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Punjab and Sind Bank raises interest rates on Fixed Deposits; Big good news or sr. citizen

PSB Special FD Plan: Public sector lender Punjab and Sind Bank (PSB) has increased its interest rates on fixed deposits of less than ₹2 crore. After the change, the interest rate that the bank is now offering on deposits maturing in 7 days to 10 years ranges from 2.80% to 6.25%. The maximum interest rate […]

Edited By : Divya Richa | Updated: Feb 22, 2023 10:57 IST
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PSD FD RATES HIKED
PSD FD RATES HIKED

PSB Special FD Plan: Public sector lender Punjab and Sind Bank (PSB) has increased its interest rates on fixed deposits of less than ₹2 crore. After the change, the interest rate that the bank is now offering on deposits maturing in 7 days to 10 years ranges from 2.80% to 6.25%. The maximum interest rate on Fixed Deposits maturing in 601 days is 7.25% for general public, 7.75% for senior citizens and 8.10% for very senior citizens.

Domestic Term Deposit, NRO Account, Capital Gain Account, Recurring Deposit Plan and PSB Fixed Deposit Tax Saver Plan are all eligible for fixed deposit rate of interest under the Capital Gains Account Scheme of 1988. As per the official website of the bank, the latest FD rates are effective from 21/02/2023.

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PSB FD RATE DETAILS

PSB FD RATE

PSB FD RATE

On fixed deposits maturing in 7 – 30 days, the bank is offering an interest rate of 2.80% and on those maturing in 31 – 45 days, Punjab and Sind Bank (PSB) will now offer an interest rate of 3.00% . Punjab and Sind Bank (PSB) will now offer an interest rate of 4.75% on deposit tenure of 46-90 days and 5.10% on deposit tenure of 91 days to 179 days.

Deposits maturing in 180 days to 364 days will now fetch an interest rate of 6.10%, while those maturing in 1 year – 2 years will now fetch an interest rate of 6.40%. On deposits maturing in 2 years to more than 3 years, the bank will pay an interest rate of 6.75%. Punjab and Sind Bank (PSB) will now offer an interest rate of 6.25% on deposits of 3 to 10 years.

On the website, Punjab and Sind Bank (PSB) wrote, ‘Senior citizens will be given the benefit of additional interest of 0.50% on fixed deposits of less than Rs 2 crore for maturity period of 180 days and above as well as is higher than the rates mentioned on renewal of Fixed Deposit.

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First published on: Feb 21, 2023 04:34 PM IST
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