PNB Recurring Deposit comes with excellent features and benefits. With the term of the RD ranging from 6 months to 120 months and attractive rate of interest ranging between 6.60% p.a to 7.10% p.a for general customers and 6.75% to 7.25% for senior citizens, it is one of the most sought-after RDs in India.
|Tenure of the RD||General Rates||Rates For Senior Citizens|
|180 days to 270 days||6.25% p.a||6.75% p.a|
|271 days to 364 days||6.25% p.a||6.75% p.a|
|1 year||6.60% p.a||7.10 % p.a|
|Above 1 Year to 3 years||6.50% p.a||7.00% p.a|
|Above 3 years to 5 years||6.25% p.a||6.75% p.a|
|Above 5 years to 10 years||6.25% p.a||6.75% p.a|
Key Features of PNB Recurring Deposits
- PNB has dedicated recurring deposits for minors which can be opened by depositing as little as Rs.100 and in multiples thereof.
- The tenure of the RDs offered by PNB ranges from 6 months to 120 months.
- Most types of RD offered by PNB have nomination facility.
- Tax Deducted At Source(TDS) is applicable on interest earned through PNB recurring deposit.
Types of Recurring Deposits Offered By PNB
PNB offers many types of recurring deposits. Some of the most popular ones are:
- 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.
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 Recurring Deposit 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 any one of these to calculate the interest you would earn on your recurring deposit.
FAQs on PNB Recurring Deposit
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.
What is the minimum and the maximum tenure for RD accounts opened online?
If you are opening an e-RD, the minimum tenure is 12 months and the maximum can go up to 120 months.
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.
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.
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.
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.
Are there any timings that I need to follow when I open a RD account online?
Yes. If you open an RD account online between 8 AM IST to 8 PM IST, the request will be honored on the same day. Any requests out of these hours will be pushed to the next working day.
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.
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.
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.
More you need to know about Recurring Deposit
- RD Calculator
- PNB Recurring Deposit
- Recurring Deposit
- Compare Recurring Deposit Interest Rates of PNB with Other Banks and Institutions
Punjab National Bank RD Schemes
- PNB Swechha Jama Yojna/Flexi Recurring Deposit Scheme
- PNB Special Recurring Deposit
- PNB Lakhpati Deposit Scheme (Recurring & Fixed Deposit) - B
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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.
29th 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.
4th 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.
1st 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.
22nd April 2016