal held hostage
Intra-district cricket tournament
Interest rates increased

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu