This PSU Bank Revises FD Rates, Now Earn As High As 7.35% On 555 Days Tenor

Punjab & Sind Bank (PSB) has made interest rates revision on fixed deposits (FD) of less than Rs 2 Cr. Following the alteration, the bank is now providing interest rates on deposits that mature in 7 days to 10 years that range from 2.80% to 6.25%. Currently, PSB is giving a maximum interest rate of 7.35% on deposits with a tenor of 555 days. As per the official website of Punjab & Sind Bank (PSB), the new FD rates are effective as of 1st July 2023.

PSB FD Rates

The bank is giving an interest rate of 2.80% on fixed deposits that mature in 7 to 30 days, and Punjab & Sind Bank (PSB) is offering a rate of 3.00% on deposits that mature in 31 to 45 days. The interest rates being offered by Punjab & Sind Bank (PSB) are 4.60% for deposits held for 46 to 90 days and 4.75% for deposits held for 91 to 179 days. Deposits that mature in 180 to 364 days will now earn 6% interest, while those that mature in 1 year and 399 days will now earn 6.40% interest.

Punjab & Sind Bank (PSB) has introduced special tenures of 400 days and 601 days. On 400 days tenor the interest rate applicable is 7.10% and on deposits maturing in 601 days the interest rate applicable is 7.00%. These two deposits are valid till 30.09.2023 only.
The bank is giving an interest rate of 6.40% on deposits that mature between 401 to 554 days, whereas Punjab & Sind Bank (PSB) is offering an interest rate of 7.35% on deposits maturing in 555 days. The interest rate on deposits with a tenor of 556 days to 600 days and 602 days to two years is 6.40% at Punjab & Sind Bank (PSB). Deposits maturing in excess of two years and up to three years will now earn interest at a rate of 6.75%, while deposits that mature in three years to 10 years will now earn interest at a rate of 6.25%.

Source: Bank Website

"Senior Citizens shall be given benefit of additional interest 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 on fresh as well as on renewal of term deposits, same shall not be available to NRE, NRO deposits, capital gain and Bulk deposits," said Punjab & Sind Bank (PSB) on its website.

"Super Senior Citizens (80 Years & above) shall be given benefit of additional interest of 0.15% on specific period (i.e. 400 Days, 555 Days & 601 Days) Term Deposits of less than Rs. 2 crore, for the maturity of 180 days & above on fresh as well as on renewal of term deposits, same shall not be available to NRE, NRO deposits, capital gain and Bulk deposits," mentioned Punjab & Sind Bank (PSB) on its website.