Punjab & Sind Bank (PSB) going to end 4 special FD schemes on 31st March

On 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.