NewsStocksTamilnad Mercantile Bank Launches 456-Day FD Scheme with 7.50% Interest for Senior CitizensTamilnad Mercantile Bank Launches 456-Day FD Scheme with 7.50% Interest for Senior Citizens
Tamilnad Mercantile Bank announced revised fixed deposit rates effective January 8, 2026, featuring a special 456-day scheme offering 7.50% to senior citizens and 7.10% to regular depositors. The bank's rate structure ranges from 4.00% for short-term deposits to the peak 7.50% rate, with senior citizens receiving preferential rates on longer tenors. Long-term deposits beyond 456 days offer standardized rates of 6.60% and 7.10% respectively, maintaining consistency across 2-10 year periods.
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Tamilnad Mercantile Bank has launched a special fixed deposit scheme offering attractive interest rates to depositors, with senior citizens receiving the highest rate of 7.50% per annum for a specific 456-day tenor. The private sector bank announced these revised interest rates on January 8, 2026, creating a structured approach to deposit returns across various tenors.
Special 456-Day Deposit Scheme
The bank's flagship offering centers around the 456-day fixed deposit tenor, which provides the most competitive rates in their portfolio. This unique tenor structure differentiates the bank's offerings in the competitive deposit market.
| Customer Category | Interest Rate | Tenor |
|---|---|---|
| Senior Citizens | 7.50% | 456 days |
| Regular Depositors | 7.10% | 456 days |
| Senior Citizens | 7.30% | 1 year |
| Regular Depositors | 6.80% | 1 year |
Complete Interest Rate Structure
The bank offers a comprehensive range of deposit tenors with rates spanning from 4.00% to 7.50% based on the deposit period and customer category. The rate structure demonstrates a clear progression from short-term to optimal tenor periods.
| Tenor | Regular Rate (%) | Senior Citizen Rate (%) |
|---|---|---|
| 7-14 days | 4.00 | 4.00 |
| 15-29 days | 4.25 | 4.25 |
| 30-45 days | 4.50 | 4.50 |
| 46-90 days | 4.80 | 4.80 |
| 91-179 days | 5.80 | 5.80 |
| 180-270 days | 6.30 | 6.30 |
| 271 days to <1 year | 6.40 | 6.40 |
| 1 year | 6.80 | 7.30 |
| 456 days | 7.10 | 7.50 |
| 456 days to 10 years | 6.60 | 7.10 |
Short-Term Deposit Options
For depositors seeking shorter commitment periods, the bank provides competitive rates across ultra-short tenors. The progression begins at 4.00% for the shortest 7-14 day deposits and gradually increases with tenor length. Notable rate improvements occur at specific thresholds, with significant jumps at the 91-day mark where rates increase to 5.80% and again at 180 days reaching 6.30%.
Long-Term Investment Structure
Deposits extending beyond the optimal 456-day period receive standardized rates regardless of the specific tenor chosen. Whether depositors select 2 years, 3 years, 5 years, or 10 years, the rates remain constant at 6.60% for regular customers and 7.10% for senior citizens. This structure provides predictability for long-term financial planning while maintaining competitive returns.
Senior Citizen Benefits
Senior citizens receive preferential treatment across most tenor categories, with the most significant advantage appearing in the 1-year and 456-day categories. The additional 0.50% benefit for senior citizens on these popular tenors represents a meaningful enhancement to their deposit returns, acknowledging their specific financial needs and loyalty to the banking relationship.
Historical Stock Returns for Tamilnad Mercantile Bank
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.25% | +5.90% | +11.74% | +27.45% | +28.19% | +11.18% |
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