Punjab & Sind Bank revises FD interest rates, extends special FD deadline; check details The new interest rates will be effective as of July 1, 2023, according to the bank's official website
Punjab & Sind Bank (PSB), a public sector lender revised its interest rates on fixed deposits under Rs 2 crore. The new interest rates will be effective as of July 1, 2023, according to the bank's official website.Punjab and Sindh Bank FD rates
Punjab & Sindh Bank offers interest rates between 2.80% to 7.10% after the revision, with effect from July 1, 2023.For fixed deposits that mature in 7 to 30 days, the bank is now offering an interest rate of 2.80%, and Punjab & Sind Bank (PSB) is now providing an interest rate of 3.0% for deposits that mature in 31 to 45 days. Punjab & Sind Bank (PSB) is now offering interest rates of 4.60% for deposits made within 46 to 90 days and 4.75% for deposits made during 91 to 179 days.
Deposits maturing between 180 to 364 days and 1 year and 399 days currently earn 6.00% and 6.40% interest, respectively. The bank is now paying 7.10% on special fixed deposits with maturities of 400 days, while Punjab & Sind Bank (PSB) is paying 6.40% on deposits with maturities of 401 to 554 days.
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The highest interest rate on deposits maturing in 555 days is 7.35%, while the interest rate on deposits maturing in 556 days to 600 days is 6.40%.
Deposits maturing in 601 days will now earn 7%, while those maturing in 602 days to two years will receive 6.40%. The bank now offers a 6.40% interest rate on fixed deposits maturing in 602 days to two years, while Punjab & Sind Bank (PSB) offers a 6.75% rate on deposits maturing in 2 years to 3 years. Deposits with maturities ranging from three to 10 years will now yield 6.25% interest.
Note that deposit with 7% interest on tenure of 601 Days and 7.10% of 400 Days is valid up to September 30, 2023 only.
MaturityFixed DepositLess than Rs.2 Cr7 - 14 Days2.80(#)15 - 30 Days2.831 - 45 Days346 - 90 Days4.691 - 120 Days4.75121-150 Days4.75151 - 179 Days4.75180 – 269 Days6270 – 364 Days61 Year - 399 Days6.4400 Days7.10(##)401 - 554 Days6.4555 Days7.35556Days-600Days6.4601 Days7.00(##)602 Days-2Year6.4Above2Years-6.753Years - 5Years6.25>5 Years - 10 Years*6.25
Senior citizen
Senior citizens will get an additional interest rate of 0.50% on term deposits of less than Rs. 2 crore, in addition to the stated rates, for maturities of 180 days and above on new as well as renewed term deposits; however, this will not apply to NRE, NRO, capital gain, or bulk deposits.
Super Senior Citizens
Super Senior Citizens (80 Years and Above) will be entitled to additional interest of 0.15% on specific period (i.e. 400 Days, 555 Days, and 601 Days) Term Deposits of less than Rs. 2 crore, for maturities of 180 days and above on fresh as well as renewal of term deposits; however, this benefit shall not be available to NRE, NRO, capital gain, and Bulk deposits.
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This story originally appeared on: India Times - Author:Faqs of Insurances
