Punjab & Sindh Bank revises FD interest rates; check latest fixed deposit rates

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Punjab & Sind Bank (PSB), a public sector lender revised its interest rates on fixed deposits under Rs 2 crore. The new interest rates will be effective as of April 20, 2023, according to the bank’s official website.Punjab and Sindh Bank FD rates
Punjab & Sindh Bank offers interest rates between 2.80% to 7.10% after the revision, with effect from April 20, 2023.

Also read: These special bank FDs with higher interest rates have been extended: Check last date, rates, other details

Revised w.e.f. 20/04/2023 (% p.a.)
MaturityFixed Deposit
Less than Rs.2 Cr
7 – 14 Days2.80(#)
15 – 30 Days2.8
31 – 45 Days3
46 – 90 Days4.6
91 – 120 Days4.75
121-150 Days4.75
151 – 179 Days4.75
180 – 269 Days6
270 – 364 Days6
1 Year – 399 Days6.4
400 Days7.10(##)
401 – 554 Days6.4
555 Days7.35
601 Days7.00(##)
602 Days-2Year6.4
3Years – 5Years6.25
>5 Years – 10 Years*6.25

(#) Minimum amount of term deposit shall be Rs. 1.00 lac
(##) Valid for period 01.04.2023 – 30.06.2023 only.

Senior citizen FD rates
For term deposits of less than Rs. 2 crore, senior citizens would receive additional interest of 0.50% over and above the rates mentioned for the maturity of 180 days and above on new as well as on renewed term deposits. This advantage will not apply to NRE, NRO, capital gain, or bulk deposits.

Super senior citizens FD rates
Super Senior Citizens (80 years and older) will receive an additional 0.15% in interest over a defined term (i.e. 400 Days, 555 Days & 601 Days) NRE, NRO deposits, capital gain deposits, and bulk deposits are not eligible for term deposits under Rs. 2 crore that mature in 180 days or more on new or renewed term deposits.

Special FDs
In March 2023, the bank had introduced new fixed deposits schemes dubbed Special Rate for Special Days (SRSD-1051) and PSB Grih Lakshmi Fixed Deposit Scheme.

Special Rate for Special Days (SRSD-1051)
The deposit has a 1051-day term and an extra 25 basis points, as appropriate for the term deposit scheme for the time period. The deadline for this deposit is June 30, 2023. Deposits must be made for a minimum of Rs. 25000 and in multiples of Rs. 5000. The top sum is Rs. 1,50,000,000. When the maturity amount reaches Rs 2.00 crore or more, it will be regarded as a bulk deposit, and the higher interest rate will no longer be offered.

PSB Grih Lakshmi Fixed Deposit Scheme
Any resident women individual customer, including minors, can open this account. With a joint account, a woman must be the primary account holder. The deposit’s duration is 551 days, plus an extra 25 basis points as allowed by the term deposit scheme for the time period. The deadline for this deposit is June 30, 2023. The account requires a minimum deposit of Rs 5000, in multiples of Rs 1000.

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