Home loan lender, Punjab and Sind Bank has hiked its fixed deposit rates of maturities of various durations by around 0.75% per annum.
The new rates are effective from 4th August 2010.
Deposits with varying maturities in the stretch of 7 -10 years will get new interest rates the stretch of 2.50% to 7.50%.
The bank took this decision after various banks increasing their deposit rates on various deposits. These banks include ICICI Bank, Punjab National Bank, Union Bank of India, Oriental Bank and HDFC Bank.
Many banks have also hiked their lending rates (BPLR).
Punjab and Sind Bank said that it would be offering special rates of 7.25% per annum and 7.50% per annum for fixed deposits of 500 and 1,000 days’ period.
The bank also said, “Senior citizens will continue getting additional benefit of 50 basis points, as hitherto”.