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
- Compare Interest Rates on RD of Punjab & Sind Bank with Other Banks and Institutions
- Check Features and Schemes of Punjab & Sind Bank Recurring Deposit