Curated By: Business Desk
Last Updated: January 29, 2024, 20:06 IST
The financial institution provides as much as 6% curiosity on FDs for a tenure of lower than one 12 months.
Punjab and Sind Bank’s ‘Dhanalakshmi 444 Days’ particular FD scheme will shut on January 31, 2024.
Fixed Deposits (FDs) have remained a most well-liked financial savings instrument for a lot of traders for his or her secured nature and guaranteed returns. If you’re contemplating FD investments, it’s essential to match the rates of interest provided by completely different banks. State-owned Punjab and Sind Bank is providing as much as 8% curiosity on considered one of its FD schemes.
The particular FD plan goes to shut on January 31. If you might be searching for increased returns than your financial savings account verify particulars right here.
Punjab and Sind Bank’s ‘Dhanalakshmi 444 Days’ particular FD scheme is nearing its finish as solely two days are left for the traders to get the advantages of this plan.
The Dhanalakshmi particular FD provides a 7.4 per cent rate of interest for basic residents, 7.9 per cent for senior residents and eight.05 per cent for tremendous senior residents over 444 days.
To open the PSB Dhan Lakshmi FD account, the traders can go to a PSB department or use PSB’s UnIC app. The minimal quantity required for funding on this FD is Rs 500. The traders can deposit a most of Rs 1.99 crore within the FD scheme.
The financial institution additionally provides an auto renewal facility for this FD scheme.
Punjab and Sind Bank not too long ago revised its fastened deposit (FD) charges. As of December 31, 2023, the general public sector financial institution provides 2.8 per cent rate of interest for a tenure of seven to 30 days on investments under Rs 1 lakh. The FDs maturing in 31 to 45 days include an rate of interest of three%.
For fastened deposits with tenures between 46 and 90 days, Punjab and Sind Bank (PSB) provides a 4.6% rate of interest. Deposits for tenures between 180 and 269 days will earn an rate of interest of 5.25%, whereas these between 270 days and fewer than one 12 months earn a 5.5% rate of interest. The financial institution supplies a 6.2% rate of interest for FDs of 1-12 months tenure. For FDs above one 12 months however lower than 443 days, the rate of interest is 6%.
In one other improvement, Punjab and Sind Bank was not too long ago imposed a penalty of Rs 1 crore by the Reserve Bank of India for violating mortgage guidelines, particularly associated to insufficient customer support. The central financial institution levied penalties on ESAF Small Finance Bank, Dhanlaxmi Bank and Punjab and Sind Bank for numerous non-compliance points.
