Business News/ Industry / Banking/  Punjab and Sind Bank revises FD rates, introduces two special tenors with up to 7.10% return effective from 1 April

The public sector lender Punjab and Sind Bank (PSB) has revised its interest rates on fixed deposits of less than 2 Cr. According to the bank's official website, the new rates will take effect on April 1st, 2023. After the announcement, the bank launched two special tenors with higher interest rates of up to 7.10%, spanning 400 and 601 days, respectively. These deals are only available for a limited time, and the bank will end these special tenors on June 30, 2023.

PSB FD Rates

The bank is giving a 2.80% interest rate on fixed deposits maturing in the next 7 to 30 days, and Punjab and Sind Bank (PSB) is offering a 3.00% interest rate on deposits maturing in the next 31 to 45 days. With a deposit tenor of 46 to 90 days and 91 to 179 days, Punjab and Sind Bank (PSB) is giving interest rates of 4.75% and 5.10%, respectively.

Deposits maturing in 180 – 364 days will fetch an interest rate of 6.10% and those maturing in 1 year - 399 days will fetch an interest rate of 6.40%. The bank has added a new tenure of 400 days on which it is promising an interest rate of7.10% and on a deposit tenor of 401 - 600 days,PSB is offering an interest rate of6.40%.

Punjab and Sind Bank (PSB) added a new tenure of601 days under which it is offering an interest rate of 7.00%. Deposits maturing in602 days - 2 years will fetch an interest rate of 6.40% and those maturing from above 2 years - 3 years will now fetch an interest rate of 6.75%. On fixed deposits maturing in3 years to 10 years, the bank will pay an interest rate of6.25%.

PSB FD Rates
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PSB FD Rates (

The valid period ranges from 01.04.2023 - 30.06.2023 only for special tenors discussed above. “FDRs issued for special purpose (under direction of court etc.), the term may exceed 10 years. The effective ROl for the same shall be as applicable for 5Y-10Years' bucket," mentionedPunjab and Sind Bank (PSB) on its website. For term deposits of less than Rs. 2 crore, senior citizens would get an additional interest of 0.50% over and above the standard rates for term deposits that mature in 180 days or more. This advantage does not apply to NRE and NRO accounts.

On PSB Fixed Deposit Tax Saver Scheme maturing in 5 years, the general public will get an interest rate of6.25%, senior citizens will get an interest rate of 6.75%, staff members will get an interest rate of 7.25% and ex-staff members will get an interest rate of 7.25% per annum.

Punjab & Sind Bank (PSB) offers four different special fixed deposit schemes called PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit, and PSB-Utkarsh 222 Days. Each of these schemes has a unique tenor as its name implies and promises higher interest rates, but only for a limited time until March 31, 2023. For more details, click here.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for (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).
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Updated: 30 Mar 2023, 02:44 PM IST
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