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Two PSU Bank’s Revised FD Rates Effective From Today

Two PSU Bank's Revised FD Rates Effective From Today
Written by Zimmy

Two PSU Bank’s Revised FD Rates Effective From Today

Punjab & Sind Bank

Fixed deposits that are less than Rs 2.35 crore, Punjab & Sind Bank (PSB) increased the interest rate. The new rates for interest will be in effect from the 22nd of August, 2022 according to the official website. The rates of interest on fixed deposits that have maturities ranging from 30 days to 10 years were increased at the request of the bank. The bank provided interest rates ranging from 2.80 percent to 5.75 percent. A maximum rate of 5.75 percent is now offered by the bank for fixed deposits with maturities ranging from 3 up to 10 years. Senior Citizens will still receive an additional 0.50 percentage interest rate on deposits that are less than 2 crores.

The new rates for FDs are applicable to the domestic deposit market, NRO accounts, the capital gain accounts scheme of 1988, the recurring deposit scheme, and the PSB Fixed deposit tax savings program. The bank says that the minimum amount for a term deposit must be the amount of Rs. 1.00 lac.

Revised Fixed Deposit Interest Rates w.e.f. 22 August 2022

Maturity Period Interest Rates (%p.a)
7 – 14 Days 2.80(#)
15 – 30 Days 2.80%
31 – 45 Days 3.00%
46 – 90 Days 3.80%
91 – 120 Days 3.95%
121-150 Days 4.00%
151 – 179 Days 4.00%
180 – 269 Days 4.50%
270 – 364 Days 4.65%
1 Year – 2 Years 5.65%
Above 2 Year 5.80%
3 Years – 5 Years 5.75%
> 5 Year – 10 Years 5.75%

Please note that Senior citizens will be entitled to the advantage of an extra interest at 0.50 percent on term deposits smaller than. 2 crores, in addition to and over the rates listed for the maturities of 180 days or more for new deposits as well as when renewing term deposits. However, this benefit will not be applicable to NRE as well as NRO Deposits.

Bank Of Maharashtra

Bank of Maharashtra has recently updated the rates of interest on Fixed Deposits that are less than the amount of Rs. 2 crores. According to the website, these updated interest rates will become effective on August 22nd, 2022. Beginning from now the bank is offering fixed-rate deposits with maturities that range from 7 days to over five years with interest rates that range between 2.75 percent as well as 5.40%. Because of the changes in interest rates that took effect, it is now possible to get fixed deposits at a rate of 5.40%. Bank of Maharashtra will now provide a maximum rate of 5.40 percent on fixed deposit accounts that have maturities of one year, up to five years, or more. *Senior citizens will receive an additional 0.50 percent interest rate on deposits.

These new interest rates are going to apply to Domestic Deposits and Bulk Term Deposits along with NRO term deposits. According to the website, Bank term deposit Scheme 2006 (5 years Tax Saving Scheme) can be used up to 1.5 lakh. 1.5 lakhs only.

Revised Fixed Deposit Interest Rates W.e.f 22 August 2022

Maturity Period Interest Rates (%p.a)
7-30 Days 2.75%
31-45 Days 3.00%
46-90 Days 3.50%
91-119 Days 3.75%
120 -180 Days 3.90%
181-270 Days 4.25%
271-364 Days 5.00%
1 Year-365 Day 5.40%
Above 1 Year-2 Year 5.40%
Above 2 Year-3 Year 5.40%
Above 3 Year – 5 Year 5.40%
Above 5 Year 5.40%

Please note that Resident Indian Senior Citizen customers will receive an extra rate of 0.50 percent p.a. only for maturities of 91 or more days for deposits that are up to 2 crores. The interest rate is additional and is not applicable to any non-resident deposit.

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