The public sector lender Punjab & Sind Bank (PSB) has revised its interest rates on fixed deposits of less than ₹2 Cr. Following the change, the bank is now providing interest rates on terms ranging from 7 days to 10 years, from 2.80% to 6.25%. The bank is offering a maximum return of 7.10% and 7.00% for a short time period on specific tenors of 400 days and 601 days. According to Punjab & Sind Bank’s (PSB) official website, the new FD interest rates are in effect as of April 20, 2023.
Punjab and Sind Bank FD Rates
The bank is now giving an interest rate of 2.80% on fixed deposits that mature within the next 7 to 30 days, and Punjab & Sind Bank (PSB) is now offering an interest rate of 3.0% on deposits maturing in the next 31 to 45 days. The interest rates being offered by Punjab & Sind Bank (PSB) are 4.60% for deposits made between 46 and 90 days and 4.75% for deposits made between 91 and 179 days.
Deposits maturing between 180 and 364 days and between 1 year and 399 days will now earn interest at a rate of 6.00% and 6.40%, respectively. The bank is now giving an interest rate of 7.10% on special fixed deposits with maturities of 400 days, and Punjab & Sind Bank (PSB) is now offering an interest rate of 6.40% on deposits with maturities of 401 to 554 days. The maximum interest rate on deposits maturing in 555 days is currently 7.35%, while the interest rate on deposits maturing in 556 days to 600 days is 6.40%.
Deposits that mature in 601 days will now earn 7% interest, while those maturing in 602 days to two years will now earn 6.40% interest. The bank is now paying an interest rate of 6.40% on fixed deposits that mature in 602 days to two years, and Punjab & Sind Bank (PSB) is giving a rate of 6.75% on deposits that mature in 2 years to 3 years Deposits with maturities between three and ten years will now earn interest at a rate of 6.25%.
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According to Punjab and Sind Bank, the two special tenors of 400 days and 601 days are effective till 30.06.2023 only.
Punjab and Sind Bank has mentioned on its website that “Senior Citizens shall be given benefit of additional interest of 0.50% on term deposits of less than Rs. 2 crore, over and above the mentioned rates for the maturity of 180 days & above on fresh as well as on renewal of term deposits, same shall not be available to NRE, NRO deposits, capital gain and Bulk deposits.”
“Super Senior Citizens (80 Years & above) shall be given benefit of additional interest of 0.15% on specific period (i.e. 400 Days, 555 Days & 601 Days) Term Deposits of less than Rs. 2 crore, for the maturity of 180 days & above on fresh as well as on renewal of term deposits, same shall not be available to NRE, NRO deposits, capital gain and Bulk deposits,” mentionedPunjab and Sind Bank on its website.
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Updated: 25 Apr 2023, 02:28 PM IST
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