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Senior Citizens Fixed Deposit Interest Rates in Punjab and Sind Bank

Updated 19 Dec 2023

Financial security in the golden years is a paramount concern for many. Recognising this, Punjab and Sind Bank have curated a special Fixed Deposit scheme for senior citizens, offering them preferential interest rates to enhance their savings. This tailored scheme underlines the bank's commitment to honouring the older generation's contributions by ensuring a blend of safety and superior returns.


With added incentives like additional interest rates over regular FDs, Punjab and Sind Bank make a compelling case for senior citizens to invest and reap better financial rewards. Explore the nuances of this special offering and ensure a serene financial sunset.

Features of Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Like other depositors, senior citizens can secure loans against their FDs.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: PSB Bank, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Senior Citizen FD Rates by Punjab and Sind Bank

TenureSenior Citizen FD Rate
7 days - 30 days2.80%
1 month - 1 month 14 days3.00%
1 month 15 days - 2 months 29 days5%
2 months 30 days - 5 months 26 days5%
5 months 27 days - 11 months 29 days6.50%
11 months 30 days - 1 year 1 month 2 days6.90%
1 year 1 month 3 days - 1 year 1 month 3 days7.60%
1 year 1 month 4 days - 1 year 6 months 4 days6.90%
1 year 6 months 5 days - 1 year 6 months 5 days7.85%
1 year 6 months 6 days - 1 year 7 months 22 days6.90%
1 year 7 months 23 days - 1 year 7 months 23 days7.50%
1 year 7 months 24 days - 1 year 11 months 30 days6.90%
2 years - 2 years 11 months 29 days7.25%
2 years 11 months 30 days - 9 years 11 months 28 days6.75%

Note: All interest rates shown above are as on 4th Aug 2023

Eligibility Criteria

The eligibility criteria for senior citizen FDs is that they need to be at least or above 60 on the day of opening the FD account. They typically need to be residents to open a senior citizen FD; However, NRIs can also open accounts through NRE and NRO accounts.

Documents Required

The documentation required is similar to that of a normal FD account opening. One metric that is essential is your age proof.


Identity Proofs

  • Aadhar Card
  • Passport
  • Driver’s License


Address Proof

  • Gas Bill
  • Utility Bill
  • Bank Statement
  • Cancelled Cheque

Age proof is crucial to avail of a Senior Citizen FD account.

Bottom Line

The eligibility criteria are that the account holder must be above the age of 60. The documents needed to open a senior citizen account are the same as the general public requirements. The difference in the general public and senior citizen rates make a significant difference over the years.


How much extra interest do senior citizens get on their FDs?

The additional interest can vary, but senior citizens usually receive a rate of 0.50% higher than the regular rates. However, this can change based on the bank's policies.

Can a senior citizen avail of this benefit on joint accounts?

For joint accounts, if the first account holder is a senior citizen, then the senior citizen FD rate is typically applied.

Is the higher interest rate for senior citizens applicable on Tax-saving FDs as well?

Yes, the preferential rate for senior citizens generally applies to all types of FDs, including Tax-saving FDs.


Top Banks Senior Citizen FD Rates

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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