Fixed Deposit or FD is a good interest rate investment option. Punjab & Sind Bank offers a Fixed Deposit Account with a high-interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank. You can visit the official website to get the latest interest rate.

Benefits of Punjab & Sind Bank Fixed Deposit

  • You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
  • Multiple fixed deposits can open.
  • Indian Overseas Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
  • You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
  • If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.

Fixed Deposit Eligibility

  • Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
  • The applicant must have a savings account in the bank.

Income Tax Facts on Punjab & Sind Bank Fixed Deposit Interest

If you are looking for income tax fact on Fixed Deposit interest, then you can check below:

  • If Fixed Deposit interest is less then Rs. 40, 000/-, then the Punjab & Sind Bank will deduct TDS on interest.
  • Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
  • If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Punjab & Sind Bank.

Punjab & Sind Bank Tax Benefit Fixed Deposit

  • Interest Rate is 6.5% for 5 years term deposits.
  • The amount can not withdraw before five years.
  • The deposit account can not transfer to another bank.

Punjab & Sind Bank Fixed Deposit Interest Rate

Balance at End of the dayRate of Interest in % w.e.f. 04.09.2017
Upto 20 Lakhs3.5%
Above 20 Lakhs4.0%

Rate of interest on domestic term deposits

Revised w.e.f. 17/02/2020 (% p.a.)
MaturityFixed Deposit

Less than Rs.2 Cr

7 – 14 Days4.00(#)
15 – 30 Days4.00
31 – 45 Days4.00
46 – 90 Days5.50
91 – 120 Days5.75
121-150 Days5.85
151 – 179 Days5.85
180 – 269 Days6.15
270 – 364 Days6.15
1 Year – 2 Years6.20
Above 2 Year < 3 Years6.15
3 Years – 5 Years6.15
> 5 Year – 10 Years6.15

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