Tamilnad Mercantile Bank raises 3-yr to 5-yr FCNR(B) deposit rates to 7%
This story was originally published at 11:50 IST on 12 June 2026
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MUMBAI – Tamilnad Mercantile Bank Ltd. has raised its interest rates on foreign currency non-resident dollar-denominated bank deposits for tenures ranging from three to five years by up to 350 basis points to 7.00%, effective Wednesday, according to an update on the bank's website. The bank has left the one-year to less than three-year FCNR(B) deposit rates unchanged.
Under the scheme, deposit rates for less than $100,000 and above $100,000 for three-year to five-year tenures stand at 7.00%. For the March quarter, the bank reported a net profit of INR 3.74 billion, up 28% on year. At 1138 IST, shares of the lender were up nearly 2% at INR 767.65 apiece on the National Stock Exchange.
Tamilnad Mercantile Bank's FCNR(B) deposit rates for various tenures are as follows:
| Tenure | Below $100,000 | Above $100,000 | Below $100,000 | Above $100,000 |
| Previous Rate (%) | Previous Rate (%) | Revised Rate (%) | Revised Rate (%) | |
| One- up to two year | 5.10 | 5.50 | 5.10 | 5.50 |
| Two- up to three year | 4.00 | 4.15 | 4.00 | 4.15 |
| Three- up to four year | 3.90 | 3.90 | 7.00 | 7.00 |
| Four- up to five year | 3.60 | 3.60 | 7.00 | 7.00 |
| Five year | 3.50 | 3.50 | 7.00 | 7.00 |
End
US$1 = INR 95.42
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Nandini Sinha
Edited by Akul Nishant Akhoury
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