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The interest rate on fixed deposits below ₹2 Cr has increased thanks to a move by public sector lender Punjab & Sind Bank (PSB). According to the bank’s website, the new rates will take effect on July 11, 2022. The bank recently increased its interest rates on July 1st, and this is the second increase in interest rates for domestic term deposits in a month. Following the adjustment, the bank increased interest rates on fixed deposits with maturities ranging from one to ten years, and investors in fixed deposits will start receiving higher interest rates from July 11.
PSB FD Rates
The bank will continue to give a 2.80% interest rate on deposits maturing in 7 to 45 days, and it has kept a 3.70% interest rate constant on term deposits maturing in 46 to 90 days. Fixed deposits maturing in 91 to 179 days will continue to provide a 3.90 per cent interest rate, while those maturing in 180 to 269 days will continue to offer a 4.45 per cent interest rate. On deposits maturing in 270–364 days, PSB will continue to give an interest rate of 4.50 per cent. However, the bank has increased the interest rate on term deposits maturing in 1–2 years by 10 basis points, from 5.25 per cent to 5.35 per cent. The bank increased interest rates on deposits maturing in more than two years but less than three years from 5.35 per cent to 5.40 per cent, and on deposits maturing in three years to five years from 5.55 per cent to 5.60 per cent, an increase of five basis points. While the bank increased the interest rate on deposits between five and ten years from 5.55 to 5.60 per cent.
PSB has mentioned on its website that “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.”
Regular customers will now get an interest rate of 5.60 per cent per year and senior citizens will now receive an interest rate of 6.10 per cent per year on the PSB Fixed Deposit Tax Saver Scheme that comes with a deposit period of 5 years for the purpose of tax deductions under Section 80C.
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And meanwhile, Central Bank of India raised interest rates on fixed deposits below ₹2 crore. According to the bank’s website, the new rates will take effect tomorrow, July 10, 2022. On the other hand, public sector lender Indian Overseas Bank (IOB) raised interest rates on fixed deposits below ₹2 crore, and the bank’s website indicates that the revised interest rates would go into effect on July 12, 2022.
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