These Two PSU Bank's Revised FD Rates Effective From Today, Details Inside

After the 3rd consecutive Repo rate hike by the Reserve Bank Of India (RBI), two Public sector Banks Punjab & Sind Bank and Bank Of Maharashtra also revised their Fixed Deposit interest rates last week. The revised interest rates on FDs by the banks came into effect today.

Punjab & Sind Bank

On fixed deposits under Rs 2 crore, Punjab & Sind Bank (PSB) raised the interest rate. The new interest rates will take effect on August 22, 2022, according to the bank's official website. The interest rates on fixed deposits with maturities ranging from 31 days to 10 years have been raised by the bank. The bank offered interest rates that varied from 2.80% to 5.75%. A maximum interest rate of 5.75% will now be offered by the bank on fixed deposits with maturities of 3 years to 10 years. *Senior Citizens will continue to get an additional 0.50% interest rate on their deposits of less than 2 crores.

The new FD rates will be applicable on domestic term deposits, NRO accounts, capital gain accounts scheme 1988, recurring deposit scheme and PSB fixed deposit tax-saver scheme. According to the bank, a Minimum amount of term deposit shall be Rs. 1.00 lac. 

Revised Fixed Deposit Interest Rates w.e.f. 22 August 2022

Maturity Period	Interest Rates (%p.a)
7 - 14 Days	2.80(#)
15 - 30 Days	2.80%
31 - 45 Days	3.00%
46 - 90 Days	3.80%
91 - 120 Days	3.95%
121-150 Days	4.00%
151 - 179 Days	4.00%
180 - 269 Days	4.50%
270 - 364 Days	4.65%
1 Year - 2 Years	5.65%
Above 2 Year < 3 Years	5.80%
3 Years - 5 Years	5.75%
> 5 Year - 10 Years	5.75%

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

Bank Of Maharashtra

Bank of Maharashtra has recently revised the  Interest rates on Fixed Deposits under Rs 2 crore. According to the Bank's official website, the revised interest rates will be effective from August 22, 2022. From now on, the bank has started offering fixed deposits with maturities ranging from 7 days to more than 5 years at interest rates between 2.75% and 5.40%. Due to the change in interest rates, the Bank of Maharashtra will now offer a maximum interest rate of 5.40% on fixed deposits with maturities of 1 year to 5 years or longer. *Senior Citizens will continue to get an additional 0.50% interest rate on their deposits.

The new rates will be applicable on Domestic Deposits, Bulk Term Deposits and NRO Term Deposits. According to the Bank's official website, Bank term Deposits Scheme, 2006 (5 Years Tax Saving Scheme) is applicable Up To Rs 1.5 lakh only. 

Revised Fixed Deposit Interest Rates W.e.f 22 August 2022

Maturity Period	Interest Rates (%p.a)
7-30 Days	2.75%
31-45 Days	3.00%
46-90 Days	3.50%
91-119 Days	3.75%
120 -180 Days	3.90%
181-270 Days	4.25%
271-364 Days	5.00%
1 Year-365 Days	5.40%
Above 1 Year-2 Years	5.40%
Above 2 Year-3 Year	5.40%
Above 3 Year - 5 Year	5.40%
Above 5 Year	5.40%

Please note: Resident Indian Senior Citizen will be offered an additional rate of 0.50% p.a. only for maturity slabs of 91 days and above for deposits up to Rs 2 Crore. The additional interest rate does not apply to any type of non-resident deposits.