Private sector lender Tamilnad Mercantile Bank has announced a hike in interest rates of fixed deposits across selected maturities.

The deposits having maturity of 121-170 days and 171 days to less than 1 year have been raised by 25 bps, the bank said.

The revised rates would come to effect from November 28, 2011, today.

Mr S. Selvan Rajadurai, General Manager, Business Development (HO), TMB, said that the respective deposits have been raised from 8.50% to 8.75% and 8.75% to 9%.

He also said that the highest interest of 10.25% is being offered by the lender for deposit having tenor of 1 year to less than 2 years.