Tamilnad Mercantile Bank FD Rates
On deposits maturing in 7 days to 120 days, the bank is offering an interest rate of 5.25% and on those maturing in 121 to less than 1 year, Tamilnad Mercantile Bank will now offer an interest rate of 6%. Tamilnad Mercantile Bank will now offer an interest rate of 6.75% on deposits maturing in 1 year and an interest rate of 7% on deposits maturing from above 1 year to less than 2 years. Deposits maturing in 2 to 3 years will now fetch an interest rate of 6.75% and those maturing in 3 to 10 years will now fetch an interest rate of 6.50%. On a deposit tenor of 1 year to 10 years, senior citizens will get an additional interest rate of 0.50% over and above the regular card rates.
Meanwhile, starting from the 1st day of the new year, IOB, PNB and Karnataka Bank have announced interest rate hikes on fixed deposits of less than ₹2 Cr. In accordance with the revised, Karnataka Bank is now offering interest rates ranging from 5.25% to 5.80% on maturities ranging from 7 days to 10 years. On deposits with a 555-day term, Karnataka Bank is now offering a maximum interest rate of 7.30% for the general public and 7.70% for senior citizens.
Indian Overseas Bank (IOB) officially revealed a 75 bps rise in fixed deposits under ₹2 Cr. As of January 1, 2023, the revised FD rates for IOB are in effect. As a result of the modification, the bank increased FD interest rates on short-term deposits with tenors of 7 to 90 days.
However, PNB has announced an interest rate hike on savings bank deposits as well as fixed deposits of below ₹2 Cr. Savings account interest rates have increased by 25 basis points while fixed deposit interest rates across a variety of tenors have risen by up to 50 basis points effective as of January 1, 2023.
