• PNB Floating Rate Fixed Deposit Scheme

    The Punjab National Bank offers its customers the PNB Floating Rate Fixed Deposit Scheme, where you can open a fd account with a minimum of Rs.1,000. The duration for this scheme ranges from 7 days to 10 years. The interest in this scheme starts at 3.00% p.a.

    Features of PNB Floating Rate Fixed Deposit Scheme

    The features of the PNB Floating Rate Fixed Deposit Scheme are mentioned below:

    Account Type Single or Joint (With others)
    Deposit Amount

    Minimum: Rs.1,000

    Maximum: No limit*

    Duration

    Minimum: 7 days

    Maximum: 10 years

    Note: However, acceptance of FDRs that exceeds Rs.10 crore is subject to Treasury Division, HO approval.

    Eligibility Criteria for PNB Floating Rate Fixed Deposit Scheme

    Requirements to open a PNB Floating Rate Fixed Deposit account are:

    • Individuals over the age of 18
    • Minors over the age of 10 can open an FD account under their name, after providing proof of age
    • Hindu undivided family
    • Club, society, educational institutions, partnership firm, and charitable trust
    • Panchayat, Municipality, Quasi-government, and Government body

    How to Apply for PNB Floating Rate Fixed Deposit Scheme

    To open a fixed deposit account under the PNB Floating Rate Fixed Deposit scheme, please visit your nearest branch of Punjab National Bank. A representative will take you through the process and will help you open a fixed deposit account.

    PNB Floating Rate Fixed Deposit Scheme Interest Rates for Deposits below Rs.2 Crore

    The latest interest rates for PNB Floating Rate Fixed Deposit Schemes are given below:

    Tenure General Citizens FD Rates (p.a.) Senior Citizens FD Rates (p.a.)
    7 days to 45 days 3.00% 3.50%
    46 days to 90 days 3.25% 3.75%
    91 days to 179 days 4.00% 4.50%
    180 days to 270 days 4.40% 4.90%
    271 days to less than 1 year 4.50% 5.00%
    1 year to up to 3 years 5.10% 5.60%
    3 years to up to 10 years 5.25% 5.75%

    Note: These rates are effective from 1 May 2021 and can be changed as per Bank’s rules and regulations.

    Interest Rates for Deposits above Rs.2 Crore and below Rs.10 Crore

    Below are the latest interests for the PNB Floating Rate Fixed Deposit Scheme:

    Tenure General FD Rates (p.a.)
    7 days to 179 days 3.00%
    180 days to less than a year 3.10%
    1 year to up to 10 years 3.50%

    Note: These rates are effective from 1 May 2021 and can be changed as per Bank’s rules and regulations.

    FAQs on PNB Floating Rate Fixed Deposit Scheme

    1. What will be the rate of interest of the deposit at the time of maturity of the PNB Floating Rate Fixed Deposit scheme?

      As the rate of interest payable on FDs made under the scheme may fluctuate throughout the currency of the FD, the rate of interest payable till maturity and the maturity value cannot be estimated in advance.

    2. Is a demand loan or an overdraft facility available with the PNB Floating Rate Fixed Deposit scheme?

      Yes, the bank allows the depositors to take out a demand loan/overdraft against the FDs they have made under the PNB Floating Rate Fixed Deposit scheme. However, to take out an overdraft, the FD must be for at least Rs.10,000.

    3. Is the premature withdrawal facility available with the PNB Floating Rate Fixed Deposit scheme?

      Yes, if you wish to withdraw a deposit made under the PNB Floating Rate Fixed Deposit scheme before it matures, the Bank may, at its discretion, return the deposit with interest earned up to that point.

    4. Does the PNB floating Rate Fixed Deposit Scheme provide any additional interest rates for senior citizens?

      Yes, the PNB Floating Rate Fixed Deposit Scheme provides an additional interest rate of 0.50% to senior citizens.

    5. Can a minor open a fixed deposit account under the PNB Floating Rate Fixed Deposit scheme?

      Yes, a minor above the age of 10 can open a fixed deposit account under the PNB Floating Rate Fixed Deposit scheme, if they provide proof of their age. However, minors under the age of 10 are not eligible to open a fixed deposit account under this scheme.

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