Public sector lender Punjab and Sind Bank (PSB) has increased interest rates on fixed deposits of less than Rs. 2 crores. It has been announced today i.e. on June 10, 2022, just two days after the repo rate hike. After the revision, the bank increased the interest rates on fixed deposits maturing in one to ten years. According to the bank, the new interest rates will be applicable on domestic fixed deposits, NRO accounts, capital gains account scheme 1988, recurring deposit scheme and PSB fixed deposit tax-saving scheme.
PSB FD Rates
The bank will continue to offer 3% interest rate on deposits from 7 days to 45 days and 3.70% interest rate on deposits from 46 to 90 days. Regular customers will get 4.45 percent interest on deposits maturing in 91 days to 179 days and 3.90 percent on deposits maturing in 180-269 days. The general public will get an interest rate of 4.50 percent on deposits of 270-364 days. The interest rate on one-year to two-year deposits was earlier 5.15 per cent, but has now been increased to 5.25 per cent, an increase of 10 basis points.
While the old interest rate on fixed deposits of two years and more than three years was 5.2 per cent, it has now been increased to 5.35 per cent, an increase of 15 basis points. Earlier, the bank used to offer an interest rate of 5.4 per cent on deposits maturing in 3 years to 5 years and 5 years to 10 years, but now that rate has been increased to 5.55 per cent, an increase of 15 basis points .
For the additional benefit of older persons, PSB has mentioned on its website that “Senior citizens will be given the benefit of additional interest of 0.50% on fixed deposits of less than Rs. 2 crore, will not be available for NRE and NRO deposits in excess of the rates mentioned for renewal of new as well as fixed deposits for maturities of 180 days and above.
5 year PSB fixed deposit on tax-saving scheme that can be booked with a deposit of up to 1.5 lakh for tax benefits under section 80C, the bank offers a regular interest rate of 5.55% p.a. and 6.05% p.a. for senior citizens.
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Comment
Kotak Mahindra Bank revised its interest rates on fixed deposits of less than 2 crore today, June 10, 2022. The bank has increased the interest rate on FD with terms from 1 to 10 years. Fixed deposits with maturity of 365 to 389 days will see a payout of 5.50 per cent, from 5.40 per cent earlier, while fixed deposits with maturity of 390 days will pay 5.65 per cent, up from 5.50 per cent. FDs maturing in 391 days to less than 23 months will offer a rate of 5.65 per cent, up from 5.50 per cent earlier, and the rate of interest available for deposits of 23 months to three years has increased from 5.60 to 5.75 per cent. Percent. The bank has increased the interest rate from 5.75 percent to 5.90% on deposits of 3 to 10 years.