• Fixed Deposit
  • Punjab and Sind Bank
  • Punjab Sind Bank Fixed Deposit
Punjab Sind Bank Fixed Deposit

Punjab Sind Bank Fixed Deposit

Public SectorNA 
DICGC

6.25%

Interest for 3 years

Punjab and Sind Bank FD Interest Rates February 2023

Historical FD Rates →
TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 2 days2.8%2.8%
1 month 3 days - 1 month 17 days3%3%
1 month 18 days - 3 months 1 day4%4%
3 months 2 days - 4 months4.2%4.2%
4 months 1 day - 5 months 29 days4.3%4.3%
5 months 30 days - 8 months 27 days4.8%5.3%
8 months 28 days - 11 months 30 days5%5.5%
1 year - 1 year 11 months 30 days6.25%6.75%
2 years - 2 years 11 months 29 days6.4%6.9%
2 years 11 months 30 days - 9 years 11 months 28 days6.25%6.75%

Note: All interest rates shown below are as on 9th Jan 2023

About Punjab and Sind Bank FD

Punjab & Sind Bank is under the ownership of Ministry of Finance, Government of India. The bank was established in Amritsar on 24 June 1908. The bank has a balance sheet size of Rs. 2,57,832 Cr as on 31st March 2020. The bank recorded a Loss of Rs 991 Cr in FY20

Punjab and Sind Bank FD

2.8% - 6.4%

FD Rate

2.8% - 6.9%

FD Rate for Seniors

₹ 1000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

NA

CRISIL Rating

Punjab and Sind Bank FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 6.25%For 5 years with interest of 6.25%
₹ 50,000 ₹ 60,282₹ 68,286
₹ 1 lakh ₹ 120,564₹ 136,573
₹ 2 lakh ₹ 241,129₹ 273,146
₹ 5 lakh ₹ 602,822₹ 682,865
₹ 10 lakh ₹ 1,205,643₹ 1,365,730

Compare Punjab and Sind Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Jana Small Finance Bank FD
Punjab and Sind Bank FD
Punjab and Sind Bank FD
Maturity Amount 106,432 108,139
Total Investment Amount₹ 100,000₹ 100,000
Total Interest Gained6,432 8,139

Compare Punjab and Sind Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Jana Small Finance Bank FD
7.85% - 8.8%
CSB Bank FD
5.75% - 6.25%
Axis Bank FD
7% - 7.75%
Deutsche Bank FD
7% - 7%
Ujjivan Small Finance Bank FD
7.2% - 7.95%
Indian Bank FD
6.25% - 6.75%
Federal Bank FD
6.5% - 7%
Chaitanya Godavari Grameena Bank FD
6.25% - 6.75%
Ellaquai Dehati Bank FD
5.3% - 5.55%
Paschim Banga Gramin Bank FD
5.2% - 5.7%

Calculate Punjab and Sind Bank FD Returns

₹ 100,000

Total Investment

6,432

Wealth Gained

₹ 106,432

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

Punjab Sind Bank FD provides a wide range of fixed deposits including cumulative, tax-saver, and flexi deposits. The Punjab Sind Bank FD rates range from 3% to 5.30% with an additional 0.50% for senior citizens. Know about the types of fixed deposits, their features and calculate the interest to be earned for a fixed tenure.

Features of Punjab Sind Bank FD

Eligibility- Individuals, Sole Proprietors, partnership firms, Private and Public Limited Companies, HUFs, Specified Associates, Societies, Trusts, Departments of Authority created by Government (Central or State), Limited Liability Partnership.

A joint account with another individual is allowed

With an “Either or Survivor” or “Former or Survivor” mandate, the bank will only allow the surviving joint depositor to withdraw funds before the death of the other joint depositor. This is allowed only if the joint depositor has signed a joint mandate. All Term Deposit account opening forms invariably include conditions through which the account holders can specify their terms.

If no instructions or mandates are received from the customer for not renewing the deposits, the deposit will be auto-renewed. The renewal will be for the same period of time as the matured deposit at the prevailing rate of interest.  The automatic renewal will be applicable for deposits with a maturity value of less than Rs. 2 crores at maturity.  However, auto-renewal is not applicable to PSB Fixed Deposit Tax Saver Scheme, Capital Gain Deposit, Bulk Deposit, and Inter-Bank Deposit.

Types of Punjab Sind Bank FD

  • Regular Fixed Deposit
  • PSB Tax Saver
  • PSB Flexi Savings Deposit Product

Regular Fixed Deposit

  • Eligible- Individuals, Sole Proprietors, partnership firms, Private and Public Limited Companies, HUFs, Specified Associates, Societies, Trusts, Departments of Authority created by Government (Central or State), Limited Liability Partnership
  • A joint account with another individual is allowed
  • Punjab Sind Bank FD rates range from 3% to 5.30% depending on the tenure
  • The investment period ranges from 7 days to 10 years
  • No additional KYC for existing account holders with updated KYC
  • Senior citizens will receive an additional 0.50% over and above the existing Punjab Sind Bank FD rates

PSB Tax Saver

  • Under the scheme, an individual or a Hindu Undivided Family can invest in our Bank’s Fixed Deposit. 
  • A single-name or joint-name account can be opened. 
  • A joint account deposit receipt can be issued to two individuals or an adult and a minor, and it can be paid to either the holders or the survivors. 
  • Only the first holder of the deposit will be eligible for the tax benefit under section 80C in the case of Joint Name. 
  • For the purpose of tax benefit under Section 80C, the investment in Fixed Deposit under the scheme will be subject to a total ceiling of Rs. 1.5 lakh.
  • For such a Fixed Deposit, the ‘lock in’ term will be five years. Fixed Deposits cannot be withdrawn before the 5-year period has expired. 
  • Depending on the investor’s accounting system, the interest on the Fixed Deposit will be taxed either on an accrual or on a receipt basis. 
  • The scheme offers a Nomination Facility, which can be used at the time of deposit or at any time before the deposit matures. 
  • In the event that the holder of a Fixed Deposit for which a nomination is in place dies, the nominee is entitled to encash the Fixed Deposit at any time before or after the Fixed Deposit matures.
  • At the holder’s request, the fixed deposit can be transferred from one of the Bank’s branches to another (s). 
  • A person who is entitled to a duplicate fixed deposit receipt can ask for one if it is lost, stolen, destroyed, damaged, or disfigured. 
  • Every such application must be accompanied by a declaration detailing the quantity, value, and date of the receipt, as well as the circumstances surrounding the loss, theft, destruction, mutilation, or defacement. 
  • On submission of an ‘Indemnity Bond’ in the prescribed form with one or more approved sureties or a Bank Guarantee, a duplicate receipt will be issued to the applicant.

PSB Flexi Savings Deposit Product

The FD provides liquidity in the form of a savings account, as well as better returns on investments held in a fixed deposit. Furthermore, there is a degree of flexibility because the depositor can fulfil his or her financial needs without losing interest. Owing to the transfer of funds to Savings, funds are accessible as an in-built arrangement anytime the depositor needs it.

  • Throughout the quarter, account holders must maintain a minimum balance of Rs.25000. This limit applies to all customers in all branch categories. 
  • Any sum in multiples of Rs.5000 that exceeds the threshold limit of Rs. 2,00,000 for non-individual customers and Rs.50,000 for individual customers will be automatically transferred and invested in the Bank’s Fixed Deposit. 
  • The FD will be for a term ranging from 46 to 180 days. 
  • Non-maintenance of minimum balance would result in charges of Rs 150 for rural or semi-urban branches and Rs 300 for urban and metro branches per quarter.
  • Reverse Sweep will be in a multiple of Rs. 5,000 or higher. 
  • Interest will be calculated on a daily product basis and compounded quarterly in accordance with current FDR norms. 
  • The Flexi Saving Product mandate will be signed by all account holders, regardless of the account’s method of operation. 
  • The product is exclusively available to Indian residents. Transactions on a regular savings account are possible. 
  • Units of the Linked Flexi Fixed Deposit will be automatically renewed.
  • Linked deposits opened under the PSB Flexi Savings Deposit product will have a default term of 46 days. 
  • If the customer does not specify differently, FDR will be renewed for the same duration. 
  • The interest rates on these deposits will be the same as Punjab Sind Bank FD rates depending on tenure. 
  • Existing SB account holders can choose to convert their accounts to the PSB Flexi Savings Scheme.

What are the Documents Required To Open a Punjab Sind Bank FD?

A new applicant must submit the application form, his or her PAN along with any of the following address proofs. However, no document is required if the applicant is an existing account holder and KYC is updated.

  • Passport(should not be expired)
  • Driving License (should not be expired)
  • Aadhaar Card
  • Voter’s ID Card
  • NREGA Job card
  • National Population Register.

Frequently Asked Questions

What is the highest Punjab Sind Bank FD Rate?

The highest Punjab Sind Bank FD Rate is 5.30% for a tenure ranging from 3 years to 10 years

Are there any special Punjab Sind Bank FD Rates for senior citizens?

Yes, Senior citizens will receive an additional 0.50% over and above the existing Punjab Sind Bank FD rates