Punjab & Sind Bank has raised its term deposit rates by 25 basis points.
The bank will now offer 8.25% for the deposits of tenure 5 months- 9 months instead of 8%. Similarly the deposits maturing between 1- 2 years will fetch a rate of interest of 9% instead of 8.75 earlier.
The bank will also be paying 9.25% on deposits of 500 days instead of 9% earlier, it said in a statement. Similarly rate of interest on NRE deposits maturing between 1-2 years has been increased to 9% from 8.75%.
Yesterday another public sector lender Oriental Bank of Commerce had hiked the deposit rates.
