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