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PNB RD Interest Rates 2022

A PNB recurring deposit account has a term span of 6 months to 10 years. The tenures are grouped into three categories: short-term, medium-term, and long-term. Short-term category is defined as 6 months to a year, medium-term category is defined as more than a year to 5 years, and long-term category is defined as more than 5 years to fewer than 10 years.

Listed below are the RD Interest Rates offered by PNB Bank, according to the tenure selected by the customer.

Tenure Interest rate of general public (p.a.) Interest rate of senior citizens (p.a.)
180 days to 270 Days 4.40% 4.90%%
271 days to less than 12 months 4.50% 5.00%
12 months 5.00% % 5.50%
Above 1 year and up to 2 years 5.00% 5.50%
Above 2 years and up to 3 years 5.10% 5.60%
Above 3 years and up to 5 years 5.25% 5.75%
Above 5 years and up to 10 years 5.25% 5.75%

The interest rates are applicable since 1 September 2021 and can be changed as per the bank’s rules and regulations.

Important Information to Note for PNB Recurring Deposit Scheme

Some of the important details regarding an PNB recurring deposit account are mentioned in the table below:

Minimum Amount to be Deposited Rs.100
Tenure 180 days to 10 years
Additional Interest Rate for Senior Citizen 0.50%
What is the Maximum Interest Rate offered by the bank and for which tenure? The maximum interest rate offered is for the term period ranging from 3 years to 10 years. The rate offered is 4.40% p.a. for regular citizens and 4.90% p.a. for senior citizens.
Loan Against Deposit Available
TDS on RD The TDS deductible will depend on the income slab to which the applicant belongs.
Nomination Facility Most types of RD offered by PNB have nomination facility.
Eligibility criteria
  • Any minor who is above 10 years of age if he or she provides proof of the name.
  • Any minor who is below or equal to 10 years of age under the guardianship of natural or legal guardian.
  • Any corporate, company, proprietorship or commercial organisation.
  • Any government organisation.
  • Any person who is illiterate or blind person is also eligible for a PNB RD account.
Documents required
  • Photographs
  • Application form
ID Proof:
  • Passport
  • PAN card
  • Aadhar card
  • Voter ID
  • Driving licence
  • Ration card
  • Government ID card
  • Senior citizen card
Address Proof:
  • Passport
  • Aadhar card
  • Electricity bill
  • Phone bill
  • Bank statement with cheque

How to Apply for a PNB Recurring Deposit Account?

  • If you are an existing PNB account holder, you can use your netbanking username and password to login to your online account and open an e-RD right away. However, if you do not have your netbanking credentials, you can always walk into the nearest PNB branch and a bank officer will help you open an RD account.
  • If you are not a PNB account holder, you will have to open a PNB bank account first by visiting the nearest PNB bank branch. After your account is active, you will be allowed to open an e-RD by logging in to your netbanking.

PNB Short-Term Recurring Deposit Interest Rates

For the term period ranging from 180 days to less than a year, the interest rate offered by PNB for a recurring deposit account is 4.40% p.a. to 4.50% p.a. for regular citizens.

PNB Medium-Term and Long-Term RD Interest Rates

For medium-term tenure, the interest rate ranges between 5.10% p.a. to 5.30% p.a. The highest rate of return offered by PNB is for the 3 to 5 years period. The interest rate offered on such tenures is 5.30% p.a.

PNB Senior Citizen RD Rates

  • For senior citizens, Punjab National Bank’s (PNB) rate of return is 0.50% greater than that for regular citizens.
  • For the short- term tenure, the rate of interest offered by PNB recurring deposit account ranges from between 4.90% p.a. to 5.00% p.a.
  • For the medium-term and long-term tenure, PNB offers interest in the range of at 5.60% p.a. to 5.75% p.a.

Types of Recurring Deposits Offered By PNB

PNB Recurring Deposit Scheme (E-RD)
  • This RD account can be opened by PNB internet banking users only. This e-RD account also has benefits like nomination which are available in regular RD account. Upon maturity, the benefit will be credited to the same account through which the term deposit was deposited.
PNB Recurring Deposit Scheme
  • This RD account can be opened by anyone who is 10 years of age or above. Applicants below 10 years of age can also open a PNB Recurring Deposit Scheme with the help of a guardian. Apart from individuals, partnership firms, Hindu Undivided Families, associations, clubs, and other government bodies can also apply for this RD account.
  • A PNB Recurring Deposit Scheme can be opened by paying as little as Rs.100 and in multiples thereof. The tenure of the RD can range anywhere from 6 months to 120 months in multiples of 1 month.
PNB Special Recurring Deposit Product
  • A PNB Special Recurring Deposit Account can be opened by any government institutions, private institutions, or corporate bodies. Any institution with a minimum of 10 employees or 75% of eligible employees(whichever is lower) can participate in this scheme.

PNB RD Calculator

Most people opt for recurring deposits to maximise their savings. The maturity amount on your RD depends on various factors like the RD deposit amount, rate of interest offered by the bank, tenure of the RD, TDS, and other such factors.

There are many websites that offer Recurring Deposit Calculators. You can use PNB Rd Calculator to calculate the interest you would earn on your recurring deposit.

PNB Recurring Deposit Rates FAQs

  1. Can I open a recurring deposit online through my netbanking?

    Yes. If you are an existing PNB account holder, you can use your internet banking credentials to access your netbanking and open an e-RD account. However, please note that you should at least have one transaction that is mapped with your internet banking username to open an e-RD.

  2. How is the maturity amount on my RD account calculated?

    There many factors like the installment amount, tenure of the RD, interest rate, and type of account that decides the maturity amount on your RD. However, after calculating, the maturity amount is rounded off to the nearest Rupee and will become payable maturity date.

  3. What type of account should I have to open an RD account?

    You can open an RD account with a savings account, current account, or OD account. The only rule is that the account should not be in stopped, locked, or dormant status while you are opening an RD account.

  4. Can I open a recurring deposit account on a different name that is not as same as the name of the debiting account from which the RD deposit is taken?

    No. You will not be allowed to open a recurring deposit account on a different name that is not as same as the name of the debiting account from which the RD deposit is taken. You may visit a PNB branch to get this done.

  5. Will I be allowed to add nominees to my RD account?

    Yes. While opening an RD account online, you will be asked to provide your nominee details.

  6. I want to cancel the standing instructions that I set on my e-RD. How do I do it?

    Please login to your netbanking and navigate to the “Request” option. Under this option, please click on “Standing Instruction Link”. You will be allowed to view or cancel your standing instructions under this link.

  7. Is it mandatory for me to setup standing instruction on my RD?

    To open an e-RD account, you will be asked to make a payment online. However, once the account is open, you can pay your RD installments at a branch or online instead of setting up standing instructions.

  8. Can I close my RD account online?

    If you have opened an e-RD online, you will have an option called “Close Account” under e-RD when you log in to your netbanking. However, RDs that are not created online cannot be closed using this option.

Punjab National Bank RD Schemes

News About Punjab National Bank Recurring Deposit

  • PNB Cuts Savings Account Interest Rate By 50 Basis Points

    Punjab National Bank (PNB), a public-sector lender, cuts savings account interest rate by 0.5%. HDFC Bank, Yes Bank, SBI, Karnataka Bank, Bank of Baroda, Indian Bank and Axis Bank are the other leading banks to announce a cut in savings account interest rate as the RBI has lowered its repo rate recently.

    As per PNB sources, the bank cuts interest rate on fixed deposit (FD) up to Rs 1 crore by 15-40 basis points and interest rate on savings bank account (SB Account) up to Rs 50 lakh by 3.50% respectively.

    29 August 2017

  • PNB Revises Rates for Recurring Deposits

    Recurring Deposit rates offered by PNB were revised recently. At present, for a tenure of 180 days to 270 days and 271 days to less than a year, the rate of interest on PNB recurring deposits stand at 6.50%. Senior citizens can avail an interest rate of 7% for the same tenures. For tenures of 1 year, above 1 year to 2 years and above 2 years to 5 years, the RD rate stands at 6.80%. The senior citizens can avail an interest rate of 7.40% for a tenure of 1 years. In case of tenures above 1 year to 2 years and above 2 years to 5 years, the interest rate that can be availed by the senior citizens with PNB recurring deposits is 7.30%. The recurring deposit interest rate for above 5 years to 10 years remains unchanged for both regular citizens and senior citizens.

    4 May 2017

  • PNB Revises Their Recurring Deposit Interest Rates

    Punjab National Bank offers Recurring Deposit Schemes with great benefits. The duration of RDs offered by PNB starts from 6 months and can go up to 5 years, thereafter deposit terms can be chosen in multiple of 3 months. As per the revised interest rates, tenures ranging from 1 year to 2 years will now attract an interest rate of 7.30% per annum for general citizens and 7.80% p.a for senior citizens, which was 7.50% p.a and 8% per annum previously. For tenures above 2 years and up to 5 years, the interest rate is lowered from earlier 7.25% p.a to 7.20% for general account holders and from 7.75% to 7.70% p.a.

    1 July 2016

  • Revised Punjab National Bank Recurring Deposit Rates

    Punjab National Bank (PNB) has recently updated the interest rates offered by it for Recurring Deposit (RD) accounts with holdings of less than Rupees 1 Crore. The updated rates are as follows:

    Tenure of 6 months to less than a year: Rate remains constant at 7.00% p.a. Rate for senior citizens also remains constant at 7.5% p.a.

    Tenure from 1 year to 2 years : Lowered from earlier 7.75% p.a to 7.50% p.a. For senior citizens, rate lowered from 8.25% p.a to 8.00% p.a.

    Tenure in excess of 2 years and upto 5 years : Lowered from earlier 7.50% p.a to 7.25% p.a. For senior citizens, rate lowered from 8.00% p.a to 7.75% p.a.

    Tenure in excess of 5 years and upto 10 years : Remains constant at 7.25% p.a. For senior citizens, rate remains constant at 7.75% p.a.

    22 April 2016

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