Punjab & Sind Bank (PSB) going to end 4 special FD schemes on 31st March
2 min read 28 Mar 2023, 04:28 PM ISTOn March 31, 2023, Punjab & Sind Bank (PSB), a reputable and well-respected public sector lender, will end its four special fixed deposit (FD) programmes.
PremiumOn March 31, 2023, Punjab & Sind Bank (PSB), a reputable and well-respected public sector lender, will end its four special fixed deposit (FD) programmes. A special fixed deposit is frequently a product that financial institutions establish to entice investors with the promise of higher interest rates than the industry standard rates and special tenors for them.
In the case of Punjab & Sind Bank (PSB), the lender offers PSB Fabulous 300 Days, PSB Fabulous Plus 601 Days, PSB e-Advantage Fixed Deposit, and PSB-Utkarsh 222 Days, 4 different special fixed deposit schemes that come with unique tenors as their name suggests and with a promise of higher interest rates but for a limited time period until March 31, 2023.
PSB Fabulous 300 Days FD
Tenure of Deposit: For a Period 300 Days only.
Scheme Valid: Up to 31 March 2023
Rate of interest:7.50% p.a for the general public, 8.00 % p.a for senior citizens, and 8.35 % p.a for super senior citizens.
Minimum and maximum deposit amount: ₹5,000/- to less than ₹2 Cr
PSB Fabulous Plus 601 Days FD
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, 7.50 % (Per annum) for Senior Citizens and 7.85 % (Per annum) for Super Senior Citizens.
Mode of accounts: Single Operation/ Joint Operation/Operation through Power of Attorney or as the case be etc.
Minimum and maximum deposit amount: ₹5,000/- and above in multiple of ₹1000/-, up to ₹2 Cr.
PSB e-Advantage Fixed Deposit- A Digital Only Fixed Deposit Account
Tenure of Deposit:For a Period 601 Days only.
Validity of the Scheme:Upto- March 31, 2023
Rate of interest: Fixed Rate- 7.00 % (Per annum) for General Public, Fixed Rate- 7.50 % (Per annum) for Senior Citizens and Fixed Rate- 7.85 % (Per annum) for Super Senior Citizens.
Minimum and maximum deposit amount: ₹1,000/- and above up to ₹2 Cr
PSB-Utkarsh 222 Days
Tenure of Deposit: For a Period 222 Days only.
Scheme Valid: Upto 31 March, 2023.
Rate of interest:8.00% p.a for the general public, 8.50 % p.a for senior citizens, 8.85 % p.a for super senior citizens.
Minimum and maximum deposit amount: ₹1,000/- to ₹1.95 Cr
“Super Senior Citizen customer’ implies “A person of Age 80 Year and above". Such customer/ex-staff is entitled to get 35 basis (under this Fixed Deposit Scheme) over and above of applicable rate of interest for senior citizen customer," mentionedPunjab & Sind Bank (PSB) on its website.
All these schemes can be opened at any authorized bank branch. On 08/03/2023, PSB hiked its interest rates on fixed deposits of less than ₹2 Cr. On deposits maturing in 7 days to 10 years, the bank is now promising interest rates ranging from 2.80% to 6.25%. “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 for fresh as well as on renewal of term deposits, same shall not be available to NRE and NRO Deposits," mentioned Punjab & Sind Bank (PSB) on its website.
