PSB hikes interest rates on fixed deposits of less than ₹2 Cr

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An Indian nationalised bank, Punjab & Sind Bank (PSB), increased interest rates on fixed deposits below 2 crore. According to the bank’s official website, the higher interest rates will take effect on August 22, 2022. The bank increased interest rates on fixed deposits with terms ranging from 31 days to 10 years as a result of the adjustment.

PSB FD Rates

The bank will continue to give an interest rate of 2.80% on fixed deposits maturing in 7 days to 30 days, but it has increased that rate by 20 basis points to 3.00% from 2.80% on fixed deposits maturing in 31 to 45 days. Fixed deposits with maturities between 46 and 90 days will now provide an interest rate of 3.80%, up from 3.70% before, a 10 basis points increase. Fixed deposits with maturities between 91 and 120 days will now offer an interest rate of 3.95%, up from 3.90% previously. The interest rate on fixed deposits that mature in 121 to 179 days has increased by 10 basis points, or from 3.90% to 4.00%.

On fixed deposits maturing in 180–269 days, Punjab & Sind Bank will now give an interest rate of 4.50% (up from 4.45%), while on fixed deposits maturing in 270–364 days, the bank will now offer an interest rate of 4.65% (up from 4.50%, a 15 basis point increase). Fixed deposits with maturities between one and two years will now provide an interest rate of 5.65%, up from 5.25%—a 40 basis point increase—and those with maturities between two and three years will now offer an interest rate of 5.80%, up from 5.35%—a 45 basis point increase.

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PSB FD Rates (punjabandsindbank.co.in)

The bank increased interest rates on fixed deposits maturing in 3 to 10 years by 20 basis points, from 5.55% to 5.75%.

“Senior Citizens shall be given benefit of additional interest of 0.50% on term deposits of less than Rs. 2 crore, over and above the mentioned rates for the maturity of 180 days & above for fresh as well as on renewal of term deposits, same shall not be available to NRE and NRO Deposits,” PSB has mentioned on its website.

On “PSB FIXED DEPOSIT TAX SAVER SCHEME” of 5 Years, the bank will now offer an interest rate of 5.75% p.a. to the general public, 6.25%p.a. for senior citizens and 6.75% p.a. for staff members and ex-staff members / ex-staff members (Sr. Citizen).

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