• PNB Growth Fixed Deposit Scheme

    The Punjab National Bank’s Growth Fixed Deposit Scheme offers the option to open an account with a minimum of Rs.2 crore. The scheme offers maturity and income options to its customers. The duration of this scheme ranges from 7 days to 10 years.

    Features of PNB Growth Fixed Deposit Scheme

    The features of PNB Growth Fixed Deposit Scheme are mentioned below:

    Account Type Single or Joint
    Deposit Amount

    Minimum: Rs.2 crore

    Maximum: Rs.10 crore

    Duration

    Income option: 6 months to 10 years

    Maturity option: 7 days to 10 years

    Interest Rates 2.90% p.a. to 3.50% p.a.
    Interest Option

    Monthly

    Quarterly

    Half-yearly

    Yearly

    Maturity (tenure of 7 days to 10 years)

    *Interest effective from 1 August 2021

    Eligibility to Apply for PNB Growth Fixed Deposit Scheme

    To open a PNB Growth Fixed Deposit Scheme, you need to meet the below requirements:

    • Individuals over the age of 18
    • Minors over the age of 10 can open the fixed deposit account on providing proof of age
    • Hindu undivided family
    • Company/Corporate Body, Partnership firm/Proprietorship, Commercial Organization
    • Panchayat, Municipality, Quasi-government, and Government body
    • Educational institutions, Charitable trust, Society, Association, and Clubs
    • Visually impaired and Illiterate people

    How to Open a PNB Growth Fixed Deposit Scheme Account

    To open a PNB Growth Fixed Deposit Scheme account, you have to visit the nearest Punjab National Bank, where a representative of the bank will help you through the process of opening the account.

    PNB Growth Fixed Deposit Scheme Interest Rates

    The interests for PNB Growth Fixed Deposit Scheme Interest rates are given below:

    Tenure Interest Rates (p.a.)
    7 days to 45 days 2.90%
    46 days to less than a year 3.00%
    1 year to 10 years 3.50%

    Note: These interest rates are effective since 1 August 2021 and can be changed as per the Bank’s rules and regulations.

    FAQs on PNB Growth Fixed Deposit Scheme

    1. Do senior citizens get any special benefits under the PNB Growth Fixed Deposit Scheme?

      No, there are no special benefits for senior citizens under the PNB Growth Fixed Deposit Scheme.

    2. Are there any advance loans or overdraft facilities available under the PNB Growth Fixed Deposit Scheme?

      Yes, account holders under the PNB Growth Fixed Deposit Scheme can avail the advance loans or overdraft facility as per guidelines issued by Head Office. However, accounts opened in the name of a minor will not be eligible for an overdraft or loan.

    3. Can I partly withdraw my deposits from the account created under the PNB Growth Fixed Deposit Scheme?

      Yes, you are eligible to partially withdraw money from your account created under the PNB Growth Fixed Deposit Scheme, if you have opted for the Maturity option. You will have free access to your account and will be able to withdraw any amount in multiples of Rs.1,00,000 without breaking the total deposit. However, a core balance of at least Rs.2 Crore must be maintained in the account.

    4. Do I need a PAN card to open an account under the PNB Growth Fixed Deposit Scheme?

      Yes, you will need a PAN card to open an account under the PNB Growth Fixed Deposit Scheme.

    5. How is the interest payout calculated for the Income and Maturity option under the PNB Growth Fixed Deposit Scheme?

      For the income option under the PNB Growth Fixed Deposit Scheme, the interest may be paid out on a monthly or quarterly basis or at the maturity of the deposit. Meanwhile, for the maturity option, the interest will be compounded every quarter and paid at the maturity of the deposit.

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