Public sector bank, Punjab and Sindh Bank (PSB) has raised its interest rates on fixed deposits which are less than Rs 2 Crore. According to the bank’s website, the hiked-up rates will be in effect on 22nd August 2022.
The bank has upraised the interest on FDs with terms spanning from 31 days to 10 years as a result of this new arrangement.
The bank will continue to provide an interest rate of 2.80% on fixed deposits maturing in 7 days to 30 days, but it has increased that rate by 20 basis points to 3.00% from 2.80% on fixed deposits maturing in 31 to 45 days.
Fixed deposits with maturities between 46 and 90 days will receive an interest rate of 3.80%, up from 3.70% before, a 10 basis points increase. Fixed deposits with maturities between 91 and 120 days will now offer an interest rate of 3.95%, up from 3.90% previously.
The interest rate on fixed deposits that mature in 121 to 179 days has been upped by 10 basis points, or from 3.90% to 4.00%.
On fixed deposits maturing in 180–269 days, Punjab & Sind Bank will now give an interest rate of 4.50% which is up from 4.45%, while on fixed deposits maturing in 270–364 days, the bank will now offer an interest rate of 4.65% (up from 4.50%, a 15 basis point increase).
Fixed deposits with maturities between one and two years will now get an interest rate of 5.65%, up from 5.25%—a 40 basis point increase—and those with maturities between two and three years will now offer an interest rate of 5.80%, up from 5.35%—a 45 basis point increase.
Interest Rates on “PSB FIXED DEPOSIT TAX SAVER SCHEME” for 5 years will be 5.75% p.a. for the general public, 6.25%p.a. for senior citizens and 6.75% p.a. for staff members and ex-staff members / ex-staff members (Sr. Citizen).
