This 101 year old bank increased interest rates on FD, check the latest rate immediately

Newz Fast, New Delhi: The bank will now offer interest rate of 2.75 per cent on FDs of 7-14 days, 3.50 per cent on FDs of 15-45 days, 3.75 per cent on FDs of 46-90 days and 4.50 per cent on FDs of 91-179 days. .

The 101-year-old Tamilnad Mercantile Bank, which is going to bring an IPO soon, has increased the interest rates on FDs with a deposit of Rs 2 crore. The new interest rates on FDs will be applicable from 1st September 2022.

The bank will now pay an interest of 2.75 percent to 5.75 percent on fixed deposits maturing in 7 days to 10 years.

The bank will now offer interest rate of 2.75 percent on FDs of 7-14 days, 3.50 percent on FDs of 15-45 days, 3.75 percent on FDs of 46-90 days and 4.50 percent on FDs of 91-179 days.

Interest rates for other tenures
The bank will give interest at the rate of 5 percent on FDs of 180 and less than 1 year. At the same time, customers will get 5.50 percent interest on 1 year FD. On FDs of more than 1 year but less than 2 years, the bank will give 5.60 percent interest.

At the same time, the bank will give 5.75 percent interest on FDs maturing in 2 to 10 years. The bank will give an additional 50 basis points or 0.50 per cent interest to senior citizens on one-year FDs.

Bank's IPO to be launched in September
The IPO of Tamilnad Mercantile Bank will open for subscription on September 5 and investors will be able to bid till September 7. The bank plans to raise Rs 831 crore through this IPO.

On Tuesday, the bank had fixed the IPO price band at Rs 500-525. This stock will be listed on both NSE and BSE index. The bank has said that after the IPO, it is hopeful that the RBI will remove the restrictions on its new branches.

The bank had 509 branches in the country till March 31, 2022. Of these, 106 branches were in rural areas, 247 in small-urban areas and 80 in urban areas. At the same time, the bank has 76 branches in metro cities. Let us tell you that this bank was established in 1921.

Karnataka Bank introduced new FD tenure
This bank has introduced a new tenure of 1 year, on which customers will get an interest of 6.20 percent. The new rates will be applicable from September 1. While the bank will give the above interest rate to the common people, senior citizens will get an additional 0.40 percent interest on it.

That is, Karnataka Bank will give an interest of 6.20 percent to senior citizens on FDs with deposits up to Rs 2 crore.