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Punjab and Sind FD Interest Rates 2021

Punjab and Sind FD Interest Rates

Last Updated 20th May 2021

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%.

Tenure FD interest rates Senior Citizen FD interest rates
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 4.05% 4.55%
Earn upto 6.95% 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 2021:

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 4.05%
180 days to 269 days 4.45%
270 days to 364 days 4.50%
1 year to 2 years 5.15%
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. Listed below are the Punjab and Sind Bank fixed deposits interest rates for senior citizens 2021:

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 4.55%
180 days to 269 days 5.95%
270 days to 364 days 5.00%
1 year to 2 years 5.65%
2 years 1 day to 2 years 364 days 5.65%
3 years to 10 years 5.80%

Best FD Plan as per Punjab and Sind Bank FD Rates

To invest in Punjab and Sind Bank fixed deposit, you must compare Punjab and Sind Bank Fixed Deposit Rates for varying tenures. Punjab and Sind Bank FD Interest Rates 2021 are best for the deposits with a tenure of 3 years to 10 years, wherein the current Punjab and Sind Bank Fixed Deposit Interest Rates is 5.30 p.a.

If you are looking to invest in short term deposits with Punjab and Sind Bank, the interest rate of Punjab and Sind Bank for FD ranges from 3.00% p.a. to 4.50% p.a. These deposits are known as short term deposits and are offered with a tenure of 7 days to less than 365 days. Short term Punjab and Sind Bank Fixed Deposit Rates for senior citizens range from 3.50% to 5.00% p.a.

If you want to invest in long term deposits, Punjab and Sind Bank Fixed Deposit Rates with tenure ranging from 5 years to 10 years are a good choice with interest rates on deposits at 5.30%.Punjab and Sind Bank Senior citizens FD Rates are offered at special rates with the highest deposit rates of5.80% p.a. on long term FDs.

Below-mentioned is some of the benefits of opening an FD account in Punjab and Sind Bank:

  • Interest on deposit is paid only at the time of the maturity
  • Punjab and Sind Bank also offers a nomination facility on its fixed deposits.
  • Extra interest of 0.25% to 0.50% is payable to the senior citizens.
  • Availability of auto-renewal facility on the deposit.
  • Earn higher returns on the money deposited.

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.

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.

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.

To open a Fixed Deposit account in Punjab and Sind Bank, you can visit the official website and login to your account. Choose the Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Punjab and Sind Bank FD after reading the terms and conditions.

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.

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.

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 2021?

Current interest for FD in Punjab and Sind Bank ranges between 3.00% - 5.30%.

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 .

Did Punjab and Sind Bank increase FD rates in 2021?

Presently, Punjab and Sind Bank offers personal loans at an interest rate starting at 5.30%. There has been no change in personal loan rates of Punjab and Sind Bank for a long time and continue to stand at 5.30%.

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. Below mentioned is the Punjab and Sind Bank FD interest rate 2021 across different tenures.

TenureInterest 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 4.05%
180 days to 269 days 4.45%
270 days to 364 days 4.50%
1 year to 2 years 5.15%
2 years 1 day to 2 years 364 days 5.15%
3 years to 10 years 5.30%


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Punjab and Sind News - Jul 2021
  • 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%.
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