Punjab & Sind Bank Debuts “Swasth Bharat FD Scheme” With An Additional Rate of 0.15%

Punjab & Sind Bank (PSB) launches "Swasth Bharat TD Scheme" with an additional rate of interest of 0.15%. This term deposit scheme can be opened by individuals who have got at least one dose of COVID-19 vaccine. The scheme is valid up to 31.12.2021 and it can be opened by any Indian resident individual.

On its website, the bank has mentioned that "To give impetus to nationwide vaccination drive of the government and this product encourages the eligible customers to get themselves administered with Coronavirus vaccine either partially or fully, Bank has introduced new Swasth Bharat Scheme to provide offer of additional rate of Interest on the term deposits of the customers."

Key takeaways of PSB Swasth Bharat FD Scheme

Eligibility: By submitting a government-issued vaccination certificate, any Indian Resident Individual (single/jointly/EorS) who has received at least one dose of Anti-Covid 19 Vaccine can open a PSB Swasth Bharat FD Scheme.

Tenure of Deposit: This term deposit scheme can be opened for a maturity period of above2 to less than 3 years only.

Amount of Fixed Deposit: One can open PSB Swasth Bharat FD Scheme with a minimum deposit amount of Rs. 1000/ and maximum of less than Rs 2 Cr.

Rate of interest: The rate of interest on the PSB Swasth Bharat FD Scheme will be 15 basis points more than the prevailing rate, with a quarterly compounding option. Senior citizens, employees, and ex-employees will continue to get their applicable additional rate of interest. On deposits of less than Rs 2 Cr maturing in above 2 years to less than 3 years, PSB is currently offering an interest rate of 5.15%, however, under the Swasth Bharat FD Scheme, the interest rate will be 5.30% respectively.

Validity: PSB Swasth Bharat FD Scheme is valid up to 31.12.2021.

Nomination: A nomination can only be filed in favour of one nominee only.

Punjab And Sind Bank FD Rates

On domestic term deposits, NRO accounts, capital gain accounts scheme 1988, recurring deposit scheme and PSB fixed deposit tax-saver schemes of less than Rs 2 Cr, the bank is offering the following interest rates with effect from 16/09/2021 (% p.a.).

Maturity	Regular Interest Rates (% p.a.)	Senior Citizens (% p.a.)
7 - 14 Days	3	3
15 - 30 Days	3	3
31 - 45 Days	3	3
46 - 90 Days	3.7	3.7
91 - 120 Days	3.9	3.9
121-150 Days	3.9	3.9
151 - 179 Days	3.9	3.9
180 - 269 Days	4.45	4.95
270 - 364 Days	4.5	5
1 Year - 2 Years	5.05	5.55
Above 2 Year	5.15	5.65
3 Years - 5 Years	5.3	5.8
> 5 Year - 10 Years	5.3	5.8
Source: Bank Website. Revised w.e.f. 16/09/2021