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    Overview of Punjab National Bank Fixed Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6.8% - 7.2% Quarterly compounding
    Response Time Within 30 minutes
    Up to ₹1Cr
    7 Days to 10 Years
    4.25% - 8.3% Quarterly compounding
    Response Time Within 30 minutes
    Fixed Deposit BYTES FROM OUR KITCHEN

    PNB Fixed Deposits

    Punjab National Bank (PNB), a leading public sector bank, offers fixed deposits with attractive rates and different tenures.

    PNBs fixed deposits were designed keeping in mind the different needs of an individual at different stages of life. PNB FDs offer many facilities like choices between simple and compound interest, flexible durations, low deposit amounts and even auto-renewal facilities.

    What are the eligibility requirements to apply for a PNB fixed deposit?

    Any individual, organisation, private company, club, HUF or society can open these Fixed or Term Deposit accounts. Some deposits schemes are open for NRIs too.

    What are the various fixed deposit schemes offered by Punjab National Bank (PNB)?

    • FD scheme for road accident victims: This scheme is for beneficiaries of motor insurance claims. Any individual/dependent (singly or jointly with others), minors aged 10 years and above in his own name and below 10 years under guardianship, is eligible to open an account under this scheme provided there are Court orders in support of the claim in his/their names.

    • PNB Special Term Deposit scheme: Minimum 1 year to 10 years even for incomplete quarters.

    • PNB Sugam Fixed Deposits: FDs from ₹ 10,000/- to ₹ 10 crores for as briefly as 46 days. No penalty on premature part/full withdrawal.

    • PNB Varshik Aay Yojna: FDs from ₹ 10,000 to ₹ 99.99 lacs from 24 months to maximum period of 120 months

    • PNB Anupam Term Deposit Scheme: Has inbuilt overdraft facility, deposits from ₹ 10,000 to ₹ 99,99,000/-

    • PNB Balika Shiksha: A sum of ₹ 3,000 will be deposited in the name of girls passing class VIII from Kasturba Gandhi Girls High Schools and SC/ST girls who pass class VIII and enrol for class IX in state/UT government aided or local body schools in the academic year 2008-2009 onwards.

    • Capital Gain Account: Individuals can open this account for crediting amount from capital gain. Joint accounts cannot be opened under this.

    • PNB Dugna Fixed Deposit: FDs can be opened for a period up to 99 months with a minimum amount of ₹ 5,000 and multiples of Re 1/- and Rs 1 crore per day. Under the scheme, Non-resident Indians can open NRO accounts.

    • PNB multi-benefit Deposit Scheme: From ₹ 100 to ₹ 99.99 lakhs can be deposited with multiple benefits

    • PNB Sakhsam: Minimum ₹ 25,000/- and thereafter in multiple of Re.1/- subject to maximum of ₹ 10 Crores. Senior citizens earn 0.50 % interest extra. Depositors can avail regular monthly pay out consisting of interest plus part of principal.

    What is the minimum / maximum amount required to open a fixed deposit account at PNB?

    Term Deposits like Balika Shiksha can be opened at nil balance. Usually the upper limit is ₹ 10 crores for most fixed deposits.

    What is the minimum / maximum deposit period for FD accounts at PNB?

    Term Deposits can be opened from as briefly as 7 days to as long as 10 years. There is the option of auto-renewals at the end of term too.

    How can a fixed deposit account be opened at PNB (Online or Offline)?

    Any Indian above 10 years old can walk into any branch of PNB and open an account by providing KYC details. For minors below 10 years, parents consent/signature is required.

    E-FD: Available to internet banking customers with a PAN card. They can open FDs online.

    What are the minimum / maximum returns on PNBs Fds?

    Interest rates for fixed deposits depend on the card rate applied by PNB. However, there are deposit schemes like Lakhpati where the interest rate hovers around 9 percent. Senior citizens are eligible to earn 0.50 percent more.

    Does Punjab National Bank offer Tax Saver Fixed Deposit schemes?

    Yes, the PNB Tax Saver Term Deposit At least Rs 100/- or in multiples thereof, subject to a maximum of ₹ 1.50 lakhs per financial year. Deposits cannot be withdrawn before 5 years.

    Are fixed deposit holdings taxable?

    Currently as per Income Tax Act, if the total interest on deposits, per depositor, per financial year, per branch is more than ₹ 10,000/-, the bank deducts tax at source (TDS). Form No.15 H/15G has to be furnished by depositors, preferably at the start of the financial year to receive interest on deposits without deduction of tax.

    What are the key features of PNB Fixed Deposits?

    Auto-renewal: If the depositor opts for auto-renewal, his/her term deposits will be automatically renewed after maturity except for term deposits under the Recurring Deposit Scheme, Capital Gain Scheme, PNB Tax Saver Scheme, Bulk Term Deposits (above ₹ 10 Crore) and Inter-Bank Deposits.

    Inclusion of blind and illiterate persons: PNB allows blind and illiterate persons to open a fixed deposit account.

    Inclusions of all sections of society: Right from High School girls to beneficiaries of road accident insurance claims, PNB FDs are designed to serve every category of depositors.

    Are loans provided against FDs held with Punjab National Bank?

    Generally PNB allows overdrafts/loans against deposits except on Certificates of Deposit (CD). Such loans are sanctioned by charging interest as per RBI bank rate or as prescribed by the Bank.

    Do senior citizens get better rates on fixed deposits at PNB?

    Prospective Senior Citizen Deposit Scheme:This is a scheme for persons aged 55 years and above and up to 60 years. Minimum deposit is ₹ 100/- and in multiples of ₹ 1/- thereafter. The maximum amount permitted under the scheme is ₹ 99, 99,999/-. Extra interest rate as applicable on attaining senior citizenship.

    Can NRIs open a fixed deposit account with Punjab National Bank?

    Yes, NRIs can open fixed deposit account with Punjab National Bank. The account can be opened in STG Pound, US Dollars and EURO. Minimum balance required is GBP1000, USD1000 and EURO1000. The interest rates for deposits less than Rs.1 crore is:

    1 year- 8.25%

    Above 1 year to 2 years- 8.25%

    Above 2 years to 5 years- 8.25%

    Above 5 years to 10 years- 8%

    The interest rates for deposits between Rs.1 crore to Rs.10 crores is:

    1 year- 8.25%

    Above 1 year to 2 years- 8.50%

    Above 2 years to 5 years- 8 %

    Above 5 years to 10 years- 8%

    The senior citizens will bet an additional 0.5% interest per annum.

    Can I withdraw my fixed deposit amount before its maturity?

    PNB does not allow premature withdrawals. But in exceptional cases it is allowed but a certain penalty will be charged at the time of withdrawal. The penalty will be communicated with the customer prior to the closure. In case of premature closure, the interest applicable will be payable less the penalty. The interest payable is the rate at which the fixed deposit was decided upon at the time of deposit.

    News About Punjab National Bank Fixed Deposit

    • PNB hints at credit growth in the 10-12% range

      Usha Ananthasubramanian, the MD and CEO of Punjab National Bank hinted at the possibility of the bank witnessing a 10-12% credit growth in the current fiscal, up from the growth of 6.7% in September 2015. Miss Ananthasubramanian also stated that there is no immediate possibility of an interest rate cut and that PNB is keen to reduce its net NPAs from 3.9%. She also mentioned that PNB is adopting the ARC route to improve performance and cleaning up their books. With regards to deposits, she stated that term deposits of different tenors account for 65% of their overall numbers, with PNB committing to an interest rate for the full tenor.

      13th December 2015

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