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Punjab & Sind Bank Recurring Deposit Interest Rates 2019

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A recurring deposit account with Punjab and Sind Bank can be opened with a minimum deposit of Rs.10. The bank offers a variety of tenures and attractive rates to go with it. The RD account can be opened by an individual either singly or jointly. Firms, clubs, associations, companies, co-operative societies, charitable institutions can also open an RD account with Punjab and Sind Bank.

It needs to be mentioned here that there is no cap on the maximum deposit in the RD account and that the interest is compounded on a quarterly basis. Listed below are the tenures and interest rates offered by Punjab and Sind Bank on recurring deposits:

Deposit Tenure Interest rate for General Public (p.a.) Interest rate for Senior Citizens (p.a.)
180 days to 269 days 6.40% 6.90%
270 days to less than 1 year 6.40% 6.90%
1 year to 2 years 7% 7.50%
2 years 1 day to less than 3 years 6.80% 7.30%
3 years to 5 years 6.55% 7.05%
5 years 1 day to 10 years 6.55% 7.05%

Note: The interest rates mentioned above are for 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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