Punjab National Bank (PNB) offers competitive Fixed Deposit (FD) 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 2019 from the below table.To apply for a PNB FD, customers can use internet banking.Interest rates of PNB fixed deposits, for regular and senior citizen deposits, with effect from 1 March, 2018:
|Tenure||Regular FD Interest Rates (p.a.)||Senior Citizen FD Rates (p.a.)|
|7 days to 45 days||5.70%||6.20%|
|46 days to less than 1 year||6.35%||6.85%|
|Above 1 year to 3 years||6.75%||7.25%|
|Above 3 years to 5 years||6.25%||6.75%|
|Above 5 years to 10 years||6.25%||6.75%|
* All interest rates all applicable for deposits less than Rs.1 crore.
*Please note that interest rates are subject to change at the discretion of the bank without any prior notice.
The highest interest rate offered on PNB FDs is 6.75% p.a. for all deposits less than Rs.1 crore, held for more than 1 year to 3 years. For senior citizens, the highest interest rate offered is 7.25% p.a. for all deposits of less than Rs.1 crore, held for the same tenure as mentioned above.
PNB offers a wide range of short-term FD products, which is ideal for those who want to earn some quick returns and do not want to keep their money locked for a long period of time. The tenure for these types of deposits ranges from 7 days to less than a year. The interest rates offered for short-term PNB FDs range from 5.70% p.a. to 6.35% p.a.
The interest rates offered on medium-term PNB term deposits range from 6.25% p.a. to 6.75% p.a. for tenures ranging from 1 year to 5 years. For a period of 1-year the bank pays interest at the rate of 6.60% p.a. and for a period of 3 years to 5 years, the rate of gain is at the rate of 6.25% p.a.
PNB also offers term deposits for those who want to make a long-term commitment with their money. The time period for these types of deposits is more than 5 years to 10 years. The interest rate offered in this slab is 6.25%. PNB offers tax saver fixed deposits that come with a lock-in period of 5 years. Those investing in these FDs can claim a deduction under Section 80C of the Income Tax Act for the principal invested for up to Rs.1.5 lakh.
The interest rates offered on senior citizen FDs are higher than regular term deposits offered by PNB. An additional interest rate 0.50% p.a. is paid to all those aged above 60. The interest rate offered for this age group ranges from 6.20% p.a. to 7.25% p.a. The minimum tenure for deposits is 7 days, while the maximum is 10 years. Senior citizens can invest in the wide range of fixed deposit products offered by PNB, including short-term, medium-term, long-term and tax-saver FDs.
|Tenure||Regular Interest Rate (per annum)||Senior Citizen Interest Rate (per annum)|
|7 days to 45 days||5.70%||NA|
|46 days to less than 1 year||6.50%||NA|
|More than 1 year to 3 years||6.25%||NA|
|More than 3 years to 10 years||6.00%||NA|
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:
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 7.40% per annum, the total maturity value will be Rs.1,07,400. The total interest earned out of the term deposit scheme will be Rs.7,400.
|Eligibility to Open an FD||
|Benefits of a PNB FD||
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.
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.
The following will be the consequences:
The interest will be directly credited to the customer’s perspective savings bank account.
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