|Head Quarters||New Delhi|
|Listed on exchange as||Punjab & Sind Bank|
|Tenure||Regular customers||Senior citizens|
You may create a fixed deposit account for a short length of time here, with terms ranging from 6 months to 3 years.
Under this plan, you as a taxpayer can benefit from capital gains exemption if the capital gain amount is placed in a bank on or before the due date of filing your income tax return.
The short-term deposit ranges from 7 days to 364 days or lesser, and the interest rates are 3% to 4.50% for general customers and 3% to 5% for senior citizens.
The medium-term deposit ranges from 12 months to 60 months, ad the interest rates are from 5.15% to 5.30% for a general customer and 5.65% to 5.80% for senior citizens.
A long-term deposit is from 60 months 1 day to 120 months, and the interest rate offered to a general customer is 5.30% and a senior citizen is 5.80%.
For opening a Punjab and Sind Bank FD account, one has to visit the nearest Punjab and Sind Bank branch. Fill out the Punjab and Sind Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Punjab and Sind Bank.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Punjab and Sind Bank –
The following documents have to be furnished for opening a Punjab and Sind Bank FD –
As per the general rules, fixed deposits under Punjab and Sind Bank are eligible for a tax deduction of up to Rs 1,50,000 under Section 80C in every financial year. However, different schemes might have different tax deductions applicable.
Punjab and Sind Bank provides loans against their Fixed Deposits. The loan and the rate of interest for the loan depend on the rules set by Punjab and Sind Bank.
Punjab and Sind Bank Fixed Deposits can be withdrawn prematurely. Punjab and Sind Bank levies a penalty on the interest for all premature withdrawals depending on the terms and conditions.
In how many years will the FD in Punjab and Sind Bank double?
The maturity amount you will get is determined by the deposit amount and the tenure you select.
What are the current FD interest rates for Punjab and Sind Bank in 2022?
The interest on Rs.1 the current FD rates range between 3 percent p.a. as well as 5.30 percent p.a.
Is there a minimum amount required to create a Fixed Deposit with Punjab and Sind Bank?
Yes, the minimum deposit is Rs.1,000.
Is there a preferential rate for older persons who open an FD with Punjab and Sind Bank?
Yes, elderly persons are eligible for an extra 0.50 percent interest rate on deposits with terms of 180 days or more.
What is the Punjab and Sind Bank's highest fixed deposit interest rate?
The maximum FD rate available is 5.30 percent per annum for a term ranging from three to ten years.