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Punjab & Sind Bank Recurring Deposit Interest Rates 2020

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The Recurring Deposit (RD) account offered by Punjab & Sind Bank can be opened by religious and charitable institutions, Co-operative societies, government and semi-government bodies, Associations, clubs, companies, firms, and individuals (either singly or jointly). The tenure of the RD account ranges between 6 months and 10 years. The minimum amount that must be deposited in the account is Rs.10. Punjab & Sind Bank also offers attractive interest rates on its RD account.

Punjab & Sind Bank RD account Interest Rates

Tenure Rate of Interest
180 days to 269 days 6.40
270 days to 364 days 6.40
1 year to 2 years 6.45
Above 2 years but less than 3 years 6.45
3 years to 5 years 6.45
Above 5 years and up to 10 years 6.45

Senior citizens are provided an additional rate of 0.50% on deposits less than Rs.2 crore.

Punjab & Sind Bank Short-Term Recurring Deposit Interest Rates

An RD account opened with Punjab and Sind Bank for a period that ranges between 180 days and 2 years falls under the bracket of short-term RDs. The interest paid by the bank on such deposits is in the range of 6.40% to 7% p.a. Senior citizens are offered additional interest of 0.50% p.a. on short-term recurring deposits.

Punjab & Sind Bank Medium-Term Recurring Deposit Interest Rates

Medium-term recurring deposits are those which have a tenure that ranges above 2 year and up to 5 years. The rate of return offered by the bank is between 6.55% to 6.80% p.a. The bank offer citizens who are above the age of 60 years an interest rate of 7.05% to 7.30% p.a. for opening a medium-term RD account with them.

Punjab & Sind Bank Long Term Recurring Deposit Interest Rates

A long-term recurring deposit is one that is opened for a period of more than 5 years. Punjab and Sind Bank offer general citizens interest of 6.55% p.a. on long-term RDs. Senior citizens are offered 7.05% p.a. for opening a long-term Recurring deposit.

More you need to know about Recurring Deposit

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News About Punjab & Sind Bank Recurring Deposit Interest Rates

  • PSB Revises Interest Rates for Recurring Deposits

    Punjab and Sind Bank has revised the interest rates offered for their recurring deposits effective from 20th July 2016. The changes will be reflected on all fresh deposits and renewals. The interest rates offered depend on the tenures chosen which can vary from a minimum of 7 to 14 days and a maximum of 10 years. General interest rates offered for tenures of 1 to 2 years is 7.40% p.a., tenures of 2 to 3 years have interest rates of 7.30% p.a. and for tenures ranging from 3 years to 10 years is 7.25% p.a. Senior citizens can avail an additional 0.50% interest upon the prevailing interest rates offered.

    15 August 2016

     
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