Punjab and Sind Bank is a public sector bank in India headquartered in New Delhi. It was established in 1908 to help the weaker sections of society and raise their living standards. Today, this bank has over 1,553 branches throughout 32 states and union territories in India.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||2.8%||3.3%|
|15 days to 30 days||2.8%||3.3%|
|31 days to 45 days||3%||3.5%|
|46 days to 90 days||4.6%||5.1%|
|91 days to 120 days||4.75%||5.25%|
|121 days to 150 days||4.75%||5.25%|
|151 days to 179 days||4.75%||5.25%|
|180 days to 269 days||6%||6.5%|
|270 days to 364 days||6%||6.5%|
|1 Year - 399 Days||6.4%||6.9%|
|Note: All interest rates are updated as of 18th May 2023|
PSB Fixed Deposit Scheme
PSB Tax Saver Scheme
If you invest in this FD, you are eligible for a tax deduction of up to ₹1.5 lakhs under Section 80C of the Income Tax Act of 1961.
PSB Flexi Savings Deposit Product
The Product offers liquidity in the shape of savings deposits as well. Relatively higher returns are available on funds parked in fixed deposits.
PSB Nanhe Chaman Term Deposit
PSB Grih Lakshmi Fixed Deposit Scheme
Special Rate for Special Days (SRSD-1051)
The following are the eligibility criteria for opening an FD account with Punjab and Sind Bank:
The required documents to open a Punjab and Sind Bank FD account are as follows:
Follow these steps to create an FD account with Punjab and Sind Bank:
Step 1: Visit the nearest Punjab and Sind Bank branch.
Step 2: Duly fill out the prescribed FD account opening form and ensure that all pertinent information, such as the desired tenure and deposit amount, is accurately furnished.
Step 3: Attach all relevant documentation alongside a cheque for funding your deposit.
Step 4: After completing the steps above, remember to collect the Fixed Deposit Receipt (FDR).
Alternatively, you can also avail PSB Internet banking services or PSB’s UnIC, a mobile app to open an FD account with the bank.
Here are some of PSB’s policies on premature withdrawal:
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
Yes, per Section 80C of the Income Tax Act of 1961, an investor can claim a tax deduction of up to ₹1.5 lakhs per financial year by investing in a tax-saving FD scheme.
The right time to invest in a fixed deposit depends on the investor's financial goals, risk appetite, and prevailing interest rates. Generally, it is advisable to invest in fixed deposits when the interest rates are high and are expected to remain stable for the investment period.
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to Punjab and Sind Bank FD.
FDs provide a guaranteed return on investment and are relatively low-risk compared to other investment instruments.
Punjab and Sind Bank offer various FD schemes that have their distinct investment limit. However, the minimum investment starts at as low as ₹100.
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