Tamilnad Mercantile Bank's "Time Double"

Tamilnad Mercantile Bank (TMB) has introduced a new deposit scheme called ' Time Double' in which double the amount invested will be paid back after a specific term. The amount will be doubled after 8 years and 3 days for the general public and 7 years 9 months and 14 days for senior citizens. The general public will get a rate of interest of 8.75% pa and senior citizens 9% pa. The deposit will be accepted with a minimum amont of Rs.1000 and in multiple of Rs.1000.