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The interest rates on fixed deposits and savings accounts have been revised by public sector lender Punjab & Sind Bank (PSB). Savings account holders will henceforth get a maximum interest rate of 3.00 per cent, while investors in fixed deposits will receive a maximum interest rate of 5.55 per cent, as of today, July 1, 2022.
Punjab & Sind Bank Savings Account Rates
On savings account balances of up to 1 Crore, the bank will now offer an interest rate of 2.80% and on savings bank deposits of above 1 Crore to up to 100 Crore PSB will now offer an interest rate of 2.90%. On a savings account balance of above 100 Crore the bank will offer a maximum interest rate of 3.00%. These rates are effective as of today on 01.07.2022.
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Punjab & Sind Bank FD Rates
The bank will now give an interest rate of 2.80% on fixed deposits of 7 to 45 days, down from 3 per cent previously. The bank will continue to offer an interest rate of 3.70 per cent on fixed deposits held for 46 to 90 days and 3.90 per cent on term deposits kept for 91 to 179 days. Fixed deposits that mature in 180 to 269 days now earn 4.45 per cent interest, while term deposits that mature in 270 to 364 days now pay 4.50 per cent interest. The bank currently offers an interest rate of 5.35 per cent on term deposits due in more than 2 years but less than 3 years, while PSB will continue to offer an interest rate of 5.25 per cent on deposits maturing in 1 year to 2 years.
The maximum interest rate on fixed deposits with maturities between three and ten years is now 5.55 per cent. On “PSB FIXED DEPOSIT TAX SAVER SCHEME” which comes with a maturity period of 5 years (lock-in) along with tax deductions of up to ₹1.5 lakh under section 80C, regular investors will get an interest rate of 5.55% p.a. and senior citizens will get an interest rate of 6.05% p.a.
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On behalf of additional interest rate benefits for elderly individuals, 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.”
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