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 day||Rate of Interest in % w.e.f. 04.09.2017|
|Upto 20 Lakhs||3.5%|
|Above 20 Lakhs||4.0%|
Rate of interest on domestic term deposits
|Revised w.e.f. 17/02/2020 (% p.a.)|
Less than Rs.2 Cr
|7 – 14 Days||4.00(#)|
|15 – 30 Days||4.00|
|31 – 45 Days||4.00|
|46 – 90 Days||5.50|
|91 – 120 Days||5.75|
|151 – 179 Days||5.85|
|180 – 269 Days||6.15|
|270 – 364 Days||6.15|
|1 Year – 2 Years||6.20|
|Above 2 Year < 3 Years||6.15|
|3 Years – 5 Years||6.15|
|> 5 Year – 10 Years||6.15|
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