Fixed Deposits (FDs) have remained a preferred savings instrument for many investors for their secured nature and assured returns. If you’re considering FD investments, it’s important to compare the interest rates offered by different banks. State-owned Punjab and Sind Bank is offering up to 8% interest on one of its FD schemes.
The special FD plan is going to close on January 31. If you are looking for higher returns than your savings account check details here.
Punjab and Sind Bank’s ‘Dhanalakshmi 444 Days’ special FD scheme is nearing its end as only two days are left for the investors to get the benefits of this plan.
The Dhanalakshmi special FD offers a 7.4 per cent interest rate for general citizens, 7.9 per cent for senior citizens and 8.05 per cent for super senior citizens over 444 days.
To open the PSB Dhan Lakshmi FD account, the investors can visit a PSB branch or use PSB’s UnIC app. The minimum amount required for investment in this FD is Rs 500. The investors can deposit a maximum of Rs 1.99 crore in the FD scheme.
The bank also offers an auto renewal facility for this FD scheme.
Punjab and Sind Bank recently revised its fixed deposit (FD) rates. As of December 31, 2023, the public sector bank offers 2.8 per cent interest rate for a tenure of 7 to 30 days on investments below Rs 1 lakh. The FDs maturing in 31 to 45 days come with an interest rate of 3%.
For fixed deposits with tenures between 46 and 90 days, Punjab and Sind Bank (PSB) offers a 4.6% interest rate. Deposits for tenures between 180 and 269 days will earn an interest rate of 5.25%, while those between 270 days and less than one year earn a 5.5% interest rate. The bank provides a 6.2% interest rate for FDs of one-year tenure. For FDs above one year but less than 443 days, the interest rate is 6%.
In another development, Punjab and Sind Bank was recently imposed a penalty of Rs 1 crore by the Reserve Bank of India for violating loan rules, specifically related to inadequate customer service. The central bank levied penalties on ESAF Small Finance Bank, Dhanlaxmi Bank and Punjab and Sind Bank for various non-compliance issues.
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