Synopsis: Punjab & Sind Bank has revised its fixed deposit rates effective from October 21, 2024, offering increased interest rates for select tenures and introducing special limited-period fixed deposits.
Punjab & Sind Bank has announced an increase in fixed deposit (FD) interest rates across select tenures, providing higher returns for its customers.
Additionally, the bank has rolled out new fixed deposit options with special tenures as part of a limited-time offer.
The updated rates took effect on October 21, 2024, and will remain available for a short window until December 31, 2024.
Revised FD Rates for General Citizens:
With the new revisions, general citizens can now access FD interest rates ranging from 4% to 7.45% for callable deposits, depending on the duration, which spans from 7 days to 10 years.
Notably, for non-callable deposits with a 555-day tenure, the bank is offering a competitive rate of 7.50%, making it one of the more attractive options for conservative investors.
Enhanced Rates for Senior Citizens:
To encourage long-term savings among senior citizens, Punjab & Sind Bank is providing an additional 0.50% interest on FDs less than Rs. 3 crore with a maturity of 180 days or more.
This results in callable FD rates between 4% and 7.95%, with the highest return offered on a 555-day non-callable deposit at an 8% interest rate.
This added benefit applies to both new and renewed term deposits, maximizing returns for senior customers.
Special Rates for Super Senior Citizens:
In a unique offering, Punjab & Sind Bank has rolled out even higher rates for super senior citizens aged 80 and above, introducing a further 0.15% interest increase on special term deposits below Rs. 3 crore.
The highest rate of 8.15% is available on a 555-day non-callable deposit, while callable deposits of the same tenure offer 8.10%.
These elevated returns span select tenures, including 222, 333, 444, 555, 777, and 999 days, allowing super senior citizens to maximize their savings effectively.
Special FD Tenures with Limited Validity:
Punjab & Sind Bank’s special FD tenures of 222 days, 333 days, 444 days, 555 days (both callable and non-callable), 777 days, and 999 days (also available in callable and non-callable options) are available until December 31, 2024.
These options allow customers to capitalize on short- to medium-term savings strategies with a fixed end-date, catering to investors with diverse financial goals.
In conclusion, Punjab & Sind Bank’s revised FD rates and new special tenures provide a range of lucrative savings options for customers, especially benefiting senior and super senior citizens.
With competitive interest rates and limited-period offers, investors can take advantage of these new tenures and favourable terms before the December 31 deadline.
This initiative demonstrates the bank’s commitment to offering enhanced returns amidst evolving market conditions.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investors are encouraged to consult with a qualified financial advisor before making investment decisions based on these fixed deposit options.
