This government bank gives huge interest on FDIt is common practice in the country for banks to continually raise interest rates on their fixed deposit schemes. Punjab and Sind Bank also offer aggressive interest rates to its clients. If you invest for 200 days as a Super Senior Citizen, you can achieve a nice return.
While the Reserve Bank of India (RBI) is raising repo rates, private and public sector banks are raising interest rates on fixed deposits to make them more attractive. New fixed deposit schemes are also being launched by the banks to win over the customers.
The interest rates on some old schemes are being increased by some banks. Punjab and Sind Bank offer attractive interest rates to attract customers. From the bank at the rate of 8.85 percent FD offered.
Interest rate at 222 days FD
The bank’s official website states that PSB Utkarsh will give 222 days FD interest of 8.85 percent to super seniors. Seniors get 8.5 percent and regular customers get 8 percent interest on FD of 222 days.
Interest rate at 300 days FD
Super seniors can earn 8.35% interest on 300-day FDs with Punjab and Sind Bank. In addition, seniors receive 8 percent interest. Ordinary people also get 300 days FD When you invest, you receive 7.5 percent interest.2
Interest rate at 601 days FD
Super seniors can earn 7.85 percent interest on the Fabulous Plus 601 days FD with Punjab and Sind Bank. The interest on this FD is 7.75 percent for senior citizens and 7 percent for the general public.
Interest rate on FD for 1051 days
Punjab and Sind Bank offer 7.85 percent interest on SRSD-1051 days fixed deposit to senior citizens. At the same time, seniors get 7.5 percent interest on FD during this period. Also, 7 percent interest is charged from other customers.
A person who is over 60 years old and under 80 years old is considered an elderly person. Seniors who are over 80 years old are considered very senior citizens.
How much has the repo rate increased?
In February, the Reserve Bank of India announced a repo rate hike of 25 basis points, or 0.25 percent. Loans of all types have become more expensive due to the increase in the repo rate. The Reserve Bank had raised the repo rate to keep inflation under control.