The public sector lender Punjab and Sind Bank has revised its interest rates on fixed deposit under Rs 2 crore. The new rates are in effect as in April 20, 2023, the bank said in an official statement. Following the revision, the bank is now providing interest rates between 2.80 percent to 6.25 percent, for the terms ranging from 7 days to 10 years. The bank is offering the maximum return of 7.10 percent for a short time period on specific tenor of 400 days and and 7 percent on 601 days.
For the terms ranging from 7 days to 30 days, the bank is providing interest rates of 2.80 percent. For deposits maturing between 31 to 45 days, it is 3 percent, while for 46 to 90 days, one can avail the returns of 4.60 percent.
The bank is offering the returns of 4.75 percent for the deposits maturing between 91 days to 179 days. For the deposits with period of 180 days to 364 days, the maximum return is 6 percent.
For deposits made between 1 to 2 years, the bank is offering the return of 6.40 percent. In between, the deposits maturing on 400 days, 555 days, and 601 days, the bank is offering the maximum return of 7.10 percent, 7.35 percent and 7 percent respectively.
Further, the Punjab and Sindh bank is now paying an interest rate of 6.75 percent for the deposits that mature between period above 2 years to 3 years. The deposits that mature in 3 Years to 10 Years, will now earn the interest rate of 6.25 percent, the bank said.
| Revised w.e.f. 20/04/2023 (% p.a.) |
|---|
| Maturity | Fixed DepositLess than Rs.2 Cr |
| 7 - 14 Days | 2.80(#) |
| 15 - 30 Days | 2.80 |
| 31 - 45 Days | 3.00 |
| 46 - 90 Days | 4.60 |
| 91 - 120 Days | 4.75 |
| 121-150 Days | 4.75 |
| 151 - 179 Days | 4.75 |
| 180 – 269 Days | 6.00 |
| 270 – 364 Days | 6.00 |
| 1 Year - 399 Days | 6.40 |
| 400 Days | 7.10(##) |
| 401 - 554 Days | 6.40 |
| 555 Days | 7.35 |
| 556Days-600Days | 6.40 |
| 601 Days | 7.00(##) |
| 602 Days-2Year | 6.40 |
| Above2Years-<3Years | 6.75 |
| 3Years - 5Years | 6.25 |
| >5 Years - 10 Years* | 6.25 |
According to the bank the minimum amount of term deposit for the period between 7 to 14 days shall be Rs. 1.00 lakh. And the two special tenors of 400 days and 601 days are valid for period between April 1, 2023 to June 30, 2023 only.
The bank also said that the "senior citizens shall be given benefit of additional interest of 0.50 percent on term deposits of less than Rs. 2 crore, over and above the mentioned rates for the maturity of 180 days & above on fresh as well as on renewal of term deposits, same shall not be available to NRE, NRO deposits, capital gain and Bulk deposits."
"Super Senior Citizens (80 Years & above) shall be given benefit of additional interest of 0.15% on specific period (i.e. 400 Days, 555 Days & 601 Days) Term Deposits of less than Rs. 2 crore, for the maturity of 180 days & above on fresh as well as on renewal of term deposits, same shall not be available to NRE, NRO deposits, capital gain and Bulk deposits," it added.
