Knowing the fixed deposit rate of interest in PNB will give better choices when making certain investments. Not all funds are meant for investment in stocks and shares markets.
A certain amount of funds saved as Fixed Deposits is good as it can be used in emergencies. Besides it gives a higher interest rate than the savings rate and having FD is considered one of the best liquid funds you can have.
Punjab and National Bank offer a range of domestic term deposits that can be opened for a period of 7 days to 120 days. For the general public, the interest rates on these FDs are in the range of 3.5 percent to 7.25 percent per annum.
If you are looking for a fixed deposit rate of interest in PNB, this page will let you understand them properly and let you decide which tenure is the best one for you.
We have compiled the PNB fixed deposit interest rates 2023 for reference. The below rates are effective from 20.02.2023
PNB Fixed Deposit Interest Rates of Amount below ₹2 Crores
PNB interest rates for fixed deposits may come in two categories. FD rates of amounts below ₹2 crores and FD rates of amounts ₹2 crores and above. You may also find, the domestic non-callable term deposit rates of amounts ₹15 lakhs and above.
Senior Citizens and Super Senior Citizens get additional benefits of higher interest rates. Senior citizens are that category of people whose age is between 60 years to 80 years and Super Senior citizens are those people who are beyond 80 years of age.
Both the group of senior citizens get the benefit of up to 50 bps above the card rate if the fixed deposit is opened for a period of up to 5 years. Moreover, the increased rate will be 80 bps if the tenure of the term deposit is 5 years and above.
PNB Fixed Deposit Interest Rates of Amount below ₹2 Crores[table id=4 /]
PNB Fixed Deposit Interest Rates of Amount ₹2 Crores and Above
No benefits of being a senior citizen if the investment amount goes beyond ₹2 crores.[table id=6 /]
PNB NRE Term Deposit Rates
NRI can avail of the PNB fixed deposit schemes. The below chart is the NRE term deposit revised rates effective from 01.01.2023.[table id=8 /]
PNB Uttam Non-Callable Fixed Deposit Rates as on 20.02.2023[table id=9 /]
Popular Fixed Deposits of PNB
The bank offers a range of fixed deposit schemes to the public. These schemes are available to all categories of customers. From the customer who is a minor to the senior citizens. NRI can also open the FD either in Indian currency or in foreign currency.
In addition to the normal term deposit schemes, here are some of the popular fixed deposit schemes of the bank.
PNB Uttam Deposit
PNB Uttam Deposit scheme is a non-callable fixed deposit for any period from 91 days to 120 days. Non-callable FD means it cannot be withdrawn pre-maturely. The scheme can be availed by an individual including minors.
HUF, Companies, proprietors, Partnership firms, societies, trusts and other government organisations can also open the PNB uttam deposit scheme.
The minimum deposit amount is ₹15 lakhs and thereafter in multiples of ₹1. When your investment is below ₹10 crores, the FD will be opened as usual but if the amount goes beyond ₹10 crores, permission from the HO Treasury is required. The rate of interest, as well as the deposit tenure, will be advised by the HO.
Considering the rate of interest which is in the range of 4.55 PA to 7.05 PA. Investment in nan-callable fixed deposits is not going to give a good return. Rather the scheme is suitable for non-personal investors such as business firms and government organisations where there is less speculation on the interest earned.
Apart from these, the PNB uttam deposit scheme does not have a partial withdrawal option. No auto-rollover is available as well. The bright side of the scheme is that the Uttam scheme is totally secure.
With a decent interest rate, you can secure your hard-earned money. An interest payout option is available. With it, you can have an alternate source of income to meet certain other household expenses.
And yes, you can avail of demand loans against the PNB Uttam deposit scheme.
Motor Accident Claims Annuity Term Deposit Account | MACAD
The scheme enables those people (Victims of road accidents) to save money and earn interest that can generate monthly income for a certain period of time. The tenure of these FDs is 36 months to 120 months.
The scheme details are as under
|1||The MACAD can be opened under a single name. Minor can open the account with a guardian.|
|2||The one-time lump sum amount is deposited as decided by the court or motor tribunal. This amount will be paid to the investor in monthly instalments as EMIs which include the principal amount as well the interest.|
|3||There is no maximum limit. The deposit amount is decided by the motor tribunal or court.|
|4||Premature closure of the scheme can be done only with the permission of the court.|
|5||The interest rate will be the prevailing rate as per the tenure of the deposit.|
|6||TDS is applicable as per the Income Tax Rules and no loan is available against the deposit.|
PNB Floating Rate Fixed Deposit.
A kind of fixed deposit scheme with the option of a variable rate of interest. The Fd can be opened by all the categories of customers. The minimum investment amount is ₹1000. The tenure of this FD is from 7 days to 120 months. A Demand Loan is available against the fixed deposit payable as per the terms and conditions of the bank.
When issuing the PNB floating rate fixed deposit, the bank may not give you the maturity amount as the interest rate is variable for the tenure. Though, the maturity value calculated at the relevant rate applicable on the date of making the fixed deposit will be provided to you.
It’s fixed deposits that can be opened using PNB internet banking. In order to you the service, you have to have active Internet banking. Your bank account must be KYC compliant with the proper PAN number.
The rest is the same as the normal PNB fixed deposits. All other facilities such as auto-rollover, senior citizens benefits, premature withdrawal and nomination facilities are available.
The interest rates will be the card rate as applicable as per the terms of the fixed deposit.
E-FD is a convenient way of opening your fixed deposit account where your physical presence at the branch is not required at all. From the opening of an FD account to the closing of it, you can totally rely on PNB Internet banking.
PNB Anupam Term Deposit
A fixed deposit that can be opened by an individual, sole proprietor, partners, trust, society and company. The scheme is somewhat business oriented as you can get an overdraft limit against the fixed amount. The minimum deposit amount is ₹10000 in multiple of ₹1000 and the maximum amount that you can invest in PNB Anupam Term Deposit is ₹ 19999000. The FD will be for a period between 6 months to 120 months.
The scheme enables you to get interest pay-out every quarter which is credited to your primary account on the last day of March, June, September and December.
One of the unique features of the PNB Anupam scheme is that you can add funds to the same account in order to get a higher overdraft limit. This feature stands out from the rest of the FDs which is quite useful if happen to be a sole proprietor of your business.
PNB Balika Shiksha Fixed Deposit
The Scheme is designed especially for minor girls. All the girls who have passed class VIII from Kasturba Gandhi Balika Vidyalaya, State government and Government aided schools during the period 2008-2009 are eligible for the fixed deposit.
The girl child should be unmarried and below 16 years of age on joining class IX.
For this purpose bank will open a zero-balance savings bank account in the name of a minor. For fixed deposit, the government will allow a deposit of ₹3000 which is withdrawable by the time when she attains 18 years of age.
The interest rate will be the card rate. No loan is available against PNB Balika Shiksha fixed deposit and there is a provision for premature withdrawal when in need of funds.
PNB Systematic Deposit Plan
PNB Systematic Deposit Plan is a kind of fixed deposit that is quite similar to the traditional recurring deposit. The difference lies in the monthly payment mode.
In recurring deposits, you get to open an account in which you decide how much monthly instalments you are going to pay. The monthly instalments are as low as ₹100 and there is no maximum amount capping. You choose a specific tenure and there you go.
Your PNB recurring account is ready to roll. Whereas in PNB Systematic deposit plan, you get to choose core monthly instalments with a minimum of ₹100 or above with a capping of the maximum amount.
Otherwise, it’s a systematic deposit scheme for a period of 6 months to 60 months. Demand loan and overdraft against the deposit amount is available. The interest rate payable will be as per the card rate payable half yearly calculated on a daily product basis.
PNB Tax Shield Fixed Deposit Scheme
Tax saving schemes as a fixed deposit are quite useful when you are running out of time and you do not have the privilege of doing your own research on the product.
It’s easy to understand and covers the tax shield that you are looking for. But, you have to know this- no loan is available against PNB Tax Shield FD.
PNB Tax Shield Fixed Deposit is one such kind of FD that can be used for tax exemption. A minimum of ₹100 can be invested with the maximum amount of investment being ₹1.5 lakhs.
There is no premature withdrawal of the fixed deposit. A lock-in period of 5 years is there. When it matures you get the fund. No auto-rollover facility is available with the scheme.
The bright side of the scheme is that when opening this account you get the option for interest pay-out. You can get the interest on a monthly, quarterly or half-yearly as per your need.
Or if you intend to withdraw at the end of the FD tenure, that too is possible.
How to Open PNB Fixed Deposit Schemes
When you have an active bank account already, it becomes quite easy for you to open fixed deposit accounts in PNB. Every time when you submit a new application you have to quote your bank account.
With that information, the bank dealing staff will process it accordingly. If he needs additional documents, you have to provide them.
Not having any prior relationship with the bank. You have to open a bank account in order to avail yourself of the fixed deposit facilities of PNB. To open a bank account, either you visit the nearest branch or do it online. Both channels are good and you might be able to complete the task quite easily.
Provided, you have the proper KYC documents. KYC documents are as per the Reserve Bank directives and they can be of the following list.
|1||Aadhaar Card with present address|
|2||Voter Card with present address|
|3||Driver’s licence with present address|
|4||Passport with present address|