Date:12/07/2006 URL: http://www.thehindubusinessline.com/2006/07/12/stories/2006071204340600.htm

Back TMB hikes NRE, FCNR rates

Our Correspondent

Madurai, July 11

Tamilnad Mercantile Bank has hiked the interest rate by 30 basis points and 25 basis points for the maturity periods of "1 year to below three 3 years" and "3 years" respectively on its Non-Resident External (NRE) term deposits over the previous month rates. The rate of interest now for NRE term deposits for 1 year to 3 years uniformly stands at 6.70 per cent. Apart from this revision, the bank has hiked the interest rates on its Foreign Currency Non-Resident (Bank) (FCNR-B) term deposits across all slabs with effect from July 1, in US dollars, pounds, euro, Canadian and Australian dollars. The bank has hiked its interest rate up to 26 basis points for US dollar, 13 bps for pounds, 22 bps for euro, 29 bps for Canadian dollar and up to 18 bps for Australian dollar deposits. The bank offers the maximum interest of 5.72 per cent for US dollars deposits, 5.21 per cent for GBP deposits, 4.09 per cent for euro deposits, 4.90 per cent for Canadian dollar deposits and 6.30 per cent for Australian dollar deposits. These changes are applicable for the period between 1 July and 31 July, according to a release from the bank.