Punjab & Sind Bank (PSB) has revised interest rate on domestic term deposits of less than Rs 1 crore for different maturity periods with effect from November 13, 2017.
The interest payable on deposits with tenor maturity ranging from 7-14 days, 15-30 days, 31-45 days, 46-90 days and 91-120 days has been revised to 4.00 p.a., 4.00 p.a., 4.00 p.a., 5.50 p.a. and 5.75 p.a. respectively. The interest payable on deposits with tenor maturity ranging from 121-150 days, 151-179 days, 180-269 days and 270-364 days has been revised to 6.00 p.a., 5.75 p.a., 5.75 p.a. and 6.25 p.a. respectively.
Further, for tenor ranging from 1 year to 2 years, above 2 years to less than 3 years, 3 years to 5 years and greater than 5 years to 10 years has been revised to 6.50 p.a. respectively.
Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.
