Punjab & Sindh introduces special fixed deposits with higher interest rates, new FD tenures According to the bank's official website, the new will go into effect on April 1, 2023
Punjab & Sind Bank (PSB), a public sector lender revised its interest rates on fixed deposits under Rs 2 crore. The new will be effective as of April 1, 2023, according to the bank's official website.The bank has also introduced new fixed deposits schemes dubbed Special Rate for Special Days (SRSD-1051) and PSB Grih Lakshmi Fixed Deposit Scheme.
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Punjab and Sindh Bank FD rates
Punjab& Sindh Bank offers interest rates between 2.80% to 7.10% after the hike, with effect from April 1, 2023.
PSB special FDs, new tenors
The bank introduced two special tenors with longer maturities of 400 and 601 days, respectively, with higher interest rates of up to 7.10% after the announcement on regular deposits. The newly introduced deposit interest rates are valid only up to June 30, 2023. Senior citizens would receive additional interest of 0.50% over and above the rates mentioned for term deposits that mature in 180 days or more. This advantage does not apply to NRE and NRO accounts.
Revised w.e.f. 01/04/2023 (% p.a.)MaturityFixed DepositLess than Rs.2 Cr7 - 14 Days2.80(#)15 - 30 Days2.831 - 45 Days346 - 90 Days4.7591 - 120 Days5.1121-150 Days5.1151 - 179 Days5.1180 – 269 Days6.1270 – 364 Days6.11 Year - 399 Days6.4400 Days7.10(##)401 - 600 Days6.4601 Days7.00(##)602 Days - 2 Years6.4Above 2 Years - 6.753 Years - 5 Years6.25>5 Years - 10 Years(*)6.25
(#) Minimum amount of term deposit shall be Rs. 1.00 lac
(##) Valid for period 01.04.2023 - 30.06.2023 only.
PSB Grih Lakshmi Fixed Deposit Scheme
This account can be opened in the name of Resident woman individual customer including minors. In case of joint account, the first account holder must be a woman. The tenure of the deposit is 551 days and with additional 25 basis point as applicable for term deposit scheme for the specified period. This deposit is valid up to June 30, 2023. Minimum Deposit in the Account is Rs 5000/- and in multiple of Rs 1000/-. The maximum amount is Rs 1,50,00,000 If the maturity amount reaches Rs 2.00 crore or more at any moment, it will be considered as a bulk deposit and the additional benefit of rate of interest would cease to operate
According to the website, “This new and unique product is specifically devised to celebrate & salute the huge and unique contributions to society by Women of the country.
Government of India has come up with various schemes such as Beti Bachao Beti Padhao Yojana, Mahila-E-Haat, Working Women Hostel, Sukanya Samriddhi Yojana, etc. for the empowerment of woman in the country. In tune with the spirit of Government of India, this scheme shall be considered as our Bank's well sought initiative towards the woman empowerment by way of providing additional rate of interest of 25 basis points to the fixed deposits where woman is the primary/first account holder.”
Special rate for special days (SRSD-1051)
This account can be opened by resident Individuals including minors, Non-individuals like Hindu Undivided Family (HUF), Sole Proprietorship firms; Partnership firms, Companies, Association of persons etc.
The tenure of the deposit is 1051 days and with additional 25 basis points as applicable for the term deposit scheme for the specified period. This deposit is valid up to June 30, 2023. Minimum amount that needs to be deposited is Rs 25000 and in multiple of Rs 5000. The maximum amount is Rs 1,50,00,000 If the maturity amount reaches Rs 2.00 crore or more at any moment, it will be considered as a bulk deposit and the additional benefit of rate of interest would cease to operate.
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This story originally appeared on: India Times - Author:Faqs of Insurances
