About Punjab National Bank
| Started On | 1894 |
| Head Quarters | New Delhi |
| CRISIL Rating | NA |
| CEO | S. S. Mallikarjuna Rao |
| Listed on exchange as | Punjab National Bank |
| ICRA Rating | NA |
PNB FD Interest Rates 2022
| Tenure | Regular customers | Senior citizens |
|---|
Features and Benefits of PNB Fixed Deposit
- Tenure ranges from 7 months to 120 months (10 years)
- The highest interest rate provided on the PNB FD account is 6.30% p.a.
- Senior citizens get an additional interest of 0.50% over the regular rates
- The minimum deposit amount depends on the scheme chosen
- Nomination facility is provided by the bank
- Loan/overdraft facility is also provided by the bank
- PNB provides different term deposit options such as Scheme for road accident victims, Sugam Term Deposits, Multi-Benefit, Special, Ordinary, and Anupam Term Deposit Schemes.
- These FD schemes help to cater to a majority of classes
Types of PNB FD Schemes
Regular Fixed Deposits
- This scheme allows the depositor to make the investment to earn great returns with flexibility and security.
- Simple investments with great returns
- Nomination facility is available
- Overdraft facility can be availed up to 75% against the deposit
- Interest is paid at the time of maturity
- Resident Indian, HUFs, public or private companies, trusts, and partnership firms are eligible
FD Scheme for Road Accident Victims
- As the name suggests, this scheme is for providing funds for motor insurance claims to road accident victims.
- No loans/advances are allowed under this scheme.
- The depositor gets the option to choose between simple and compound interest.
- Auto-renewal facility in deposit is available.
- Any individual, HUFs, a public or private company, trusts, and partnership firm are eligible.
PNB Sugam Term Deposit Scheme
- This fixed deposit scheme provides greater flexibility to the account holders along with a higher rate of interest. Under this scheme, the depositor can withdraw smaller units of funds before maturity.
- Nomination facility is available
- Interest can be drawn on a monthly, quarterly, half-yearly, or yearly basis or on maturity
- Great flexibility is offered on your account
- Minors of 10 years and above under guardianship, HUFs, a sole proprietorship firm, and partnership firm
PNB Anupam Term Deposit Scheme
- Under this scheme, the depositor has an option to open an FD account that
- Inbuilt overdraft facility available
- The account can be opened with a minimum deposit of Rs. 10,000
- Tenure ranges from 6 months to 120 months
- Nomination facility is available
- Salaried or self-employed individuals of at least 18 years
PNB Balika Shiksha Fixed Deposit Scheme
- As the name implies, this fixed deposit scheme is made specially designed for girls who have passed 8th grade
- No loans/advance is allowed on these deposits
- These deposits have auto-renewal for 30 days
- Girl students who have passed 8th standard from Kasturba Gandhi Balika Vidyalayas and unmarried girls of not more than 16 years of age
PNB Multi-Benefit Deposit Scheme
- Under this scheme, multiple benefits are offered to the depositor along with higher interest rates.
- Loan/overdraft facility is provided up to 90% against the deposit.
- Nomination facility available.
- One can deposit as low as Rs. 100 to Rs. 99.99 lakhs into this account.
- Resident Indians, HUFs, partnership firms, trusts, corporations, government bodies, minors of 10 years of age and above.
PNB Swechha Jama Yojna Flexi FD Scheme
- This deposit scheme allows customers to save their earnings with greater flexibility. The minimum deposit starts from Rs. 100.
- Interest is paid half-yearly calculated on a daily product basis.
- Nomination facility is available.
- Loan facility available up to 90% on the deposit.
- Resident Indians, HUFs, sole proprietorship, and partnership firm.
PNB Varshik Aay Deposit Scheme
- Under this scheme, the interest is compounded quarterly and paid annually.
- Loan facility can be availed on this deposit up to 90% of the deposit amount.
- Nomination facility available.
- Interest is paid annually on a quarterly compound basis.
- Resident Indians, minors of 10 years of age and above, HUFs, sole proprietorship, and partnership firm.
PNB Tax Saver Deposit Scheme
- As the name suggests, this is a flexible and secure deposit scheme with dual benefits of tax exemption under section 80C and a great rate of returns.
- Loan facility can be availed on this deposit up to 90% of the deposit amount.
- Nomination facility is available.
- Rebate provided on Income Tax under section 80C
Prospective Senior Citizen Term Deposit Scheme
- As the name suggests, this scheme is designed for senior citizens that offer higher rates of interest as compared to accounts for regular citizens.
- Loan facility of up to 90% on the deposit is available
- Nomination facility is available
- Senior citizens of 60 years of age and above are eligible
PNB Mibor Linked Notice Deposit Scheme
- MIBOR linked notice deposit scheme provides the depositors a deposit product with a Market determined interest rate linked to MIBOR (Mumbai Inter-Bank Offer Rate) NSE Overnight.
- Auto-renewal facility is available on the deposit.
- The interest rate is linked to MIBOR with the daily reset.
- Once the spread is quoted for the day, there should not be any limit for acceptance of deposit under the scheme.
- Individuals with High net worth, companies/corporate bodies, public sector undertakings, and commercial organizations.
PNB Bulk Fixed Deposit Scheme
- Under this fixed deposit scheme, the depositor can deposit a single deposit of Rs. 10.00 crore into his/her fixed deposit account.
- Auto-renewal facility is not available on these deposits.
- Nomination facility is available.
- Loan or overdraft is available up to 90% on the deposit.
- Income option can range from 6 months to 120 months (10 years).
- Individuals and minors of 10 years of age and above, minors below 18 years of age under guardianship, HUFs, a sole proprietorship firm, a partnership firm
Term wise PNB Fixed Deposit Rates
Short-term Deposits
For a PNB FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.00% p.a. to 4.50% p.a. These deposits are known as short term deposits as they have a tenure of less than 1 year.
Medium-term Deposits
Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 5.10% - 5.25%
Long-term Deposits
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 5.25%.
PNB vs Other Banks' FD Rates
| Name | Tenure | Interest rate |
|---|
How to invest in PNB FD?
A Punjab National Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a Punjab National Bank FD account via internet banking-
- Sign in to the PNB NetBanking account.
- Choose the ‘Open Fixed Deposits’ option.
- Next, fill out all the necessary details, nominee information, and maturity instructions.
- Lastly, select for door-step assistance from the bank’s representative. Investors can submit their documents to the representative.
- The FD will get booked on verification and validation of the application form and KYC documents. The FD certificate will be sent to the communication address. A confirmation SMS will also be sent to the registered mobile number.
2) Mobile App - PNB Bank App
Follow the steps mentioned ahead to open an FD account via PNB Bank App-
- Download the PNB Bank App and sign in.
- Next, choose the ‘Open FD’ option.
- Fill out all the necessary deposit information, nominee details and opt for door-step assistance.
- A bank representative will visit for the complete verification.
- The FD will get booked on verification and validation of the application form and KYC documents. The FD certificate will be sent to the communication address. A confirmation SMS will also be sent to the registered mobile number.
3) Offline PNB FD Opening
For opening a PNB Bank FD account via offline mode, one has to visit the nearest PNB Bank branch. Fill out the PNB Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD certificate will be dispatched by the PNB bank to the communication address. Also, one will receive an SMS confirmation on the registered mobile number.
Eligibility to Open a PNB FD Account
Individuals or entities falling under any of the following criteria can apply for a fixed deposit scheme from PNB –
- Resident individuals
- Non-resident Indians
- Hindu Undivided Families
- Sole proprietorship, partnership firms, public and private limited companies
- Registered societies, trusts and associations
Documents Required to Open PNB FD
Documents that have to be submitted to open a Punjab National Bank Fixed deposit are –
- Identification proof – Aadhaar card, Voter ID card, driver’s license
- PAN card
- Address proof – All related KYC documents as well as utility bills such as electricity bill and gas bill.
- Passport-size photographs
- Bank account statements
FAQs
Is the interest earned on fixed deposits taxed?
Is the interest earned on fixed deposits taxed?
Yes, the interest earned on the FD is taxable if the total interest income is more than Rs. 10000 in a financial year.
What is the highest rate offered on FD by Punjab National Bank?
What is the highest rate offered on FD by Punjab National Bank?
One can earn a maximum interest of 6.30% on the PNB fixed deposit.
What is the current interest rate PNB is offering on its FDs?
What is the current interest rate PNB is offering on its FDs?
Current PNB FD rates range between 3.00% p.a. – 5.25% p.a. Senior citizens can avail interest rates ranging from 3.50% p.a – 5.75% p.a.
Is it possible to deposit an additional amount into the fixed deposit account?
Is it possible to deposit an additional amount into the fixed deposit account?
No, depositing additional money into the FD account is not allowed as the money is deposited only at the time of opening the account.
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