This bank’s 444-day FD plan offers up to 8% interest and ends on January 31, check details

Fixed deposits (FDs) remain the preferred savings instrument for many investors due to their safety and guaranteed returns. If you are considering investing regularly, it is important to compare the interest rates offered by different banks. State-owned Punjab and Sind Bank offers up to 8% interest on one of its FD plans.

The special FD program will end on January 31. If you’re looking for a higher return than a savings account, check out the details here.

Punjab and Sindh Bank’s ‘Dhanalakshmi 444 Days’ special fixed deposit scheme is coming to an end and investors have just two days left to avail the benefits of the scheme.

Dhanalakshmi Special FD offers an interest rate of 7.4% to ordinary citizens, 7.9% to senior citizens and 8.05% to super senior citizens for more than 444 days.

To open a PSB Dhan Lakshmi FD account, investors can visit a PSB branch or use PSB’s UnIC app. The minimum amount required for this FD investment is Rs.500. Investors can deposit up to Rs 19.90 lakh in the FD scheme.

The bank also provides auto-renewal facility for this fixed deposit scheme.

Punjab and Sindh Bank have recently revised fixed deposit (FD) interest rates. Public sector banks are offering an interest rate of 2.8% on investments up to Rs 1 lakh till December 31, 2023, with tenors ranging from 7 to 30 days. The interest rate on FDs with maturities of 31 to 45 days is 3%.

Punjab and Sind Bank (PSB) offers an interest rate of 4.6% on fixed deposits with a tenor of 46 to 90 days. The interest rate on deposits with maturities between 180 days and 269 days is 5.25%, and the interest rate on deposits with maturities between 270 days and one year is 5.5%. The bank offers an interest rate of 6.2% on one-year FD. For FDs of more than one year but less than 443 days, the interest rate is 6%.

In another development, Punjab and Sindh Bank were recently fined Rs 1 crore by the Reserve Bank of India for violating lending regulations, particularly related to inadequate customer service. The central bank penalized ESAF Small Finance Bank, Dhanlaxmi Bank and Punjab and Sindh Bank for various irregularities.