Deposit rates raised by Punjab and Sind Bank
By Neelima Shankar
Aug 12, 2010
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Public sector lender, Punjab and Sind Bank has increased its fixed deposit rates of maturities of different tenors by as much as 0.75% per annum.

The revised rates have come into effect from 4th August 2010.

Deposits having different tenors in the range of 7 days to 10 years will see new interest rates set in the range of 2.50% to 7.50%.

The bank's decision comes as a follow up of many banks which have already raised their deposit rates on different maturities. Such banks include the likes of ICICI Bank, Punjab National Bank, Union Bank of India, Oriental Bank and HDFC Bank.

The rise corresponds to a common background set by banking regulator RBI by raising the policy rates (repo and reverse repo) in the monetary policy review.

Many banks have also raised their lending rates (BPLR).

The bank said that it would be giving special rates of 7.25 per cent per annum and 7.50 per cent per annum for fixed maturities of 500 and 1,000 days' tenor.

"Senior citizens will continue getting additional benefit of 50 basis points, as hitherto," the bank added.


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