The option of availing a Loan against your Fixed Deposit is offered by most banks operating in the country. Given the fact that a loan against the term deposit can be had at a low interest rate and also prevents you from breaking the fixed deposit, makes it a good option. It helps you in saving both time and money.
A loan against the Fixed deposit account opened with Punjab National Bank can be availed by:
The rate of interest charged for a PNB loan against a fixed deposit is listed below:
The maximum loan period for loan against term deposit is up to 3 years or residual period, whichever is less.
To avail a loan against the fixed deposit, the term deposit account should have a residual period of up to 3 years. It must be noted here that you cannot avail a loan against a tax saver or capital gain FD.
|Maturity period remaining at the time of granting Advances||Margin|
|Up to 24 months||5%|
|24 months 1 day to 36 months||7.50%|
|36 months 1 day to 48 months||10%|
|48 months 1 day to 60 months||12%|
|Advance against third party deposits||25%|
|Advance up to Rs.3 lacs for members of Staff/honorably retired/voluntarily retired/ widow of Staff||5%|
|Advance above Rs.3 lacs for members of Staff/honorably retired/voluntarily retired/ widow of Staff||As applicable to public|
In case, you want to apply for loan against a FD account opened with PNB, you need to follow the steps mentioned below:
Step 1: Log in to your internet banking
Step 2: Click on ‘Manage Accounts’
Step 3: Under the Manage Accounts tab, click on ‘Open OD Account against FD’
Step 4: Next, select FD account against which you want to avail an overdraft
Step 5: Enter the amount you want to avail
Step 6: Click on ‘Agree’ button displayed under the terms and conditions
Step 7: Once that is done, the OD account number will be displayed on the screen and will be visible under ‘Operative Accounts’
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