Punjab and Sind Bank Announces New FD Rates Ranging Between 2.8% p.a. to 6.10% p.a

Last Updated: November 07, 2022, 11:20 IST

The followings are the tenure and interest rates.

Senior citizens will benefit from additional interest rates of 0.50 % on term deposits of less than Rs. 2 crore, over and above the mentioned rates.

Following in the footsteps of the Indian Bank, Punjab and Sind Bank has revised their interest rates on fixed deposits and saving accounts. The updated interest rates have come into effect from November 1, 2022. The Punjab and Sind Bank offers a maximum interest rate of 5.00% on savings accounts while at fixed deposits a range of 2.80% to 6.10% with maturities ranging from 7 days to 10 years. The followings are the tenure and interest rates:

7 days to 14 days — 2.80%
15 days to 30 days — 2.80%
31 days to 45 days — 3.00%
46 days to 90 days — 4.00%
91 days to 120 days — 4.20%
121 days to 150 days — 4.30%
151 days to 179 days — 4.30%
180 days to 269 days— 4.80%
270 days to 364 days— 5.00%
12 months to 24 months— 6.10%

24 months 1 day to 36 months— 6.25%
36 months to 60 months — 6.10%
60 months 1 day to 120 months — 6.10%

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The bank on its web portal has said that senior citizens will benefit from additional interest rates 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 for fresh as well as on a renewal of term deposits. The benefit shall not be available to NRE and NRO Deposits.

Recently, the bank has also launched 5 different special fixed deposit schemes with unique benefits for its customers. These are the schemes- Special Rate for Special Days (SRSD-1051), The Power of 400 Days, Investment Plus-501 Days, PSB Fabulous 300 Days, and Fabulous Plus 601 Days are launched for a limited tenure.

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