The Punjab & Sind Bank is one of the oldest banking companies in India. Incorporated in 1908, this bank has grown leaps and bounds over the years and currently boasts a network of more than 1400 branches spread throughout the country, with a major emphasis in the Punjab region. It is based out of New Delhi.
The Punjab & Sind Bank offers fixed deposits across a wide range of categories such as regular fixed deposits, capital gain fixed deposits, short term deposit scheme, tax saver scheme, and others. The bank offers attractive interest rates on all fixed deposit schemes as indicated in the table above.
The updated list of Punjab & Sind Bank FD Rates, for Regular and Senior Citizen, is listed below:
|Tenure||Regular FD Rates||Senior Citizen FD Rates|
|Upto Amount||Rs. 1 Crore||Rs. 1 Crore|
|7 - 14 Days||4.00||4.00|
|15 - 30 Days||4.00||4.00|
|31 - 45 Days||4.00||4.00|
|46 - 90 Days||5.50||5.50|
|91 - 150 Days||6.00||6.00|
|180 - 269 Days||6.40||6.90|
|270 – 364 Days||6.60||7.10|
|1 Year -2Year||6.85||7.35|
|Above 2 Years - <3Years||6.85||7.35|
|3 Years – 5Years||6.85||7.35|
|>5 Years – 10 Years||6.85||7.35|
The short term FD rates from Punjab & Sind Bank vary from 4.00% to 7.75%.
The interest rate starts from 4.00% for the shortest slab of 7-14 days. The rate increases substantially to 7.00% from 5.50% for tenures between 46-90 days. The highest rate of interest of 7.75% is applicable on deposit tenure from 180 days to 364 days.
For this category of deposits, all the rates are similar to the segment above except for the tenure of 180 to 269 days, wherein the interest rate is 7.50%, a little lower from 7.75% offered on the same slab for deposit values under Rs.1 crore.
The medium and long term interest rates (1 year to 5 years) range from 8.05% to 8.50%.
The highest rate of 8.50% is available on 1 year to 2 year fixed deposits. This decreases to 8.25% for the slab between 2 years to 5 years. However, as the duration of the FD increases, so does the effective yield, resulting in a higher return on longer FDs with lower interest rates than their shorter counterparts.
Depositors in this category are offered a rate of 8.05% on 1-2 year deposits. The rate for the remaining slab of 2-5 years is similar to the previous slab at 8.00%, though the effective yield is more for the longer duration FDs.
Senior citizens receive an additional 0.50% interest over and above the figures quoted for regular customers in all deposit slabs of more than 180 days. The additional interest is not offered on deposit values exceeding Rs.1 crore.
*Interest rates given above are calculated on per annum basis.