Punjab & Sind Bank, Indian Bank extend special FD until June 30; check rates 

Punjab & Sind Bank and Indian Bank have extended the deadline for their special fixed deposit (FD) schemes until 30 June 2025, allowing customers more time to benefit from competitive interest rates. While Indian Bank has decided to maintain its current interest rates, Punjab & Sind Bank has introduced several adjustments, including lowering rates on specific tenures and discontinuing certain periods, reflecting its efforts to align with market trends and optimise its product offerings.

Punjab & Sind Bank has discontinued its 333-day and 555-day FD tenures, which previously offered interest rates of 7.72% and 7.45%, respectively. For short-term deposits, the bank offers interest rates ranging from 3.50% to 4.50% for durations between 7 and 120 days. For deposits with a tenure of 151 to 179 days, the return is set at 6.00%, while deposits maturing between 180 to 364 days yield 5.25%. Special tenures of 375 days and 444 days continue to offer attractive rates of 7.25% and 7.10%, respectively, maintaining their appeal to depositors seeking higher returns on medium-term investments.

For 777 days, Punjab & Sind Bank reduced its rate by 0.75%-from 7.25% to 6.50%. On a 999-day term, it reduced the interest rate by 30 basis points-from 6.65% to 6.35%.

For senior citizens, Punjab & Sind Bank provides an additional 0.50% interest on term deposits of less than Rs 3 crore for maturities of 180 days and beyond. Super senior citizens receive an extra 0.15% interest on specific tenure deposits, enhancing the bank's offerings for older clients. These incentives highlight the bank's commitment to offering tailored financial products that meet the needs of its diverse customer base, especially in a competitive market environment.

Indian Bank continues to offer its special fixed deposit schemes, IND Supreme (300 Days) and IND Super (400 Days), with a top interest rate of 8.05% for super senior citizens. The bank maintains its interest rates for both regular and special FDs, ensuring stability and consistency for its depositor base. This strategy positions Indian Bank as a reliable option in the banking sector, focusing on customer retention through consistent offerings amid fluctuating market conditions.

The extension of these FD schemes by both banks underscores their strategic focus on competitiveness, especially given the economic landscape where interest rates are crucial in attracting depositors. By offering specific incentives to different age groups, both banks aim to enhance customer engagement and loyalty. This approach is vital as they compete with major players like HDFC Bank and ICICI Bank, which are known for their innovative products and substantial R&D investments.