Interest rates on fixed deposits and savings accounts have been revised by public sector lender Punjab and Sind Bank (PSB). Savings account holders will get a maximum interest rate of 3.00 per cent from now onwards, while investors in fixed deposits will get a maximum interest rate of 5.55 per cent till today, July 1, 2022.
Punjab And Sind Bank Savings Account Rates
On savings account balances up to Rs 1 crore, the bank will now offer an interest rate of 2.80% and on savings bank deposits of up to Rs 1 crore to Rs 100 crore, PSBs will now offer an interest rate of 2.90%. The bank will offer a maximum interest rate of 3.00% on the balance above Rs 100 crore in the savings account. These rates are effective from today 01.07.2022.
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Punjab And Sind Bank FD Rates
The bank will now offer an interest rate of 2.80% on fixed deposits of 7 to 45 days, which was 3 percent earlier. The bank will continue to offer an interest rate of 3.70 percent on fixed deposits kept for 46 to 90 days and 3.90 percent on fixed deposits kept for 91 to 179 days. Fixed deposits maturing in 180 to 269 days now fetch 4.45 per cent interest, while fixed deposits maturing in 270 to 364 days now offer 4.50 per cent interest. The bank currently offers an interest rate of 5.35 per cent on fixed deposits payable in more than 2 years but less than 3 years, while PSBs 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 of three to ten years is now 5.55 per cent. On “PSB Fixed Deposit Tax Saver Scheme” which comes with a maturity period (lock-in) of 5 years as well as tax deduction 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 older persons, PSB has mentioned on its website that “Senior citizens will be given an additional interest benefit 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.