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The bank, Punjab and Sind Bank, has been around for more than 100 years. It was established in 1908 by Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh with the purpose of working to help the weaker sections of the society. The bank was nationalised in the year 1980 and by the 1960s the bank had already established a branch in London.
Today 81.4% of the bank is owned by the government and it conducts its operations through an impressive network of over 1000 branches, most of which are in Punjab itself. Ever since the year 2004 the bank has also been displaying a steady growth with profits rising every year. The bank is even the sponsor of the Setluj Gramin Bank.
Among the many services that it provides to its customers are fixed deposits that are meant to help customers invest their money in a safe environment and watch it grow without having to worry about the ups and downs of the economy.
Tenure bracket | Regular FD rates (per annum) | Senior Citizens FD rates (per annum) |
---|---|---|
7 days to 14 days** |
4.00 |
4.00 |
15 days to 1 month |
4.00 |
4.00 |
Above 1 month to 45 days |
4.00 |
4.00 |
Above 45 days to 3 months |
5.50 |
5.50 |
Above 3 months to 4 months |
5.75 |
5.75 |
Above 4 months to 5 months |
6.00 |
6.00 |
Above 5 months to 6 months |
5.85 |
5.85 |
Above 6 months to 9 months |
6.40 |
6.90 |
Above 9 months to 12 months |
6.40 |
6.90 |
12 months to 24 months |
7.00 |
7.50 |
Above 24 months to 36 months |
6.80 |
7.30 |
36 months to 60 months |
6.55 |
7.15 |
Above 60 months to 120 months |
6.55 |
7.15 |
*The PSB FD interest rates tend to change at the discretion of the bank. The interest rates mentioned in this table are effective as of 10 January 2020.
**Applicable for deposits worth Rs.1 lakh and above
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