A Fixed Deposit is a scheme in which you can save your money for a fixed period. You can take interest monthly, quarterly, and after the maturity of FD. After, comparing all banks Fixed Deposit interest rates we will discuss in detail about Punjab & Sind Bank FD interest rates in 2023. Basically, all banks have their own FD Interest rates and the rates are being revised from time to time. So, this article will help you to choose the best-suited scheme according to the amount of your deposit which results in great returns.
Punjab & Sind Bank Domestic/NRO FD Interest rates (Revised w.e.f. 01/09/2023)
| Tenure | Fixed Deposit Less than Rs.2 Cr |
| 7 Days- 14 Days | 2.80 |
| 15 Days – 30 Days | 2.80 |
| 31 Days – 45 Days | 3.00 |
| 46 Days – 90 Days | 4.60 |
| 91 Days – 120 Days | 4.75 |
| 121 Days-150 Days | 4.75 |
| 151 Days – 179 Days | 4.75 |
| 180 Days – 269 Days | 5.50 |
| 270 Days – 332 Days | 5.50 |
| 333 Days | 6.50 |
| 334 Days – 1 Year | 5.50 |
| 1 Year | 6.40 |
| 1 Year – 399 Days | 6.20 |
| 400 Days | 7.10 |
| 401 Days-443 Days | 6.20 |
| 444 Days | 7.40 |
| 445 Days – 554 Days | 6.20 |
| 555 Days | 7.35 |
| 556 Days – 600 Days | 6.20 |
| 601 Days | 7.00 |
| 602 Days – 2 Years | 6.20 |
| Above 2 Years- 3 Years | 6.50 |
| 3 Years – 5 Years | 6.00 |
| 5 Years – 10 Years | 6.25 |
Note:-
- Senior Citizens shall be given the benefit of additional interest of 0.50% on term deposits of less than Rs. 2 crores on the maturity of 180 days but shall not be available for NRE/NRO deposits, capital gain, and Bulk deposits.
- For Super Senior Citizens (80 Years & above) shall be given the benefit of additional interest of 0.15% on a specific period (i.e. 333 Days,400 Days,444 Days, 555 Days & 601 Days) Term Deposits of less than Rs. 2 crore, for the maturity of 180 days & above on fresh as well as on renewal but same shall not be available for NRE/NRO deposits, capital gain and Bulk deposits.
PSB Savings Account Interest Rate
| Saving Bank Deposits including NRE/NRO | Revised Rates w.e.f 15.09.2023 (% p.a) |
| Upto 1 Crore | 2.70% |
| 1 Crore to 50 Crore | 2.90% |
| Above 50 Crore to 100 Crore | 4.52% |
| Above 100 Crore to 500 Crore | 4.55% |
| Above 500 Crore | 5.00% |
Documents Required for opening of Fixed Deposit Accounts
- Latest Passport Size Photo.
- Officially Valid Document:- Anyone of the following 6 documents that contain details of name and address.
- Passport(should not be expired).
- Driving License
- Aadhaar Card
- Voter’s ID Card
- National Population Register.
- Permanent Account Number (PAN) or Form No. 60.
- Document in respect of the Nature of declared Profession/activity, nature of business, or financial status.
Important Notes:–
- Punjab and Sind offer savings account interest rates between 2.70% to 5% on different amounts.
- Above all Interest Rates on Saving Bank Deposits with revised from 15/09/2023.
- A Capital Gain Deposit Scheme is also available under which the taxpayer can avail the benefits of exemption from Capital Gains.
- In case any instructions/mandate is not received from the customer for not renewing the deposits, the deposit will be auto-renewed, excluding deposits like PSB Fixed Deposit Tax Saver Scheme, Capital gain deposit, Bulk Deposit, Inter Bank Deposit for the same period as the matured deposit at the prevailing rate of interest. The automatic renewal of such deposits will be restricted up to the maturity value of less than Rs. 2 crores.
- In the case of Term Deposits with “Either or Survivor” or “Former or Survivor” mandate, the bank will allow premature withdrawal of deposit by the surviving joint depositor on the death of the other, only if there is a joint mandate from the joint depositor in effect. All account opening forms of Term Deposit should invariably contain conditions that account holders can specify therein.
- Click Here, for more information about the latest Punjab & Sind Bank FD interest rates.
Nupur Tanan
"Nupur Tanan" works at Financewisdom.in. She has experience in writing a vast range of varied content. She write knowledgeable, well-researched, and engaging articles on various personal finance and banking related topics.