Punjab & Sind Bank Revises Fixed Deposit Rates (W.e.f. 09.05.2022)

The public sector lender Punjab & Sind Bank (PSB) has announced interest rate revision on domestic term deposits, NRO accounts, capital gain accounts scheme 1988, recurring deposit scheme and PSB fixed deposit tax-saver scheme. The new interest rates are effective today, May 9, 2022, according to the bank's website.

Punjab & Sind Bank FD Rates For Regular Customers

Punjab & Sind Bank (PSB) will give a 3.00 per cent interest rate on term deposits of less than Rs 2 crore maturing in 7 to 45 days as of 09/05/2022. The general public will now get a 3.70 per cent interest rate on deposits maturing in 46 to 90 days. On deposits maturing in 91 to 179 days, regular customers will now get a 3.90 per cent interest rate.

PSB will now provide a regular rate of 4.45 per cent on deposits maturing in 180 - 269 days, and 4.50 per cent on deposits maturing in 270 - 364 days. Term deposits maturing in one to two years and those due in three years or more will now fetch 5.15 per cent and 5.20 per cent interest, respectively. Punjab & Sind Bank is currently offering a 5.40 per cent interest rate on deposits maturing in three to ten years.

Interest rates applicable on domestic term deposits, NRO accounts, capital gain accounts scheme 1988, recurring deposit scheme, and PSB fixed deposit tax-saver scheme are listed here.

Maturity	Interest rate in % p.a.
7 - 14 Days	3
15 - 30 Days	3
31 - 45 Days	3
46 - 90 Days	3.7
91 - 120 Days	3.9
121-150 Days	3.9
151 - 179 Days	3.9
180 - 269 Days	4.45
270 - 364 Days	4.5
1 Year - 2 Years	5.15
Above 2 Years to less than 3 Years	5.2
3 Years - 5 Years	5.4
Above 5 Years - 10 Years	5.4
Source: Bank Website

Punjab & Sind Bank FD Rates For Senior Citizens

Senior citizens would receive an additional 0.50 per cent interest rate on term deposits of less than Rs. 2 crores, in addition to the regular rate, for maturities of 180 days and above for new and renewal term deposits.

Maturity	Interest rate in % p.a.
7 - 14 Days	3
15 - 30 Days	3
31 - 45 Days	3
46 - 90 Days	3.7
91 - 120 Days	3.9
121-150 Days	3.9
151 - 179 Days	3.9
180 - 269 Days	4.95
270 - 364 Days	5
1 Year - 2 Years	5.65
Above 2 Year to less than 3 Years	5.7
3 Years - 5 Years	5.9
Above 5 Year - 10 Years	5.9
Source: Bank Website

"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," the bank has mentioned on its website.

Punjab & Sind Bank Interest Rates On Tax Saving FD

An individual or a Hindu Undivided Family can open a PSB Fixed Deposit Tax Saver Scheme on behalf of a single or joint name. The scheme requires a minimum investment of Rs. 100/- or multiples thereof, with a maximum deposit limit of Rs 1.5 lakh. The lock-in term for such deposits is five years, and deposits cannot be withdrawn before the five-year period expires for tax purposes under Section 80 C. The following are the interest rates for the "PSB FIXED DEPOSIT TAX SAVER SCHEME":

Maturity	Public	Sr. Citizen	Staff Members	Ex-Staff Members / Ex-Staff Members (Sr. Citizen)
5 Years	5.40% p.a.	5.90% p.a	6.40% p.a.	6.40% p.a.
Source: Bank Website