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Punjab and Sind FD Interest Rates

Punjab and Sind FD Rates 2020

Last Updated 19th Aug 2020

Punjab and Sind Bank is one of most reliable FD providers amongst a number of FD providers in the market. Punjab and Sind Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Punjab and Sind Bank FD is 5.55%. Latest Punjab and Sind Bank FD interest rate for senior citizens, on the other hand ranges between 4.00% to 6.05%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.50% 4.00%
15 days to 30 days 3.50% 4.00%
31 days to 45 days 3.50% 4.00%
46 days to 90 days 4.25% 4.75%
91 days to 120 days 4.50% 5.00%

Punjab and Sind Fixed Deposit (FD)

Punjab and Sind Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than 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 .
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 3.50% p.a. to 5.55% p.a.
  • Senior Citizens FD Rate: 4.00% to 6.05% p.a.
  • Highest Interest Rate: As per today’s rate, Punjab and Sind Bank’s highest interest rate on FD is 5.55% 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:

Punjab and Sind Bank Best FD Plan

We need to compare tenure wise latest FD rate of Punjab and Sind Bank to choose the tenure at which it provides the highest interest rate. Punjab and Sind Bank FD rates are best for the deposits with a tenure of 1 year to 10 years, wherein the current FD rate of interest is 5.55% p.a

If one is looking to invest in short term deposits with Punjab and Sind Bank, FD interest rates range from 3.50% p.a. to 5.10% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Punjab and Sind Bank FD rates for senior citizens range from 4.00% to 5.60% p.a.

If one is looking to invest in long term deposits, Punjab and Sind Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.55%. Senior citizens are offered special rates from bank with highest deposit rates of 6.05% p.a. on long term FDs.

Fixed Deposits of Punjab and Sind Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Punjab and Sind Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

FD in Punjab and Sind Bank – Premature Withdrawal

Premature closure of Term Deposit with Punjab and Sind Bank is along with the lower interest rate of 0.50% for deposits upto Rs. 15 lakh and 1 % for deposits above Rs. 15 lakh than the contracted rate. 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 loan 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 4.5% to 6.55%

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 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 availed 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 a Fixed Deposit account in Punjab and Sind Bank, you can visit the official website and login to your account. Choose 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 offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Punjab and Sind Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest FD rate for Punjab and Sind Bank?

You can earn a maximum interest of 5.55% 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 3.50% to 5.55%. Compared to this, the rate of senior citizens FD are in the range of 4.00% to 6.05%.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Punjab and Sind Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

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

  • 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

What is the current interest rate on FD in Punjab and Sind Bank?

Current interest for FD in Punjab and Sind Bank ranges between 3.50% - 5.55%.

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

Yes, you can submit your application for opening a FD account on the website of Punjab and Sind Bank. After submitting the application, you will be contacted by the bank’s representative for 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 with the 5.55%. For Punjab and Sind Bank FD the number of years in which your FD will get doubled is; 72/5.55 = 13


Punjab and Sind News - Sep 2020
  • 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%.
  • 2019-10-22 : Punjab and Sind Bank revises FD rates for October
    Punjab and Sind Bank revised its interest rates on fixed deposits less than Rs 2 crores. The revised FD rates for a period of 7-45 days is 4.00%, for 46-90 days the interest rate is 5.50%, the rate for 91-120 days is 5.75%, for 121-150 days the rate is 6.00%, the rate for 151-179 days is 5.85% and for 180- 364 days the revised rate is 6.40%. For a long period of 1-2 years, the rate is 6.55%, and the rate for 2-10 years is 6.45%.
  • 2019-01-17 : Punjab & Sind Bank revises interest rate on fixed deposits by 15 basis points
    Punjab & Sind Bank has revised the interest rate of fixed deposits on January 11, 2019. The interest rates have been hiked for fixed deposits less than Rs. 1 crore only. Interest rate of fixed deposit with 180 to 269 days period has been hiked to 6.40% from 6.25 earlier. While the rates for 46 to 90 days have been hiked to 5.50% and the rate for one year is 7.00% respectively.
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