Home / Industry / Banking /  2 special FD schemes of this PSU bank are going to end soon: Check details
Back

One of the top public sector banks, Punjab & Sind Bank, offers competitive interest rates on fixed deposits. The bank is providing a range of special fixed deposit schemes to retail investors despite the rising interest rates on bank fixed deposits. The bank is offering 5 special fixed deposits which are Special Rate for Special Days (SRSD-1051), PSB The Power of 400 Days, PSB investment Plus-501 Days, PSB Fabulous 300 Days, and PSB Fabulous Plus-601 Days. The above schemes come with special tenure and interest rates.

But among those schemes, PSB investment Plus-501 Days, PSB The Power of 400 Days are ending in December. The "PSB Investment Plus-501 Days" programme, as its name suggests, has a special tenor of only 501 days and will expire on December 1, 2022. This scheme is offering a special interest rate of 6.10 % and senior citizen benefit in terms of the additional rate of interest is also available under this scheme. The "PSB The Power of 400 Days" scheme, as its name suggests, has a special duration of just 400 days. It offers an interest rate of 5.80% per year and is valid until December 31, 2022. "PSB The Power of 400 Days" scheme also offers additional interest rate benefits to senior citizens.

Punjab & Sind Bank Special FD Schemes

PSB Grih Lakshmi Fixed Deposit Scheme- The duration of the programme is 551 days, and it is only valid until June 23, 2023. For the given duration, the interest rate will be as applicable for Term Deposit Scheme with an additional 25 basis points.

Special Rate for Special Days (SRSD-1051)- The tenure of the plan is for a period of 1051 Days, and it is only good until June 23, 2023. The interest rate will be 25 basis points over the relevant Term Deposit Scheme rate for the specified period.

PSB The Power of 400 Days- Tenure of Deposit: For a Period 400 Days only. Scheme Validity: Upto 31ST December, 2022. Rate of interest: Special Rate of Interest i.e. flat 5.80 % (Per annum).

PSB investment Plus-501 Days: Tenure of Deposit: For a Period 501 Days only Scheme Validity: upto 1st December, 2022. Rate of interest: Special Rate of Interest i.e Fixed Rate 6.10 % (Per annum).

PSB Fabulous 300 Days- Tenure of Deposit: For a Period 300 Days only. Scheme Valid: Up to 31 MARCH 2023. Rate of interest: Special Rate of Interest i.e. Fixed Rate 5.25 % (Per annum) for General Public. Special Rate of Interest i.e. Fixed Rate 5.75 % (Per annum) for Senior Citizen. Special Rate of Interest i.e. Fixed Rate 6.10 % (Per annum) for Super Senior Citizen.

PSB Fabulous Plus 601 Days- Tenure of Deposit: For a Period 601 Days only. Scheme Valid: Upto 31 MARCH, 2023. Rate of interest: Special Rate of Interest i.e. Fixed Rate 7 % (Per annum) for General Public. Special Rate of Interest i.e. Fixed Rate 7.50 % (Per annum) for Senior Citizen. Special Rate of Interest i.e. Fixed Rate 7.85 % (Per annum) for Super Senior Citizen.

PSB Special Fixed Term Deposit Schemes
View Full Image
PSB Special Fixed Term Deposit Schemes (punjabandsindbank.co.in)

Source: Bank Website

Punjab & Sank FD Rates

On November 1, 2022, Punjab and Sind Bank revised the interest rates for fixed deposits under 2 Cr. The interest rate on fixed deposits will now be 2.80% for those maturing in the next 7 to 30 days and 3.0% for those maturing in the following 31 to 45 days, according to the bank. Now, interest on deposits that mature in 46 to 90 days will be paid at 4.00%, while interest on deposits that mature in 91 to 120 days will now be paid at 4.20%. Punjab & Sind Bank (PSB) will now pay interest at a rate of 4.30% on deposits maturing in 121–179 days, and at a rate of 4.80% on deposits maturing in 180–269 days.

The bank will now give an interest rate of 5.00% on fixed deposits maturing in 270–364 days, while PSB will also offer an interest rate of 6.10% on deposits maturing in 1–2 years. Deposits maturing in more than 2 years to 3 years now earn 6.25% interest, while those maturing in 3 years to 10 years now earn 6.10% interest. The general public will receive an interest rate of 6.10%, elderly individuals will receive an interest rate of 6.60%, staff will receive an interest rate of 7.10%, and ex-employees will receive an interest rate of 7.10% p.a. on the "PSB FIXED DEPOSIT TAX SAVER SCHEME," which has a maturity period of 5 years. Senior Citizens will get an additional 0.50% interest on term deposits under Rs. 2 crore that mature in 180 days or more, in addition to the standard rates for both new and renewed term deposits.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout