Punjab & Sind Bank (PSB) hikes FD rates, offers up to 8.10% to these customers

The public sector lender Punjab & Sind Bank (PSB) has hiked its interest rates on fixed deposits of less than ₹2 Cr. Following the change, the bank is now providing interest rates on deposits that mature in 7 days to 10 years that ranging from 2.80% to 6.25%. The maximum interest rate on fixed deposits that mature in 601 days is 7.25% for the general public, 7.75% for senior citizens, and 8.10% for super senior citizens. Domestic term deposits, NRO accounts, capital gain accounts under the 1988 Capital Gain Accounts Scheme, recurring deposit plans, and the PSB fixed deposit tax-saver plans are all eligible for the fixed deposit rate of interest. As per the official website of the bank, the latest FD rates are effective as of 21/02/2023.

PSB FD Rates

On fixed deposits maturing in 7 - 30 days, the bank is offering an interest rate of 2.80% and on those maturing in 31 - 45 days, Punjab & Sind Bank (PSB) will now offer an interest rate of 3.00%. Punjab & Sind Bank (PSB) will now offer an interest rate of 4.75% on a deposit tenor of 46 - 90 days and an interest rate of 5.10% on a deposit tenor of 91 days to 179 days.

Deposits maturing in 180 days to 364 days will now fetch an interest rate of 6.10% whereas those maturing in 1 year - 2 years will now fetch an interest rate of 6.40%. On deposits maturing from above 2 years to 3 years, the bank will pay an interest rate of 6.75%. Punjab & Sind Bank (PSB) will now offer an interest rate of 6.25% on a deposit tenor of 3 to 10 years.

“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.

Punjab & Sind Bank (PSB) also offers special fixed deposit schemes with different tenors of 300 days, 601 days, and 1051 days. On PSB Fabulous 300 days fixed deposit scheme, the regular customers of Punjab & Sind Bank (PSB) will get an interest rate of 5.25%, senior citizens will get an interest rate of 5.75% and super senior citizens will get an interest rate of 6.10%.

On PSB Fabulous Plus 601 days fixed deposit scheme, the regular customers of Punjab & Sind Bank (PSB) will get an interest rate of 7.00%, senior citizens will get an interest rate of 7.50% and super senior citizens will get an interest rate of 7.85%.

On PSB e-Advantage 601 days fixed deposit scheme, the regular customers of Punjab & Sind Bank (PSB) will get an interest rate of 7.25%, senior citizens will get an interest rate of 7.75% and super senior citizens will get an interest rate of 8.10%.

On PSB SRSD-1051 Days fixed deposit scheme, the regular customers of Punjab & Sind Bank (PSB) will get an interest rate of 6.75% and senior citizens will get an interest rate of 7.25% if booked through online mode.

Punjab & Sind Bank (PSB) also offers special fixed deposit schemes for women and kids up to the age of 12 months. On PSB Grih Lakshmi fixed deposit scheme, women and kids will get an interest rate of 6.75% under the standard option and 7.25% for senior citizens. Whereas on PSB Nanhe Chaman TD Scheme, women and kid customers of Punjab & Sind Bank (PSB) will get an interest rate of 6.50% for a maturity period of 5 years and 6.75% for a tenure of 10 years.