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    PNB Tax Saver Fixed Deposit Scheme

    Income tax is a crucial aspect in the earnings (salary or profit) of any individual or non-individual. Though it is imperative for earning citizens of India to be paying their due tax per fiscal year, sometimes the income tax seems a bit too taxing for many salaried and low-income groups. Additionally, people might want to have a corpus to help out in case of any financial exigencies and they would want the savings plus additional interest to be provided to them as a lump sum without any excess tax being levied on the same.

    Punjab National Bank (PNB) offers its customers an option to open a fixed deposit account that allows them to benefit from preferential interest rates, while also gaining a tax benefit under Section 80C. This specific 5-year scheme is known as the PNB Tax Saver Fixed Deposit. Those who are not seeking tax benefits can also go for regular PNB fixed deposits.

    PNB Tax Saver Fixed Deposit Scheme Interest Rates

    Given below are the revised and latest interest rates offered on the PNB Tax Saver FD Scheme for regular and senior citizens with effect from 1 March, 2018:

    Maturity Period Regular Interest Rates Senior Citizen Interest Rates

    5 years to 10 years
    (less than Rs.1 crore)

    6.25%

    6.75%

    5 years to 10 years
    (Rs.1 crore to Rs.10 crore)

    6.00%

    NA

    • The PNB Tax Saver Fixed Deposit Interest rate for a deposit that is less than Rs.1 crore is 6.25% p.a. and 6.75% p.a. for senior citizens.
    • If a tax saver FD is Rs.1 crore to Rs.10 crore, the rate of interest paid for the same tenure is 6.00% p.a.
    • Senior citizen rates are not applicable for any deposit that is Rs. 1 crore and above.
    • For deposits that are of less than Rs.1 crore, senior citizens will get an additional interest rate of 0.50% p.a.

    Eligibility Criteria for applying for PNB Tax Saver Fixed Deposit

    The basic eligibility criteria for opening a Tax Saver Fixed Deposit with Punjab National Bank are as follows –

    1. Customer must be above 18 years of age
    2. Customer must be either salaried or self-employed
    3. Customer must have existing banking relationship with Punjab National Bank (PNB) or must come with proper introductions

    Apart from the above mentioned basic criteria, the bank might require additional conditions to be fulfilled, based on its discretion.

    Features of PNB Tax Saver Fixed Deposit

    Account Type Both individuals and non-individuals can apply. Hindu Undivided Families allowed. Accounts can be jointly held
    Deposit Amount Minimum deposit is Rs.100 Maximum deposit per financial year will be Rs.1.5 lakh
    Rate of Interest 6.25% for regular individuals and 6.75% for senior citizens
    Period 5 years to 10 years
    TDS TDS applicable only if the interest earned is more than Rs.10,000 in a financial year. For senior citizens, this limit is Rs.50,000.
    Lock-in Period 5 years
    Tax Rebate Applicability Tax rebate is allowed under Section 80C within the limits specified by the Income Tax Department
    Loan against PNB Tax Saver Fixed Deposit Scheme No loan facility can be availed
    Nomination Nomination facility is available
    Auto Renewals The scheme is valid only for the period selected at initiation. Renewal for another year happens only if the deposit is continued

    PNB Tax Saver Fixed Deposit Scheme FAQs

    1. How to apply for a Tax Saver Fixed Deposit in Punjab National Bank (PNB)?

      One can apply for a Tax Saver FD with PNB through any of its official branches by furnishing the required documents and the minimum deposit amount.

    2. What are the documents required for opening a Tax Saver Fixed Deposit?

      One would require an introduction to the bank or should be an existing customer. Apart from that, two recent passport size photographs of the person(s) opening the account will be required. Government attested ID proof and declaration through Form 60 or 61 or PAN (Permanent Account Number).

    3. How to open a Tax Saver Fixed Deposit account online?

      To open an account online, one needs to have an active internet banking ID and password. Those who do not have one can create it.

    4. Will TDS be deducted at a higher rate if PAN card is not provided at the time of opening an account https://www.pnbindia.in/tax-saver.html?

      Yes.

    5. Can you close a Tax Saver Fixed Deposit account online?

      If the account has been opened online, it can be close online.

    Useful Information on PNB Fixed Deposit

    PNB Tax Saver Fixed Deposit Scheme Reviews

    • Punjab National Bank Fixed Deposit
      "Good Investment Plan"
      0.5 5.0/5 "Blown Away!"
      I have taken fixed deposit account in Punjab National Bank . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and resonance.They are giving good rate of interest . Overall am happy with my account .
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 06, 2018
    • Punjab National Bank Fixed Deposit
      "Average"
      0.5 3.0/5 "Satisfactory"
      I am having the fixed deposit account with the Punjab National bank and the services are good one. I would like to say that the rate of interest is okay one for me with the Punjab National bank. I am really happy with them till now.
      Was this review helpful? 3
      , jaipur
      Reviewed on Feb 27, 2018
    • Punjab National Bank Fixed Deposit
      "Fixed deposit with PNB"
      0.5 5.0/5 "Blown Away!"
      I hold a fixed deposit with PUNJAB NATIONAL BANK. The rate of interest is 4.5% for one year. Even if i withdraw with in the Fixed Deposit period they do not apply any charges. The customer service and response with the fixed deposit account is great.
      Was this review helpful? 2
      , noida
      Reviewed on Jan 11, 2018
    • Punjab National Bank Fixed Deposit
      "Average Investment"
      0.5 3.0/5 "Satisfactory"
      I put a decent amount of my Money into Fixed Deposit and PNB looked to be a perfect fit for that. I got Interest return of 7%, which I feel is quite good compared to the Market standards. The best thing about this Investment is that I can take the whole amount out of the FD any time I want even before maturity.
      Was this review helpful? 8
      , new delhi
      Reviewed on Dec 21, 2017
    • Punjab National Bank Fixed Deposit
      "Average"
      0.5 3.0/5 "Satisfactory"
      I am having the fixed deposit account with the Punjab National bank and the interest rate is around 8%. Customer service is okay for me and I have not faced any issues with them. Online banking services are not having issues with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 28, 2017
    • Punjab National Bank Fixed Deposit
      "PNB is my bank"
      0.5 5.0/5 "Blown Away!"
      PNB is my bank as I worked as a Senior Manager there so I know how the bank works. , Interest rate offered by them was the 1.5% extra than the normal interest rate for FD because I am staff of that bank I get 6.60% for 5years. For senior citizen they give 6.25% plus some additional interest too.
      Was this review helpful? 3
      , jalandhar
      Reviewed on Sep 05, 2017
    • Punjab National Bank Fixed Deposit
      "Scheme is good"
      0.5 5.0/5 "Blown Away!"
      PNB Fixed deposit scheme is very good, yes it is a good bank. I am using this bank account for about 15 years . My parents are holding an account there which prompted me to open this account with this bank, it is a reputed bank too so I had taken FD from this bank. Interest rate 9%for FD and I do get tax benefit from this FD
      Was this review helpful? 1
      , new delhi
      Reviewed on Aug 11, 2017
    • Punjab National Bank Fixed Deposit
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had invested in fixed deposit with Punjab National Bank. I have deposited ceratin amount on my account. I got good response from the bank when I opened FD. The bank was so supportive and they provided all the information regarding FD. The interest rates too are pretty attractive.
      Was this review helpful? 5
      , indore
      Reviewed on May 04, 2017
    • Punjab National Bank Fixed Deposit
      "Customer service should be good and unique for everyone"
      0.5 4.0/5 "Great!"
      I do have fixed deposit account with the Fixed deposit and they have provided around 8.5% as interest rate. Services are perfect one for me and I do have good relationship with them because my relatives are working there. Net banking services are also working good and they are started to exhibit most of the services there.
      Was this review helpful? 5
      , ghaziabad
      Reviewed on Apr 26, 2017
    • Punjab National Bank Fixed Deposit
      "Easy & fast process"
      0.5 5.0/5 "Blown Away!"
      I have taken a fixed deposit with Punjab National bank. It was a easy process to open this account. Though I have an option on the portal. I preferred visiting the bank in person and the process was completed pretty fast. The rate of interest is satisfactory too.
      Was this review helpful? 7
      , ambala
      Reviewed on Aug 08, 2016
    • Punjab National Bank Fixed Deposit
      "Average Experience"
      0.5 3.0/5 "Satisfactory"
      I hold a fixed deposit with PNB Bank. The services are average from them. When ever I contact them with a query, I do not get a very satisfactory answer. The rate of interest is normal. There are no charges taken for this facility. It would be better if there is an improvement in services.
      Was this review helpful? 5
      , jammu
      Reviewed on Jul 05, 2016
    • Punjab National Bank Fixed Deposit
      "Excellent !!!!"
      0.5 5.0/5 "Blown Away!"
      PNB is giving 7.5% interest rate for one year fixed deposit . There is no activation charges. The minimum amount is Rs.1000. We can avail the plan through online which will be activated on the spot. If we withdraw the many in between there are no charges
      Was this review helpful? 15
      , faridabad
      Reviewed on Mar 18, 2016
    • Punjab National Bank Fixed Deposit
      "Never to trust"
      0.5 1.0/5 "Really Bad"
      When i opened the fixed deposit account the amount was taken from the saving so they told that there is no need of any receipt and another account number.But after seven months when i applied to break the deposit they were asking for th receipt and account number by which i am not able to break it. In the initial stage they told that for 10,000 will get 18,000 after a year but later they informed will get Rs.10,850. They are not transparent to the customer.
      Was this review helpful? 11
      , ghaziabad
      Reviewed on Jan 13, 2016
    • Punjab National Bank Fixed Deposit
      "Happy with them..."
      0.5 5.0/5 "Blown Away!"
      My fixed account is with Punjab national bank. Interest part was good. I am getting lots of offers from them. They offered me a debit card. They will provide install loan without any documents. We can use it as multiple purpose. Their fixed account is flexible for every one.
      Was this review helpful? 11
      , chennai
      Reviewed on Nov 14, 2015
    • Punjab National Bank Fixed Deposit
      "lONG TERM CUSTOMER"
      0.5 3.0/5 "Satisfactory"
      I opened an Fixed Deposit account with PNB because it is reliable to the customers. There is no need to open an savings account with them for doing any kind of investments. But if its any private bank we have to open an account as well as need to maintain some minimum balance. 9% is the rate of interest they are offering to me.
      Was this review helpful? 13
      , gurgaon
      Reviewed on Oct 10, 2015
    • Punjab National Bank Fixed Deposit
      "GOOD PROFIT "
      0.5 4.0/5 "Great!"
      I opened an Fixed deposit account with PNB. Since it is an government sector I opened this account with them. They are very matured in banking services. It is very safe with PNB to hold an FD account, one of my friend has suggested me about this bank. They have offered me 9% interest rate which is good.
      Was this review helpful? 11
      , guwahati
      Reviewed on Sep 16, 2015
    • Punjab National Bank Fixed Deposit
      "Good.."
      0.5 4.0/5 "Great!"
      I am banking with only one bank that is Punjab National Bank so basis that I got this fixed deposit and rate is 7.5 to 9%. For senior citizens the interest might be 9%. I have not done the pre maturity so have no idea about the same. My banking relationship with this bank is very good and they are acting fast on my queries.
      Was this review helpful? 12
      , chennai
      Reviewed on Aug 06, 2015
    • Punjab National Bank Fixed Deposit
      "Good Experience!!"
      0.5 4.0/5 "Great!"
      It is a very good experience with the Punjab National bank for the fixed deposit account. I had taken the deposit from this bank as the bank was near to my place and it is easily accessible for me. I do get a proper response from the bank whenever I approach them.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jul 28, 2015
    • Punjab National Bank Fixed Deposit
      "Very good"
      0.5 4.0/5 "Great!"
      Interest rate offered for the fixed deposit plan is 9% from Punjab national bank.The minimum lock in period for fd is 10 years and i have taken for the tenure of 15 years. To start the plan the minimum amount to be deposit is just Rs.1000 . There is no any extra charge in case we break the tenure.After the plan gets matured we can avail the amount b visiting the bank.
      Was this review helpful? 7
      , noida
      Reviewed on Jul 24, 2015
    • Punjab National Bank Fixed Deposit
      "Nice Returns"
      0.5 4.5/5 "Excellent!"
      As my account is with Punjab National bank since last 4 years so I opened the fixed deposit account in the same bank. Interest rate is getting transferred to my account once in year. There in a possibility to withdraw the amount in midst of the tenure as they are not going to charge anything as penalty. I would say, the interest rate as less comparing to other banks.But since it is linked with my saving account it is best for me.
      Was this review helpful? 5
      , mumbai
      Reviewed on Jul 23, 2015
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