Punjab & Sind Bank Interest Rate Documents

   Punjab & Sind Bank Interest Rate Documents

It was in the year 1908, when a humble idea to uplift the poorest of poor of the land culminated in the birth of Punjab & Sind Bank with the far-sighted vision of luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh. They enjoyed the highest respect with the people of Punjab.

The bank was founded on the principle of social commitment to help the weaker section of the society in their economic endeavours to raise their standard of life.

Decades have gone by, even today Punjab & Sind Bank stands committed to honor the social commitments of the founding fathers.

INTEREST RATES


A) DOMESTIC SAVINGS INTEREST - - w.e.f. 03.05.2011

Saving Bank Deposit Rate

4.0%

B) RATE OF INTEREST ON DOMESTIC TERM DEPOSITS, CAPITAL GAIN ACCOUNTS SCHEME 1988, RECURRING DEPOSIT SCHEME AND PSB FIXED DEPOSIT TAX-SAVER SCHEME   W. E. F. 11.11.2013

Existing as per HO RMD Circular No.252                                       (w.e.f. 25.10.2013)             (%age p.a.)			Revised                            (w.e.f. 11.11.2013)              (%age p.a.)
Maturity	Term Deposits Less than Rs.1 Cr	Term Deposit of  Rs.1 Cr to Rs. 5 Cr	Maturity	Term Deposits Less than Rs.1 Cr	Term Deposit of  Rs.1 Cr to Rs. 5 Cr
7 - 14 Days	4.00#	4.00	7 - 14 Days	4.00#	4.00
15 - 30 Days	4.50	7.00	15 - 30 Days	4.50	7.00
31 - 45 Days	5.50	7.00	31 - 45 Days	5.50	7.00
46 - 90 Days	7.00	8.50	46 - 90 Days	7.00	8.50
91 - 150 Days	8.50	8.75	91 - 150 Days	8.50	8.75
151-179Days	8.25	8.75	151-179Days	8.25	8.75
180 - 269 Days	8.25	8.50	180 - 269 Days	8.25/9.00(*)	8.50/9.00(*)
270 - 364 Days	8.25	8.75	270 - 364 Days	8.25	8.75
1 Year -2Year	9.00/9.25(*)	9.00/9.25(*)	1 Year -2Year	9.00	9.00
Above 2 Years -  < 3Years	9.00	9.00	Above 2 Years - < 3Years	9.00	9.00
3 Years - 5Years	9.00	9.00	3 Years - 5 Years	9.00	9.00
>5 Years - 10 Years	8.75	8.75	> 5 Years - 10 Years	8.75	8.75

# Minimum amount of term deposit shall be for Rs. 1.00 lac,   
(*) THIS RATE OF INTEREST IS VALID FOR DEPOSIT FOR 222 DAYS ONLY.
It terms of earlier guidelines. The  Deposit Scheme of 500 Days is be discontinued.

The Rate of interest for Term Deposit above Rs 5.00 Crore shall be advised to Zonal Offices only. Branches should obtain applicable rate of interest for such Term Deposits of above Rs 5.00 Crore from their respective Zonal Offices. However for renewal/fresh mobilization of term deposits of above Rs 5.00 Crore, prior permission be obtained from H.O. Risk Management Department.

Further, Branches are advised to continue intimating H.O. Risk Management Department (ho.alm@psb.org.in) and H.O. Investment Management Department, through their respective Zonal Offices, the complete details of all term deposits of Rs 1.00 Crore and above (whether contracted fresh/ renewed/reinvested) on the same day.  

NOTE:

1.Senior Citizens shall be given benefit of additional interest of 0.50% on deposits of less than Rs 1.00 Crore, over and above the mentioned rates, but ONLY for the maturities of 180 days & above for fresh as well on renewal of deposits.

2. Branches are advised NOT to accept interbank cash either for issue of FDR or in current accounts, till further orders. However, interbank deposits can be accepted through cheques only.

3.The revised rates shall apply only to fresh deposits and on renewal of existing deposits. These rates are subject to revision from time to time.

4. Other terms and conditions of HO RMD Circular No.145/10 dated 1/16.07.2010 with regard to pre-mature withdrawal of term deposits shall remain unchanged.

5. Rate of Interest on “PSB Fixed Deposit Tax-Saver Scheme.

Maturity	Public	Sr. Citizen (Public)	Staff Members	Ex-Staff Members/ Ex-Staff Members (Sr. Citizen)
5Years	8.75% p.a.	9.25% p.a.	9.75% p.a.	9.75% p.a.
All other terms and conditions as contained in P&D Circular No. 2297 dated 03.02.2007 shall continue to apply.