Punjab and Sind Bank FD Interest Rates

3.00% - 5.30%
Interest rates
3 months - 10 years
Time Period
1000 - no limit
Min. - Max amount
QUARTERLY
Compounding

About Punjab and Sind Bank FD

Punjab & Sind Bank is a nationalized Indian bank. It is owned by the Ministry of Finance, Government of India and its headquarters are in New Delhi. As of March 31, 2020, the bank has 1526 branches distributed over India, 635 of which were in the state of Punjab. The Government of India updates the interest rates on Punjab and Sind Bank deposits on a regular basis.

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Started On1908
Head QuartersNew Delhi
CRISIL RatingNA
CEOS Krishnan
Listed on exchange asPunjab & Sind Bank
ICRA RatingNA

Punjab and Sind Bank FD Rates 2022

TenureRegular customersSenior citizens

Features and Benefits of Punjab and Sind FD

  • Interest rates that are competitive.
  • Repayment terms of up to ten years are available.
  • Senior people and PSB employees will be especially interested.
  • There is a nomination facility provided.
  • Individual or combined FD accounts can be created. A minor's name can also be used to establish an account.
  • You may open an FD account both online and offline using your PSB net banking account.

Types of Punjab and Sind Bank FD Schemes

Ordinary Fixed Deposit Scheme

  • A fixed deposit program can be established for a term ranging from 15 days to 10 years, with interest paid weekly.

Saving With Smile Deposit scheme

  • This is a reinvestment plan in which the interest is compounded. The interest payable will be compounded regularly and paid along with the principal amount when the account matures. The term provided spans from three to ten years.

Short term deposits scheme

You may create a fixed deposit account for a short length of time here, with terms ranging from 6 months to 3 years.

Capital Gain Deposit scheme

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.

Harhi Savni (Rabi Kharif) Jama Yojna

  • Farmers can use this program to invest their funds at the end of each crop. Each year, a minimum of Rs.1,000 can be placed before the 30th of June and the 31st of December.

Tax Saver

  • The tax-saving fixed deposit program is available for a 5-year term.

Term wise Punjab and Sind Bank FD Rates

Short-term deposit

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.

Medium-term deposit

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.

Long-term deposit

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%.

Punjab and Sind Bank vs Other Banks' FD Rates

NameTenureInterest rate

How to invest in Punjab and Sind Bank FD?

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.

Eligibility for Punjab and Sind Bank FD Account

Individuals or entities satisfying the following criteria can opt for a fixed deposit in Punjab and Sind Bank –

  • Individuals
  • Sole Proprietor
  • Partnership firms
  • Societies
  • Hindu Undivided Families (HUFs)
  • Specified Associates
  • Trusts
  • Limited Liability Partnership
  • Private and Public Limited Companies 
  • Departments of Authority created by Government (Central or State)
  • Firms and corporate bodies
  • The applicant should not be insane/insolvent.
  • A guardian can open an FD account in the name of a minor.

Documents to Open Punjab and Sind Bank FD

The following documents have to be furnished for opening a Punjab and Sind Bank FD –

  • Aadhaar Card
  • Passport
  • Driving License
  • National Population Register
  • NREGA Job card
  • Voter's ID Card

Tax on Punjab and Sind Bank Fixed Deposit

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.

Loan Against Punjab and Sind Bank FD

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.

Premature Closure of Punjab and Sind Bank FD

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.

FAQs

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.

Calculate Punjab and Sind Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Punjab and Sind Bank
@5.15% p.a
Get higher interest rates
online upto 0%
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