Date:11/10/2005 URL: http://www.thehindubusinessline.com/2005/10/11/stories/2005101102840600.htm

Back TMB increases FCNR, NRE rates

Our Correspondent

Madurai , Oct. 10

THE Tuticorin-based Tamlinad Mercantile Bank has increased the interest rates for FCNR (B) term deposits with effect from October 1.

It has introduced the interest rates for a period above three years and up to a maximum maturity of five years. The bank has introduced FCNR term deposits in the Canadian dollar also.

For deposits with a maturity period of 12 months to 60 months, the change ranges from 4.23 per cent to 4.40 per cent in US dollar, 4.31 per cent to 4.34 per cent in sterling pound, 2.11 per cent to 2.61 per cent in euro and between 3.16 per cent to 3.55 per cent in Canadian dollar for deposits ranging from 18 months to 60 months.

It has also increased the interest rates on NRE term deposits to 5 per cent for period ranging from one year to below two years, 5.10 per cent for two years to below three years and 5.10 per cent for the category of three years, the release said.