Punjab And Sind Bank Fixed Deposit Rates

Punjab & Sind Bank provides investment schemes such as Fixed Deposits (FDs) or Term Deposits with rewarding returns. The range of PSB FD rates is from 3.00% p.a. to 5.40% p.a. The highest PSB Fixed Deposit rate is 5.40% p.a. for a period between 3 years and 10 years. PSB Bank offers best FD rates from 4.95% p.a. to 5.90% p.a. for senior citizens for a deposit period between 180 days and 10 years.

Punjab & Sind Bank FD Interest rates

Tenure Regular FD rates p.a. Senior Citizen FD rates p.a.
7 days to 14 days 3.00% 3.00%
15 days to 30 days 3.00% 3.00%
31 days to 45 days 3.00% 3.00%
46 days to 90 days 3.70% 3.70%
91 days to 120 days 3.90% 3.90%
121 days to 150 days 3.90% 3.90%
151 days to 179 days 3.90% 3.90%
180 days to 269 days 4.45% 4.95%
270 days to 364 days 4.50% 5.00%
12 months to 24 months 5.15% 5.65%
24 months 1 day to 36 months 5.20% 5.70%
36 months to 60 months 5.40% 5.90%
60 months 1 day to 120 months 5.40% 5.90%

*The PSB Fixed Deposit rates tend to vary at the bank’s discretion. The interest rates given here are valid as of 09 May 2022.

Punjab & Sind Bank NRO and NRE FD Interest Rates

The rates of interest for deposits of less than Rs.2 crore for general citizens are listed below:

Tenure Regular FD rates p.a. Senior Citizen FD rates p.a.
7 days to 14 days 3.00% 3.00%
15 days to 30 days 3.00% 3.00%
31 days to 45 days 3.00% 3.00%
46 days to 90 days 3.70% 3.70%
91 days to 120 days 3.90% 3.90%
121 days to 150 days 3.90% 3.90%
151 days to 179 days 3.90% 3.90%
180 days to 269 days 4.45% 4.95%
270 days to 364 days 4.50% 5.00%
12 months to 24 months 5.15% 5.65%
24 months 1 day to 36 months 5.20% 5.70%
36 months to 60 months 5.40% 5.90%
60 months 1 day to 120 months 5.40% 5.90%

Highlights of Punjab & Sind Bank FD rates

  • Highest short-term Fixed Deposit rate: 4.50% p.a.
  • Tenure range for the FD scheme: 7 days to 10 years
  • Maximum medium-term FD rate: 5.15% p.a. to 5.20% p.a.
  • PSB long-term Deposit rate: 5.40% p.a.
  • PSB Tax Saver FD rate for general public: 5.40% p.a.
  • Senior Citizen PSB Tax Saver FD interest rate: 5.90%
  • PSB Tax saver Bank employee FD rate : 6.40%
  • Maturity period for FD Tax Saver scheme: 5 years

PSB Tax Saver Fixed Deposit rates

Tenure Regular FD rates (per annum) Senior Citizens FD rates (per annum)
5 years 5.40% 5.90%

*The PSB Tax Saver FD rates tend to vary at the bank’s discretion. The interest rates given here are valid as of 09 May 2022.

Tenure FD interest rates (per annum) for PSB employees FD interest rates (per annum) for former PSB employees
5 years 6.40% 6.40%

*The PSB Tax Saver FD interest rates tend to vary at the bank’s discretion. The interest rates given here are valid as of 09 May 2022.

Features & Benefits of Punjab and Sind Bank Fixed Deposits

Some of the features and benefits of Punjab and Sind Bank Fixed Deposits are:

  • Competitive interest rates.
  • Flexible repayment tenure of up to 10 years.
  • Additional interest for senior citizens and staff members of PSB.
  • Nomination facility available.
  • FD account can be opened individually or jointly. An account can also be opened in the name of a minor.
  • You can open an FD account through the PSB net banking account as well as through offline channels.

Eligibility criteria & Documentation Required

Eligibility criteria

  • The applicant should not be insane or insolvent.
  • FD account can be opened jointly or individually.
  • A guardian can open an FD account in the name of a minor.
  • Firms, corporate bodies, Hindu Undivided Families (HUFs) can open an FD account.

Documents required

  • FD application form
  • Required KYC documents as stated by the bank.

Types of Punjab and Sind Bank Fixed Deposit Schemes

  • Fixed deposit ordinary scheme: A fixed deposit scheme can be opened for a period ranging between 15 days and 10 years where you can accrue interest on a quarterly basis.
  • Saving With Smile Deposit scheme: This is a reinvestment scheme where the interest is paid on a compounding basis. The interest payable will be compounded on a quarterly basis but will be paid along with the principal amount once the account is matured. The tenure offered ranges between 3 years and 10 years.
  • Short term deposits scheme: Here you can open a fixed deposit account for a short period of time with tenure ranging between 6 months and 3 years.
  • Capital Gain Deposit scheme: Under this scheme you as a taxpayer can avail the benefits of exemption from capital gains, provided the capital gain amount is deposited in a bank on or before your due date of filling the income tax return.
  • Harhi Savni (Rabi Kharif) Jama Yojna: Farmers can avail this scheme in order to invest their funds at the time of each harvesting. Minimum amount of Rs.1,000 can be deposited each year before 30 June and 31 December.
  • Tax Saver: The tax saving fixed deposit scheme for a tenure of 5 years can be availed.

Nomination Facility on Punjab and Sind Bank FD

The nomination facility is available if you open an FD account with PSB.

FAQs on Punjab and Sind Bank Fixed Deposit Rates

  1. What is the highest fixed deposit interest rate for Punjab and Sind Bank?

    The highest FD rate offered is 5.40% p.a. for tenure ranging between 3 years and 10 years.

  2. Are there any special rates for senior citizens FD of Punjab and Sind Bank?

    Yes, senior citizens can avail an additional interest rate of 0.50% on their deposits for tenures of 180 days and above.

  3. Is there any minimum amount that I have to give for opening a Fixed Deposit with Punjab and Sind Bank?

    Yes, minimum deposit amount is Rs.1,000.

  4. In how many years FD will double in Punjab and Sind Bank?

    The maturity amount you will receive will depend on the deposit amount and the tenure chosen by you.

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