The Punjab and Sind bank offers fixed deposits of various types according to the demands of the investors with rewarding returns. The Punjab and Sind Bank FD interest rate ranges from 2.80% to 7.35% on deposits. They also have a flexible tenure policy that ranges between 7 days to a wide timespan of 10 years. The highest rate awarded is 7.35% for a tenure of 555 days.
Along with the benefits of competitive interest rates and flexible tenure policy, it offers various fixed deposit products for NRIs as well. Examples of the same could be NRE, NRO, RFC, and FCNR.Hence, due to all of these customer-centric policies, an FD In this bank is advisable. It also has various schemes that help the depositor choose the correct plan for itself.
Punjab & Sind Bank FD Rates less than Rs.2 crores w.e.f 1st July 2023
The table below consists of the rate of interest issued by the Punjab and Sind bank on a deposit of less than Rs. 2 crores with a varied maturity range:
| Maturity range | Interest Rates ( %p.a ) Regular citizen | Interest rate (%p.a) Senior citizen |
| 7 Days to 14 days | 2.80% | 2.80% |
| 15 Days to 30 days | 2.80% | 2.80% |
| 31 Days to 45 days | 3.00% | 3.00% |
| 46 Days to 90 days | 4.60% | 4.60% |
| 91 Days to 120 days | 4.75% | 4.75% |
| 120 days and above to 150 days | 4.75% | 4.75% |
| 150 days and above to 179 days | 4.75% | 4.75% |
| 180 days and above to 269 days | 6.00% | 6.50% |
| 270 days and above to 364 days | 6.00% | 6.50% |
| 1 year and above to 399 days | 6.40% | 6.90% |
| 400 days | 7.10% | 7.60% |
| Above 400 days to 554 days | 6.40% | 6.90% |
| 555 days | 7.35% | 7.85% |
| Above 556 days to 600 days | 6.40% | 6.90% |
| 601 days | 7.00% | 7.50% |
| Above 602 days to 2 years | 6.40% | 6.90% |
| Above 2 years to 3 years | 6.75% | 7.25% |
| Range of 3-5 years | 6.25% | 6.75% |
| Above 5 years to 10 years. | 6.25% | 6.75% |
Additional benefits are also given to senior citizens, where they get an extra interest rate of 0.50% for a time period of 180 days or above.
What is the eligibility for Punjab and Sind Bank’s FD Account?
- The applicant for the account should be an Indian Citizen (residential or non-residential)
- Applicant should be above the age limit of 18 years
- Minors can also open an account knowing the FD interest rate under the guidance of the guardian.
- Firms, corporate bodies, and HUFs can open an FD account.
What documentation is required for a Punjab & Sind Bank FD Account?
- The application form is filled with all relevant details
- Proof of birthdate that is a birth certificate is a mandate in the case of minors and senior citizens.
- Identity proof (PAN Card, Passport, Aadhaar card)
- Required KYC documents as stated by the bank.
What are the FD Rates for NRO/ Domestic fixed Deposits?
The table shows the amount a depositor gets after a span of 1-5 years at the interest rates offered by the Punjab and Sind Bank on Domestic deposits.
| Maturity Range | Interest rate (p.a%) |
| 1 year and above but less than or equal to 399 days | 6.40% |
| 400 days | 7.10% |
| above 400 days to 554 days | 6.40% |
| 555 days | 7.35% |
| above 556 days to 600 days | 6.40% |
| 601 days | 7.00% |
| above 602 days to 2 years | 6.40% |
| Above 2 years to 3 years | 6.75% |
| range of 3-5 years | 6.25% |
Punjab & Sind Bank FD Calculator
The interest rate can be easily calculated using the Punjab and Sind bank FD calculator makes it easier for the depositor to make a quick decision.Since the FD interest rates keep changing, it is highly advisable for the depositor to keep checking the maturity amount and the prevailing rate. This allows the depositor to make the correct choice about the schemes and also the tenure to maximize the profit.
How to avail a loan against your FD?
To avail of a loan against the FD, the depositor must have an account in the bank, and the amount of the loan will always be lesser when compared to the deposit. It can reach a maximum of 90-95% of the Fixed Deposit Amount.
A minor FD does not qualify for the loan proceedings. A tax-saving FD cannot be used as collateral here because of the governmental rights of that scheme.
What happens on premature withdrawal of funds?
In case of premature withdrawal, the bank will have full authority to decide on its own penal interest rate if a depositor decides to go back on the agreement. The penalty can range from 0.5% to 1% or higher, depending on the bank. This rate of interest is only given for the amount of time the deposition has been made, not the total tenure.
Who is eligible to avail the nomination facilities?
A nominee is the decision maker that is accountable after the depositor. He has the power to decide whether the account has to be continued or discontinued when the actual depositor fails to do so. Under unavoidable circumstances, the nominee will be answerable to the bank under any situation. They must have the following to be appointed as a nominee.
- Proof of birthdate that is a birth certificate is a mandate in the case of minors and senior citizens.
- Identity proof (PAN Card/Aadhaar card/Passport)
- The nomination form is filled in with relevant details
- KYC updation of the required documents
Punjab and Sind Bank FD Rates FAQs:-
The depositor can avail of the nomination facilities by providing the necessary details of the person who is allotted the power to decide the fate of the money.
To open an FD Account, the minimum FD amount should be at least of 1000 rupees. According to the FD interest rates, the amount put in will double on the basis of the tenure and plan chosen.
The Punjab and Sind Bank provides loans against the FD if the other prerequisites are met.
The bank is solely responsible and not accountable to its beneficiaries when it comes to deciding the interest rates. One should be aware of the prevailing interest rates before depositing money.
One can choose from long-term or short-term deposits, which come under the schemes of capital gain deposit scheme, saving with smile scheme, Tax saver scheme, and a lot more.
