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    PNB Tax Saver Fixed Deposit Scheme

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    7% - 7.3% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Up to ₹1Cr
    7 Days to 10 Years
    4.25% - 8% Quarterly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    Fixed Deposit BYTES FROM OUR KITCHEN

    What is a PNB Tax Saver Fixed Deposit?

    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 and also saves the investment thus made from incurring any extra taxation at the time of its maturity. This specific scheme is known as PNB Tax Saver Fixed Deposit.

    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 INR 100

    Maximum deposit per financial year will be INR 150000

    Rate of Interest

    Anywhere between 7.25% per annum to 8.00% per annum

    Period

    Minimum duration – 5 years

    Maximum duration – 10 years

    TDS

    TDS Certificate will be issued by the Bank

    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

    Loans against the fixed deposit account will be available after a lock-in period of 5 years is over

    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 Interest Rates

    The interest rates offered on PNB Tax Saver Fixed Deposits are linked to the base rate of the bank. As of December 2015, the rates could be anywhere from 7.25% per annum to 7.50% per annum for the general populace. Senior citizens might get an additional rate over and above the advertised rates.

    Interest on the deposit made is payable at a discounted monthly value or quarterly. It could also be compounded quarterly (reinvested) or on the date of maturity, based upon the choice of the depositor during the initiation of the scheme. In case a deposit is overdue, interest might be payable but will be based on the discretion of the bank.

    All the above mentioned rates are dependent on the bank’s discretion and are liable to change anytime.

    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) or GIR (General Index Register) needs to be provided.

    3. What is the interest rate applicable for a Tax Saver Fixed Deposit account?

      The interest rate could range from 7.25% per annum to 8.00% per annum. That would include any additional interest provided for senior citizens too.

    4. What is the maturity period of a Tax Saver Fixed Deposit?

      The minimum maturity period of a Tax Saver Fixed Deposit will be 5 years and the maximum would be 10 years.

    5. What is the lock-in period for a Tax Saver Fixed Deposit account?

      The lock-in period for a Tax Saver Fixed Deposit will be 5 years, irrespective of the duration of the deposit.

    Useful Information on PNB Fixed Deposit

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