Public sector lender, Punjab & Sind Bank has increased interest rates on fixed deposits by as much as 100 basis points across various maturities.
For deposits upto Rs 1 crore, maturities of 46-90 days will now have interest of 6.5%, a 100 bps hike over previous rates.
PSB Fixed Deposit Tax Saver Scheme will also see a revision in interest rates by 55 bps to 9.05%.
The revised rates have come into effect from February 26, 2011.
The step by the bank follows many peers like Kotak Mahindra Bank, Dhanlaxmi Bank, ICICI Bank to name a few.