Punjab National Bank (PNB) offers a range of Fixed Deposit (FD) schemes with attractive interest rates for the general public and additional interest for senior citizens. For deposits less than Rs.2 crore, the highest rate of interest offered is 5.25% p.a. for deposits ranging from 3 years to 10 years. For senior citizens, the rate of interest paid is 6.00% p.a. for the same tenure.
Key features of PNB Fixed Deposits
Auto-renewal: If the depositor opts for auto-renewal, his/her term deposit 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 Rs.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.
PNB FD schemes
|PNB FD Scheme||Details|
|FD Scheme for Road Accident Victims||
|Annuity Term Deposit Scheme for Victims of Road Accidents||
|PNB Uttam Non-Callable Term Deposit Scheme||
|Schemes covered under E-FD||
|PNB Ordinary Term Deposit Scheme||
|PNB Tax Saver Fixed Deposit Scheme||
|PNB MIBOR Linked Notice Deposit Scheme||
|PNB Floating Rate Fixed Deposit Scheme||
|PNB Bulk Fixed Deposit Scheme||
|PNB Growth Fixed Deposit Scheme||
|PNB Special Term Deposit Scheme||
|PNB Sugam Fixed Deposits||
|PNB NRE Sugam Term Deposit Scheme||
|PNB NRO Sugam Term Deposit Scheme||
|PNB Varshik Aay Yojna||
|PNB Anupam Term Deposit Scheme||
|PNB Balika Shiksha||A sum of Rs.3,000 will be deposited in the name of:
|Capital Gain Account||
|PNB Dugna Fixed Deposit||
|PNB Multi-Benefit Term Deposit Scheme||Anything from Rs.100 to Rs. 99.99 lakhs can be deposited with multiple benefits|
|PNB Pranam Fixed Deposit Scheme||
Eligibility criteria for PNB FD
PNB fixed deposits can be opened by an individual, organization, private company, club, HUF or society. NRIs are eligible for some FD schemes as well.
FAQs on Punjab National Bank FD
- What is the minimum / maximum amount required to open a fixed deposit account at PNB?
Term Deposits like Balika Shiksha can be opened with a nil balance. Usually the upper limit is Rs.10 crore 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 FD?
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 Rs.1.50 lakh per financial year is acceptable. 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 Rs.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.
- Do senior citizens get better rates on fixed deposits at PNB?
Yes, senior citizens are eligible for an additional interest rate of 75 bps over the prevailing card rates for all deposits of under Rs.2 crore.
- 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.
- 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 minus the penalty. The interest payable is the rate at which the fixed deposit was decided upon at the time of deposit.
- 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.