Punjab & Sind Bank Revises Interest Rates On Saving Bank Deposits

Punjab & Sind Bank (PSB), a public sector lender, has changed its interest rates on saving bank deposits. The new savings bank deposit interest rates are effective from February 1, 2022. Following a recent modification, the bank is now giving a 3.00 percent p.a. interest rate on savings account balances of less than Rs 10 crore. The bank is currently paying an interest rate of 3.20 percent per annum on savings account balances of Rs 10 Crore and above. These rates apply to domestic savings bank deposits, as well as NRE/NRO deposits.

Punjab & Sind Bank Saving Account Interest Rates

Saving Bank Deposit including NRE/NRO	Revised Rates w.e.f 01.02.2022 (% p.a)
Below 10 Core	3.00% p.a.
10 Core & above	3.20%
Source: Bank Website

In the previous month, the bank has also changed its Marginal Cost Based Lending Rate (MCLR). The new rates are effective as of January 16, 2022 according to the bank's official website. According to the bank, the following MCLR rates are w.e.f. January 16, 2022 until the next adjustment.

S. No	Tenor	Rate of Interest (%)
1	Overnight MCLR	6.8
2	One Month MCLR (More than overnight upto 1 month)	6.9
3	Three Month MCLR (More than 1 Month and upto 3 Months)	7
4	Six Month MCLR (More than 3 Months and upto 6 Months)	7.2
5	One Year MCLR (More than 6 Months and upto 1 Year)	7.45
Source: Bank Website