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Punjab and Sind Fixed Deposit Interest Rates

FD Interest Rate in Punjab and Sind Bank 2022

Last Updated 18th Jan 2022

When it comes to the FD interest rate, the highest rate offered on Punjab and Sind Bank FD is 5.30%. Latest Punjab and Sind Bank FD interest rate for senior citizens, on the other hand, ranges between 3.50% to 5.95%.You can earn up to ₹ 26,500 per lakh by investing some money in a fixed deposit account.

Time Duration FD Interest Rates Today Current FD Interest Rates for Senior Citizen
7 days to 14 days 3.00% 3.50%
15 days to 30 days 3.00% 3.50%
31 days to 45 days 3.00% 3.50%
46 days to 90 days 3.70% 4.20%
91 days to 179 days 3.90% 4.40%
Earn upto 7.05% on FD APPLY NOW

Punjab and Sind Fixed Deposit Features

Punjab and Sind Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Punjab and Sind Bank Fixed Deposit are:

  • Deposit Amount : Punjab and Sind Bank FD can be opened with an amount as a low to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 3.00% p.a. to 5.30% p.a.
  • Senior Citizens FD Rate : 3.50% p.a to 5.95% p.a.
  • Highest Interest Rate : As per today’s rate, Punjab and Sind Bank’s highest interest rate on FD is 5.30% offered for a tenure of 10 years.
  • Safety of Punjab and Sind Bank Deposits : Punjab and Sind Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Punjab and Sind Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Standard Fixed Deposit

Punjab and Sind Bank FD Interest Rates Today

Interest rates on Punjab and Sind Bank deposits are updated regularly by the Government of India. The following are updated Punjab and Sind Bank FD interest rates 2022:

Tenure Interest Rate
7 days to 14 days 3.00%
15 days to 30 days 3.00%
31 days to 45 days 3.00%
46 days to 90 days 3.70%
91 days to 179 days 3.90%
180 days to 269 days 4.45%
270 days to 364 days 4.50%
1 year to 2 years 5.05%
2 years 1 day to 2 years 364 days 5.15%
3 years to 10 years 5.30%

Punjab and Sind Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Punjab and Sind Bank offers a higher interest rate to senior citizens than the general public. Fixed deposit interest rates for senior citizens in Punjab and Sind Bank 2022 are as follows:

Tenure Interest Rate for senior citizens
7 days to 14 days 3.50%
15 days to 30 days 3.50%
31 days to 45 days 3.50%
46 days to 90 days 4.20%
91 days to 179 days 4.40%
180 days to 269 days 5.95%
270 days to 364 days 5.00%
1 year to 2 years 5.55%
2 years 1 day to 2 years 364 days 5.65%
3 years to 10 years 5.80%

Punjab and Sind Bank Fixed Deposit Rates – Premature Withdrawal

You can close your Punjab and Sind Bank FD account prematurely, however Punjab and Sind Bank charges a penalty of 0.50% for deposits upto Rs. 15 lakh and 1 % for deposits above Rs. 15 lakh for premature withdrawal. Also, The penal provisions for premature closure on Punjab and Sind Bank FD are subject to change from time to time and may also vary with deposit schemes.

Nomination Facility on Punjab and Sind Bank FD

Punjab and Sind Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Punjab and Sind Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

Earn upto ₹ 26,500 Per Lakh on Punjab and Sind Bank Fixed Deposit?

To earn ₹ 26,500 per lakh on an online FD for 60 months:-

  • Investment Amount - ₹ 1,00,000
  • FD Interest Rate - 5.30%
  • Tenure - 60 months
  • Calculation formula - Simple interest
  • Interest Payout - ₹ 26,500
  • FD Maturity Amount - ₹ 1,26,500

Note: Before investing in a fixed deposit account, you must compare the FD rates offered by different financial institutions. This way, you can earn the maximum returns.

FD Account Opening Process at Punjab and Sind Bank

To open an Punjab and Sind Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Punjab and Sind Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Punjab and Sind Bank FD after reading the terms and conditions.

Loan Against Fixed Deposit Punjab and Sind Bank

Punjab and Sind Bank offers loans up to 90% against its own deposit. Note that Punjab and Sind Bank will not give you loan against FD of any other bank. Punjab and Sind Bank offers Loan against FD at the rate of 4% to 6.3%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Punjab and Sind Bank. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FAQs

What is the highest fixed deposit interest rate for Punjab and Sind Bank?

You can earn a maximum interest of 5.30% on Punjab and Sind Bank fixed deposit deposits for a tenure of 10 months.

Are there any special rates for senior citizens FD of Punjab and Sind Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.00% to 5.30%. Compared to this, Punjab and Sind Bank senior citizens FD are in the range of 3.50% to 5.95%.

What are the current Punjab and Sind Bank FD interest rates 2022?

Current interest for FD in Punjab and Sind Bank ranges between 3.00% - 5.30%. for different tenure.The highest rate is offered on a tenure 5.95 months/years. For senior citizens the interest rates ranges bweteen 3.50% - 5.95%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Punjab and Sind Bank?

The minimum deposit amount required to book an FD with Punjab and Sind Bank is and there is no limit for maximum amount.

Did Punjab and Sind Bank increase FD rates in 2022?

Yes, the highest rate on Punjab and Sind Bank FD has been increased from 5.25% to 5.30%. The fixed deposit rates of Punjab and Sind Bank are now in the range of 3.00% to 5.30% with effect from 24 Sep, 2021.

Is it possible to change the tenure of my existing fixed deposit account with Punjab and Sind Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Punjab and Sind Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in Punjab and Sind Bank?

Yes, you can submit your application for opening an FD account on the website of Punjab and Sind Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Punjab and Sind Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.30%. For Punjab and Sind Bank FD the number of years in which your FD will get doubled is; 72/5.30 = 14

What is the interest of 1 lakh in the Punjab and Sind Bank?

The interest on Punjab and Sind Bank fixed deposit depends on the tenure of the FD for which it is deposited. The highest interest rate is 5.30% for tenure and banks offer senior citizens little more, which is 5.95%.


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Punjab and Sind News - Jan 2022
  • 2021-02-05 : Punjab and Sind Bank reported a loss of Rs. 2375 crores
    Punjab & Sind Bank net loss in December quarter 2020-21 spiralled to Rs 2,375.53 crore on higher provisions for bad loans. Total income fell to Rs 1,982.52 crore from Rs 2,077.01 crore in the same period of 2019-20. Further, Net income fell 9.1% to Rs 1,763.10 crore and income on investments was down 12.1% to Rs 455.42 crore.
  • 2020-12-08 : FD rates for Punjab and Sind Bank changed
    Punjab and Sind Bank changed its fixed deposit rates with effect from 6 December 2020. The FD rates for 7 to 45 days is 3.10%, for 46 to 90 days it is 3.90% and it is 4.05 % for 91 to 179 days. Further, the FD rate for 180 to 269 days is 4.45%, for 270 to 1 year is 4.55% and it stands at 5.25% for the above one years to ten years.
  • 2020-10-19 : Revised FD rates for Punjab and Sind Bank
    Punjab and Sind Bank changed its fixed deposit rates with effect from 12 October 2020. The FD rates for 7 to 45 days is 3.25%, for 46 to 90 days it is 4% and it is 4.25 % for 91 to 179 days. Further, the FD rate for 180 to 269 days is 4.75%, for 270 to 1 year is 4.85% and it stands at 5.30% for the above one years to ten years.
  • 2020-03-20 : Punjab and Sind Bank revised its FD rates
    Punjab and Sind Bank changed its fixed deposit rates with effect from 18 March 2020. The FD rates for 7 to 45 days is 4%, for 46 to 90 days it is 5.50% and it is 5.75 % for 91 to 120 days. The fixed deposit rate for 121 to 179 days is 5.50%. Further, the FD rate for 180 to 364 days is 6%, for one to two years is 6.10% and it stands at 6.10% for above two years to ten years.
  • 2019-12-05 : Punjab and Sind Bank revised FD rates for December
    Punjab and Sind Bank changed FD rates on certain tenors with effect from December 2, 2019. The rate has been across a period of 1 year to 2 years, which is revised to 6.45% and for senior citizens at 6.95%. For the rest of the tenors, the rate remains unchanged between 4% to 6.45%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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