Deposits with maturities between 180 and 364 days will now earn interest at a rate of 6.10%.
Punjab & Sind Bank (PSB), a public sector lender, has raised its interest rates on fixed deposits of less than Rs 2 crore. The bank currently offers an interest rate of 2.80% on fixed deposits that mature in the next 7 to 30 days, and Punjab & Sind Bank (PSB) is also offering an interest rate of 3.00% on deposits that mature in the next 31 to 45 days. The interest rates offered by Punjab & Sind Bank (PSB) are presently 4.75% for deposits held for 46 to 90 days and 5.10% for deposits held for 91 to 179 days.
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Deposits with maturities between 180 and 364 days will now earn interest at a rate of 6.10%, while those with maturities between 1 and 2 years will now earn interest at a rate of 6.40%. The bank will charge interest at a rate of 6.75% on deposits that mature more than 2 years but less than 3 years. Further, a deposit tenor of 3 to 10 years offers an interest rate of 6.25%.
Domestic term deposits, NRO accounts, capital gain accounts under the 1988 Capital Gain Accounts Scheme, recurring deposit plans, and the PSB fixed deposit tax-saver programs are eligible for hiked rates. The revised interest rates will be implemented from February 21, 2023.
Punjab & Sind Bank (PSB) states on its website that senior citizens will receive additional interest of 0.50% on term deposits of less than Rs. 2 crore. Provided the tenor deposit is over and above the mentioned rates for the maturity of 180 days. However, this benefit will not apply to NRE and NRO deposits.
Moreover, Punjab & Sind Bank offers unique fixed deposit plans with tenors ranging from 300 days to 1051 days. Regular clients of Punjab & Sind Bank will receive an interest rate of 5.25% on the PSB Fantastic 300-day fixed deposit scheme, senior citizens will receive an interest rate of 5.75%, and super senior citizens will receive an interest rate of 6.10%.
Regular customers of Punjab & Sind Bank will receive an interest rate of 7.00% on the PSB Fantastic Plus 601-day fixed deposit scheme. On the other hand, senior citizens will receive an interest rate of 7.50%, and super senior citizens will receive an interest rate of 7.85%.
On the PSB e-Advantage 601-day fixed deposit program, a regular client will receive an interest rate of 7.25%, senior citizens will receive an interest rate of 7.75%, and super senior citizens will receive an interest rate of 8.10%.
