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Punjab And Sind Bank FD Interest Rate

About Punjab and Sind Bank

The Punjab and Sind Bank is owned by the Indian government’s Ministry of Finance. The bank was founded on June 24, 1908, in Amritsar. As of March 31, 2020, the bank’s balance sheet at Rs. 2,57,832 crores. In FY20, the bank suffered a loss of Rs 991 crore. Punjab & Sind Bank offers attractive investment options such as Fixed Deposits (FDs) and Term Deposits. PSB FD rates range from 3.00 percent per year to 5.30 percent per year.

Features of Punjab and Sind Bank FD Rates

The following are some of the features of Punjab and Sind Bank Fixed Deposits:

  • Interest rates are competitive.
  • Up to a ten-year payback period is available.
  • Senior citizens and PSB employees will be given higher interest. 
  • There is a nomination option available.
  • Individually or jointly, an FD account can be opened. It is also possible to open an account in the name of a minor.
  • You can open an FD account both online and offline through your PSB net banking account.

 

Punjab and Sind Bank FD Interest Rates 2021  

Tenure

Normal Citizen FD Rate Senior Citizen FD Rate
7 days – 1 month 15 days 3%

3%

1 month 16 days – 2 months 29 days

3.7% 3.7%
3 months – 5 months 26 days 4.05%

4.05%

5 months 27 days – 8 months 27 days

4.45% 4.95%
8 months 28 days – 11 months 30 days 4.5%

5%

1 year – 2 years 11 months 29 days

5.15% 5.65%
2 years 11 months 30 days – 9 years 11 months 29 days 5.3%

5.8%

 

Types of Punjab and Sind Bank FD Rates

    • Fixed deposit ordinary scheme: A fixed deposit ordinary plan can be opened for a term of 15 days to 10 years, and interest is paid quarterly.
    • Savings With Smile Deposit Scheme: This is a reinvestment scheme in which the interest is paid on a compounded basis. The interest will be compounded quarterly and paid along with the principal when the account matures. The duration offered spans from three to ten years.
    • Limited-term deposit scheme: This allows you to open a fixed deposit account for a short period of time, ranging from 6 months to 3 years.
    • Capital Gains Deposit Scheme: If you deposit your capital gains in a bank on or before the due date for filing your income tax return, you will be free from paying capital gains taxes.
    • Harhi Savni (Rabi Kharif) Jama Yojna: Farmers can use the Harhi Savni (Rabi Kharif) Jama Yojna to invest their money after each harvest. Each year, between June 30 and December 31, a minimum of Rs.1,000 can be deposited.

 

Eligibility of Punjab and Sind Bank FD

  • The applicant should not be insane or bankrupt.
  • A joint or individual FD account can be opened.
  • In the name of a minor, a guardian can open an FD account.
  • An FD account can be opened by businesses, corporations, and Hindu Undivided Families (HUFs).

How to Calculate Canara Bank FD Rates

A fixed deposit calculator tool is used to estimate the maturity amount that an investor should expect for a specific deposit amount at the current rate of interest at the end of a defined period. The Punjab and Sind Bank FD online calculator can help you figure out how much interest your money will earn if you keep it in a Punjab and Sind Bank fixed deposit. This will provide information on the investment, such as the principal amount at maturity after interest has been compounded on a daily, weekly, monthly, quarterly, half-yearly, and yearly basis.

Factors Affecting Punjab and Sind Bank FD Rates

There are multiple factors that can have an effect on the Punjab and Sind Bank FD rates. Some of these factors are:

  • The rate of inflation
  • Prevailing liquidity scenario in India
  • Demand and Supply
  • Anticipation of a lending rate cut
  • Falling call rates
  • Plummet in the Bank’s fund costs

 

FAQs:

Are there any higher rates for Punjab and Sind Bank FDs for senior citizens?

Yes, senior citizens can earn an additional 0.50 percent interest rate on deposits held for 180 days or longer.

Is there a minimum deposit amount required to start a Fixed Deposit account with Punjab and Sind Bank?

Yes, a minimum deposit of Rs.1,000 is required.

In how many years will Punjab and Sind Bank's FDs double?

The amount you will get at maturity is determined by the deposit amount and the term you choose.

What is the Punjab and Sind Bank's highest fixed deposit interest rate?

The maximum FD rate available is 5.30 percent p.a. for tenures ranging from three to ten years.

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