According to recent press reports Tamilnad Mercantile Bank has signed an agreement with HDFC Asset Management Company for marketing the its mutual fund products through select authorized branches of the bank.
Mr. S. Selvan Rajadurai, TMB’s General Manager, Business Development told the press that the bank has already tied-up with five leading mutual fund companies, such as ICICI Prudential Mutual Fund, UTI Mutual Fund, Reliance Mutual Fund, Franklin Templeton Investments and Birla Sun Life Mutual Fund, for selling their products through its branch network. He added saying that the tie up is aimed at meeting all the needs of its customers under one roof.
Tamilnad Mercantile Bank has announced over 10.25 per cent interest rates on FDs with one-year tenure after the Reserve Bank of India announced a 50 basis point hike in repo (lending) and reverse repo (borrowing) rates. The hike in the interest rate will affect the rate of borrowal of loan such as home loan, personal loan; vehicle loan etc is expected to go down.