Punjab & Sind Bank Hikes Interest Rates On FDs Below 2 Crore, Now Offers Maximum 6.75%, Check Rates

Punjab & Sind Bank, a Public Sector Bank (PSB), hikes the Interest Rates on FD. The new rates are effective from February 21, 2023, according to the Bank's official website. RBI hikes the repo rate by 25 bps on 8 February 2023. With this hike, the bank followed the interest rate hike trend by transferring the repo rate hike benefits to its customers.

Punjab & Sind Bank FD Revised FD rates

The bank now offers an interest of 2.80% on a maturity period ranging from 7 days to 30 days. For a maturity period of 31 days to 45 days, the bank is now offering 3% and for a maturity period of 46 days to 90 days, the customers will get 4.75% interest.

The maturity period ranges from 91 days to 179 days, the bank will now offer an interest rate of 5.10%. Whereas, for a deposit period of 180 days to 364 days, the bank now offers 610% interest. 6.40% interest will be offered for a maturity period of 1 year to 2 years.

On a deposit period above 2 years but below 3 years, the customers will get an interest of 6.75%, which is the highest. The bank now offers an interest of 6.25% on a deposit period of 3 years to 10 years. Please note, these interest rates are only applicable to the general public.

According to the bank, "Senior Citizens shall be given benefit of additional interest of 0.50% on term deposits of less than Rs. 2 crore, over and above the mentioned rates for the maturity of 180 days & above for fresh as well as on renewal of term deposits, same shall not be available to NRE and NRO Deposits."

Revised FD Interest Rates Below Rs 2 Crore w.e.f. 21 February 2023

Maturity	Interest Rates (In %)
7 - 14 Days	2.8*
15 - 30 Days	2.8
31 - 45 Days	3
46 - 90 Days	4.75
91 - 120 Days	5.1
121-150 Days	5.1
151 - 179 Days	5.1
180 - 269 Days	6.1
270 - 364 Days	6.1
1 Year - 2 Years	6.4
Above 2 Year	6.75
3 Years - 5 Years	6.25
>5 Years - 10 Years	6.25

*Minimum amount of term deposit shall be Rs. 1.00 lakh