India's 115 Years Old Public Sector Bank Revises Savings Account Interest Rates

Established in 1908, Punjab & Sind Bank (PSB) is the country's oldest public sector bank at 115 years old. By adjusting the interest rates on savings accounts, the bank has made an interesting announcement for its customers. After the modification, bank customers with savings accounts can receive a maximum interest rate of 5.00%. According to the bank's official website, the new rates take effect on September 15, 2023.

Punjab & Sind Bank Savings Account Interest Rates

The bank is paying an interest rate of 2.70% on savings bank deposits, including NRE/NRO, up to Rs 1 Crore, while PSB is offering an interest rate of 2.90% on savings account balances over Rs 1 Crore and up to Rs 50 Crore. For savings account balances over Rs 50 Cr and up to Rs 100 Cr, PSB is offering an interest rate of 4.52%, and for balances above Rs 100 Cr and up to Rs 500 Cr, it is offering an interest rate of 4.55%. PSB is now paying an interest rate of 5.00% on savings bank deposits worth more than Rs 500 crore.

Meanwhile, Punjab & Sind Bank (PSB) also made interest rate revisions on its fixed deposits of less than Rs 2 Cr on September 1, 2023. On term deposits maturing in 7 days to 10 years, customers can get interest rates ranging from 2.80% to 6.25%. On a deposit tenor of 444 days, the bank is offering a maximum return of 7.40% for a limited time period valid for period upto 30.11.2023 only. Senior citizens will receive an additional interest rate of 0.50% over and above the standard rates on term deposits of less than Rs. 2 crore for periods of 180 days and longer. Super Senior Citizens (80 Years & Above) would benefit from an additional interest rate of 0.15% on term deposits of less than Rs. 2 crore for a particular period of time, i.e. 333 days, 400 days, 444 days, 555 days, and 601 days, for the maturity of 180 days and above.