Punjab & Sind Bank Fixed Deposit : Safe Bet for Your Returns

FD Interest Rates 220 views

Fixed deposits have always been an ideal choice for those customers who want to go safely in their investments. Also, being the safety of capital and surety of returns stands to be a better choice among risk-averse individuals to opt for FD. Although the high- interest rates of the past few years have further gained popularity of fixed deposits as an investment. Therefore,  Punjab & Sind Bank Fixed Deposits offer you unique returns on its term deposits for the maturity period ranging 7-14 days, 15-30 days and likewise it goes on till more than 5 years.

Punjab & Sind Bank Fixed Deposit Interest Rates 

Revised w.e.f. 20.07.2016 (% age p.a.)

Maturity Term Deposits Less than ₹1 Cr
(w.e.f. 04.09.2017)
7 – 14 Days4.00 (#)
15 – 30 Days4.00
31 – 45 Days4.00
46 – 90 Days5.50
91 – 150 Days6.00
151-179 Days6.00
180 – 269 Days6.40
270 – 364 Days6.60
1 Year - 2 Years6.70
Above 2 Years – <3Years6.70
3 Years – 5 Years6.70
>5 Years – 10 Years6.70

(#) Minimum amount of term deposit shall be Rs. 1.00 lac

  Note :

  •  The revised rates shall be made applicable only to fresh deposits and on the renewal of existing deposits.
  • The quoted rates are liable to get revised from time to time without notice.
  • Customers are requested to contact their nearest branch in case of deposits exceeding Rs. 1 crore.
  • Senior Citizens shall be provided with the benefit of additional interest of 0.50%p.a. over and above the prescribed rates on deposits of less than Rs 1.00 Crore for the maturities of 180 days & above for renewal as well as on fresh deposits.
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Individuals entitled for opening of an account

  • An individual who is not bankrupt or insane, can open an account either singly or jointly.
  • A minor can open Saving bank Account and the same can be managed by the natural guardian or by minor himself / herself, if he / she is above the age of 10 years. Moreover, you can only open the account jointly.
  • Once the minor reaches the majority age, the erstwhile minor should confirm the balance in his / her account and if the account is taken care of by the natural guardian / guardian, then fresh specimen signature of erstwhile minor should be duly verified by the natural guardian / guardian need to be obtained and kept on record for all operational purpose.
  • Such accounts can become operative in the name of individuals (singly or jointly, Minors (through their guardians) firms, corporate bodies, trusts, Regd. Associations, Joint Hindu family firms and public undertakings.
  • Depositors are also eligible for the nomination facility.

Senior Citizens

An additional rate of 0.50% is applicable on Senior Citizens in an amount over and above the rates mentioned for deposits with a maturity period ranging from 91 days & above for fresh and renewed deposits.

Staff / Ex-staff members

Ex -staff Members are entitled to 1% extra rate of interest, however, please note that if the Ex-Staff Member is also a Senior Citizen, he will also be entitled to additional interest applicable to Senior Citizen shown as above.

Punjab & Sind Bank Fixed Deposit Schemes

1. Fixed Deposit Scheme Ordinary

Any sum employed under this scheme can be placed for any fixed period differing from 15 days to 120 months and you can withdraw the interest accrued at quarterly intervals.

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But what would be the minimum period admissible on this scheme? It would be a minimum period of 7 days subject to conditions apply.

2. Saving with Smile Deposit Scheme

Do you know the nature of Smile Deposit scheme is of reinvestment plan? Really! Yes, you will be paid compound interest as well. Moreover, you will be getting an interest on a compound basis at quarterly intervals but you will be paid along with principal at the time of maturity of deposit.

Any amount is very well accepted for deposit under this scheme and that would range for a minimum period of 36 months and for a maximum period of 120 months.

3. Short Term Deposit Scheme

Another reinvestment deposit scheme comes under the banner, the scheme is Short Term Deposit Scheme where the depositor parks their funds for shorter duration and still can maximize the benefits of compound interest.

Any amount of deposit is acceptable under this scheme  and that too for a minimum period of 6 months and 36 months as for its maximum period.

4. Capital Gain Deposit Scheme

Do you know that Capital Gain Deposit Scheme gives its tax payers the benefits of exemption from Capital Gains? Wow! But the condition is that the amount of Capital Gains or the net consideration need to be deposited in Public Sector Banks on or before their due date of filling the income tax return. (Subject to conditions as included in the relevant provisions of I.Tax Act 1961), as revised from time to time.

5. Harhi Savni(Rabi Kharif) Jama Yojna

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Harhi savni (Rabi Kharif) Jama Yojna is a distinctive scheme offered by Punjab & Sind Bank to its farmer friends.

The scheme is meant to help the farmers to invest their surplus funds at the time of each harvesting .

The scheme also offers the flexibility in depositing the installments with a minimum of Rs.1000/– and in multiples thereof to any amount.

The deposit of installments is in correlation to the harvesting of Hari (Rabi) / Savni Kharif) crops and is required to be deposited each year before 30th June and 31st December every year.

6. PSB Fixed Deposit Tax Saver Scheme

Bank has formulated Fixed Deposit Scheme for Tax Saving under Section 80 C (2) of the Income Tax Act, 1961.

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LIC Housing 8.35% - 8.70%
PNB Housing Finance 8.35% - 8.70%
ICICI Bank 8.35% - 8.85%
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Citibank 8.60% - 9.35%
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