Punjab National Bank (PNB) offers Fixed Deposit for interest rates lying within the range of 3.00% p.a. and 5.30% p.a. The highest PNB FD interest rate is 5.30% p.a. for deposits of less than Rs.2 crore. Senior citizens get an additional 50 bps interest over the prevailing interest rates for deposits of less than Rs.2 crore. The FD schemes come with a tenure ranging from 7 days to 10 years.
Punjab National Bank (PNB) offers competitive Fixed Deposit interest rates and a wide range of other benefits such as flexible tenure options, nomination facility, loan/overdraft option, etc. PNB fixed deposits offer competitive interest rates that vary depending on the time period and market conditions. Prospective customers can get information on all updated FD rates for 2021 from the below table.To apply for a PNB FD, customers can use internet banking.
Highlights of PNB FD Rates for Deposits Less than Rs.2 crore.
- Range of rates available for FD schemes: 3.00% p.a. to 5.30% p.a.
- Highest PNB FD rate is 5.30% p.a.
- PNB Tax Saver FD rate: 5.30% p.a. for general public and 5.80% p.a. for senior citizens.
- Highest PNB Uttam deposit scheme: 5.35% p.a.
Best PNB FD Interest rates: Below Rs.2 crore
| Tenure | Regular FD Rates (p.a) | Senior Citizen FD Rates (p.a) |
|---|---|---|
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 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% | 5.00% |
| 271 days to less than a year | 4.50% | 5.00% |
| 1 year | 5.20% | 5.70% |
| Above 1 year and up to 2 years | 5.20% | 5.70% |
| Above 2 years and up to 3 years | 5.20% | 5.80% |
| Above 3 years and up to 5 years | 5.30% | 5.80% |
| Above 5 years and up to 10 years | 5.30% | 5.80% |
Note: The FD interest rates are effective as of 1 January 2021. It can change at the discretion of the bank.
Interest Rates on PNB Fixed Deposits: Rs.2 crore to Rs.10 crore
| Tenure | Regular FD Rates (p.a) | Senior Citizen FD Rates (p.a) |
|---|---|---|
| 7 days to 45 days | 3.00% | N/A |
| 46 days to 90 days | 3.00% | N/A |
| 91 days to 179 days | 3.00% | N/A |
| 180 days to 270 days | 3.10% | N/A |
| 271 days to less than a year | 3.10% | N/A |
| 1 year | 3.25% | N/A |
| Above 1 year and up to 2 years | 3.25% | N/A |
| Above 2 years and up to 3 years | 3.00% | N/A |
| Above 3 years and up to 5 years | 3.00% | N/A |
| Above 5 years and up to 10 years | 3.00% | N/A |
Note: The FD interest rates are effective as of 1 November 2020. It can change at the discretion of the bank.
PNB Short-Term FD Rates
The rates associated with PNB short-term deposits with tenures ranging from 7 days to 1 year ranges between 3.00% p.a. and 5.20% p.a. The highest interest rate offered on these deposits is 5.20% p.a., which is offered on a tenure of 1 year.
PNB Medium-Term FD Rates
The rate of interest applicable on medium-term PNB deposits with tenures more than 1 year and up to 5 years ranges from 5.20% p.a. to 5.30% p.a. The highest FD rates of 5.30% p.a. is available on a tenure ranging from 3 years to 10 years.
PNB Long-Term FD Rates
The interest rates offered on long-term PNB deposits stands at 5.30% p.a. The tenure on long-term FD starts above 5 years and up to 10 years.
PNB Fixed Deposit Rates for Senior Citizens
The rates associated with PNB deposits for senior citizens is set 50 bps higher than the regular FD rates. The interest rates range from 3.50% p.a. to 5.80% p.a. for short-term FDs and 5.80% p.a. for medium-term and long-term deposits.
Interest paid by PNB on Tax Saver Fixed Deposits
| Depositors | Up to 5 years Interest Rate (p.a.) | Above 5 years and up to 10 years (p.a.) |
|---|---|---|
| General Public | 5.30% | 5.30% |
| Senior Citizens | 5.80% | 5.80% |
| Staff Member | 6.30% | 6.30% |
| Retired Staff Member | 6.30% | 6.30% |
Note: The FD interest rates are effective 1 January 2021. It can change at the discretion of the bank.
Interest paid by PNB on PNB Uttam Term Deposit:
| Tenure bracket | Rs.15 lakh to Rs.2 crore(p.a.) | Rs.2 crore to Rs.10 crore(p.a.) |
|---|---|---|
| 91 days to 179 days | 4.05% | 3.05% |
| 180 days to 270 days | 4.45% | 3.15% |
| 271 days to less than 1 year | 4.55% | 3.15% |
| 1 year | 5.25% | 3.30% |
| Above 1 year and up to 2 years | 5.25% | 3.30% |
| Above 2 years and up to 3 years | 5.25% | 3.05% |
| Above 3 years and up to 5 years | 5.35% | 3.05% |
| Above 5 years and up to 10 years | 5.35% | 3.05% |
Note: The FD interest rates are effective as of 1 January 2021. It can change at the discretion of the bank.
How to calculate PNB FD interest rate
The interest that you will earn out of your Punjab National Bank FD can be easily calculated using a fixed deposit interest rate calculator. This tool is very useful for prospective investors because it will help them know how much to invest to get the desired returns. To calculate the total earnings you will get out of your PNB FD, there are many factors that need to be considered. Let us take a look at some of these factors below.
Factors that affect FD maturity amount:- Rate of interest: The rate at which a depositor is paid is an important factor that helps calculate the returns at the time of maturity. Note that the interest rate is different for different tenures.
- Amount invested: The principal that you invest is also a key piece of information that is needed to calculate the maturity amount using the FD calculator.
- Time period: Along with factors such as interest rate and principal, the tenure of the investment is also crucial because different time periods offer different interest rates.
- Compounding frequency: There are different interest compounding frequencies including monthly, quarterly, half-yearly and yearly. The time interval of interest compounding plays a pivotal role in determining the total value of the term deposit at the time of maturity
- Taxation: The amount of Tax Deducted at Source (TDS) also makes a difference as far as the total maturity value of the deposit is concerned.
Punjab National Bank FD interest calculator
An FD interest calculator helps users easily calculate the total maturity value of the fixed deposit. This can be done by feeding in details such as the principal amount, rate of interest, tenure, etc. An online FD interest calculator can be used for this purpose.
The BankBazaar FD interest calculator can be used to calculate the maturity amount of your FD. All you need to do is key in the relevant information and the results will be displayed to you in a matter of seconds. For example, if you invest Rs.1 lakh for a period of 2 years in a PNB FD scheme at the rate of 5.20% per annum, with an annual compounding frequency, the total maturity value will be Rs.1.1 lakh. The total interest earned out of the term deposit scheme will be Rs.0.1 lakh.
FAQs on Punjab National Bank FD
- Can interest rates on term deposits change from time to time?
Yes. Banks may change their interest rates on term deposits at any point in time. However, you will be paid interest at the rate at which you applied for the FD.
- Do you have to pay tax on the interest earned on fixed deposits?
Yes. The interest earned on FDs is subject to tax only if the total interest income is more than Rs.10,000 in a given financial year.
- What are the consequences if you do not provide PAN card details while applying for the FD?
The following will be the consequences:
- TDS will be deducted at a higher percentage of 20% as against the normal 10%.
- TDS certificate will not be issued.
- You may not receive TDS credit from the Income Tax department.
- All tax exemption certificates will be deemed null and invalid.
- How is interest paid to a term deposit holder?
The interest will be directly credited to the customer’s perspective savings bank account.
- Is the interest rate offered on e-FDs the same as regular FDs?
Yes.
