Latest Punjab and Sind Bank FD Rates 2024

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Punjab and Sind Bank was established in 1908 to raise the living standard of poor people in India. The bank follows the principles of social commitment towards uplifting the standard of living of society’s weaker section using economic upliftment. PSB dedicatedly works for the “SarvaJan Hitaya SarvaJan Sukhaya” philosophy.

Fixed deposits are a safe and risk-free investment option where you get assured returns on the deposit after maturity. Punjab and Sind Bank FD rates range from 2.80% to 7.35%, with senior and super senior citizens getting additional benefits on the rate.

In this article, we will give you comprehensive details on how to book your Punjab and Sind Bank fixed deposit account, along with its features, eligibility criteria, documents necessary and types of schemes available for all.

Minimum Deposit	₹1,000
Maximum Deposit	No maximum limit
Minimum Tenure	7 days
Maximum Tenure	10 years
Interest Rates	2.80% – 8% (including senior and super senior citizen rate)
Lock-in Period	No data found
Senior Citizen	3.30% – 7.85% (senior citizen)3.45% – 8.00% (super senior citizen)
General Citizen	2.80% – 7.35%

Table of Contents

Features and Benefits of Punjab and Sind Bank FD

Before applying for a PSB FD account, it is important to know the features and benefits you will get from the investment.

PSB FDs come with a flexible tenure. The lowest tenure you can get is 7 days, which can go up to 10 years, helping you plan your financial goals accordingly.
There is no upper limit on the deposit amount of PSB FDs. You can invest as much money as you wish as per your financial suitability.
Punjab Sind Bank FD rates are quite competitive in the market. Senior citizens, super senior citizens and ex-employees of the bank get additional interest benefits of 0.50%, 0.15% and 1.00%, respectively.
You get a nomination facility with your PSB deposit account. Additionally, you can open both individual and joint accounts.
Minors can open Punjab and Sind Bank fixed deposit accounts, subject to the presence of an adult as the guardian.
You can claim tax benefits of up to ₹1.5 lakhs under the Income Tax Act 1961 Section 80C.

How to Book Punjab and Sind Bank FD?

You can book your fixed deposit with Punjab and Sind Bank online and offline. Let us take a closer look at the steps you must follow to apply for this deposit account in both methods.

Online Method

These are the simple steps to follow to book online your FD account.

Step 1: Go to the official net banking website of Punjab and Sind Bank.
Step 2: Log in to your account using valid credentials.
Step 3: Navigate to the Fixed Deposit section and select the tenure and type of scheme you want to invest in.
Step 4: Fill in all your personal details along with the correct information about the nominee.
Step 5: You get the option to auto-renew your deposit if you wish to invest the sum after maturity.
Step 6: Accept the bank’s terms and conditions and select the ‘Submit’ option.

Offline Method

To open an FD account with Punjab and Sind BS Bank offline, you must visit the bank’s local branch. Fill out the application form for the Punjab and Sind Bank FD and provide all necessary information and papers, along with the deposit amount. PSB will issue you an FD receipt once the application has been successfully processed.

Documents Required to Book Punjab and Sind Bank FD

Punjab and Sind Bank require you to produce certain documents that are necessary to verify the details you enter in your FD application form. The documents have been discussed below.

Duly filled in FD account opening form.
PAN card or Form 60/61.
2 passport-size photographs.
Address proof – Voter ID card, PAN card, Aadhaar card, passport, etc.
Age proof – birth certificate, school passing/graduation certificate.
Identity proof – Aadhaar card, Voter ID, driving licence, etc.
Bank account details – account number, IFSC code, and branch name.

Eligibility to Open Punjab and Sind Bank FD

Opening an FD with Punjab and Sind Bank is an easy process. However, some eligibility criteria need to be fulfilled before applying for the deposit. The following individuals and entities are eligible to open an FD account with PSB:

Applicant Type: Individuals, Partnership firms, HUFs (Hindu Undivided Families), Sole proprietors, Societies, Limited Liability Partnership, etc.
Age of Applicant: Minimum 18 years old. Minors with valid guardians.

Types of Punjab and Sind Bank FD Schemes

Punjab and Sind Bank offer different types of FD schemes to cater to the varied requirements of customers. The Punjab and Sind Bank FD interest rate changes according to the schemes, so go through the features clearly before investment.

1. PSB Fixed Deposit Schemes

This is the traditional fixed deposit scheme offered by the bank to help investors save their hard-earned money in a secure investment option. You can invest a fixed sum for a fixed tenure as per the interest rate applicable on that day. Premature withdrawal, as well as nomination facility, is allowed by the bank.

Minimum Amount: ₹1,000
Maximum Amount: No limit
Tenure: 7 days to 10 years
Interest Rate: 2.80% – 7.35% for general citizens, 3.30% – 7.85% for senior citizens and 3.45% – 8.00% for super senior citizens.
Eligibility: Individuals/ HUFs/ Trusts and Societies/ Sole or Partnership Firms/ Public and Private Limited Companies/ LLP

2. Tax Saving Deposit Scheme

PSB’s tax saving scheme has been designed to save taxes of up to ₹1.5 lakhs as per Section 80(C) of the Income Tax Act. You can book this account in a single or joint name. The advantage of tax saving is applicable to the first account holder only. The lock-in period for this fixed deposit scheme is 5 years, and you cannot encash the deposit before completion of the tenure.

Minimum Amount: ₹100
Maximum Amount: ₹1.5 lakhs per year
Tenure: Minimum 5 years
Interest Rate: 6.25% for general citizens, 6.75% for senior citizens and 6.90% for super senior citizens.
Eligibility: Individuals/ HUF, Minor (jointly with an adult)

3. PSB Flexi Savings Deposit Product

This deposit scheme offers liquidity; you get flexibility in terms of meeting any financial requirements without losing interest on the investment. You can transfer the funds to a savings account anytime. The interest is calculated on a daily basis and is compounded quarterly as per FDR guidelines.

Minimum Amount: ₹5,000
Maximum Amount: ₹2,00,000 (for non-individual customers) and ₹50,000 (for individual customers)
Tenure: 46 days
Interest Rate: 4.60% for general citizens, 5.10% for senior citizens and 5.25% for super senior citizens.
Eligibility: Indian residents

4. Special Scheme for Senior Citizens

Individuals above the age of 60 years are eligible for special benefits with Punjab and Sind Bank’s fixed deposit scheme. The main document that you need to produce to apply for this scheme is proof of age. It can be the LIC policy of account holders, Passport, Birth Certificate, Voter ID card.

Also, ex-staff members of the bank get an additional benefit of 1.00% on the interest rate. Nonetheless, if the ex-member is also a senior citizen, then the individual is eligible to avail interest rate of both schemes, a total of 1.50% extra.

Minimum Amount: ₹1,000
Maximum Amount: No limit
Tenure: 7 days to 10 years
Interest Rate: 3.30% – 7.85% for senior citizens and 3.45% – 8.00% for super senior citizens.
Eligibility: Indian citizens above 60 years old.

5. Non-Resident External (NRE) Rupee Accounts

This term deposit scheme is exclusively for Non-Resident Indian customers intending to open a fixed deposit account with PSB. If you want to invest a sum of more than ₹2 crores in this plan, you need to contact the bank branch directly, and the PSB FD interest rates for NRIs are available on the website of the bank.

However, senior citizens, PSB staff and ex-staffs will not get any additional benefit from this scheme. During the closure of this account, the interest accrued for the overdue period is paid at the interest rate of the Savings account of the bank details provided.

Minimum Amount: ₹1,000
Maximum Amount: No limit
Tenure: 1 year to 5 years
Interest Rate: 6.25% – 7.35%
Eligibility: NRIs/ NRE/ NRO

Now that you have a detailed idea about Punjab and Sind Bank FD rates, it is important to assess your financial goals before investing your money in FD schemes. The bank provides different FD schemes, each with different terms, conditions and features. Go through the benefits and details of the FD plans to make an informed decision on your investment.

FAQs

What are the present FD rates of Punjab and Sind Bank FD?

Punjab and Sind Bank FD rates start from 2.80% and go up to 7.35%, changing as per the tenure, type of applicant and type of scheme opted for.

Will there be any TDS if my FD interest income falls below the taxable limit?

If your FD income is less than the taxable limit, then there’s no TDS deduction. However, you need to submit form 15G or 15H if you’re an individual taxpayer.

What is the minimum period of investment in a PSB fixed deposit account for a senior citizen?

Senior and super citizens need to deposit their money in Punjab and Sind Bank’s fixed deposit for a minimum of 180 days to avail the benefit of 0.50% and 0.65% additional interest, respectively.

Is there any special interest rate applicable to the fixed deposit schemes of Punjab and Sind Bank?

If you book your Punjab and Sind Bank fixed deposit account for a period of 400 days or 601 days, you can get 7.10% and 7.00% as interest on the deposit, respectively.

Are there any special provisions if I invest my money in PSB’s fixed deposit account for less than 14 days?

If you deposit your money into your FD account for less than 14 days, the minimum amount of the deposit you have to pay is ₹1 lakh. Also, Punjab Sind Bank FD rates applicable in such cases are low, that is, 2.80%.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.