Why are FDs the top choice of investments in India?
With various banks offering attractive FD schemes, fixed deposits are one of the safest investments you can make in india. They are not affected by the fluctuations in the market and offer stable returns at fixed interest rates. In this article, we take a closer look into the FD interest rates offered by Punjab National Bank, one of the leading banks of India.
Punjab National Bank: Also known as India's first Swadeshi Bank, PNB is one of the leading public sector banks in India. Established in 1894, the bank now has close to 11,000 branches and 14,000 ATMs across India. Punjab National Bank provides multiple fixed deposit schemes to its customers with interest rates varying from 3.5% p.a.- 7.5% p.a. The money deposited in the FD account will be secured for the tenure chosen and PNB FD rates will be declared based on the tenure and amount deposited.
PNB fixed deposit Interest rates
PNB Domestic/NRO Term Deposit FD Rates Below Rs.2 Crore
Tenure Regular FD rates (% p.a) Senior citizen FD rates
7days to 14days 3.5 4.00
15days to 29days 3.5 4.00
30days to 45days 3.5 4.00
46days to 60days 4.5 5.00
61days to 90days 4.5 5.00
91days to 179days 4.5 5.00
180days to 270days 4.5 6.50
271days to less than 299days 6.0 6.75
300days 6.25 7.55
301days to less than 1year 7.05 6.75
1year 6.25 7.25
Above 1year to 399days 6.80 7.30
400days 7.25 7.75
401days to 2years 6.80 7.30
Above 2years to 3years 7.00 7.50
Above 3years to 5years 6.50 7.00
Above 5years to 10years 6.50 7.30
PNB Domestic/NRO Term Deposit FD Rates between Rs.2 Crore and Rs.10 Crore
Tenure Regular FD rates (% p.a)
7days to 14days 6.00
15days to 29days 6.00
30days to 45days 6.00
46days to 60days 6.4
61days to 90days 6.6
91days to 179days 6.5
180days to 270days 6.65
271days to less than299 days 6.75
300days 6.75
301days to less than 1year 6.75
1year 7.25
Above 1year to 399days 6.50
400days 6.50
401days to 2years 6.50
Above 2years to3years 6.50
Above 3years to 5years 6.25
Above 5years to 10years 5.60
PNB NRI FD Interest Rates:
PNB Fixed deposit rates on Non-Resident External (NRE) Fixed Deposits of less than Rs 2 crore with effect from 8 January 2024
Tenure Interest Rates (% p.a.)
1year - 6.75
Above 1year to 399 days - 6.80
400days - 7.25
401days to 2 years - 6.80
Above 2years to 3 years - 7.00
Above 3years to 5 years - 6.50
Above 5years to 10 years - 6.50
PNB Fixed deposit rates on Non-Resident External (NRE) Fixed Deposits from Rs. 2 crore to less than Rs 10 crore with effect from 8 January 2024
Tenure Interest Rates (% p.a.)
1year - 7.25
Above 1year to 399 days - 6.50
400days -6.50
401days to 2years - 6.50
Above 2years to 3years - 6.50
Above 3years to 5years - 6.25
Above 5years to 10years - 5.60
PNB tax saver FD rates
Tenure Regular FD rates (% p.a) Senior citizen FD rates
5years 6.5 7.00
Above 5years to 10years 6.5 7.30
Types of FDs in PNB:
Here are the various FD schemes offered by PNB. You may choose the one that suits your needs, tenure and investment amount from the given options.
Annuity Term Deposit Scheme for Victims of Road Accidents:
This scheme places the funds received from the Motor Tribunals under the Motor Accident Claims Annuity Deposit (MACAD) as per court orders for victims of road accidents. The one-time lump sum claim amount can be deposited as EMIs for a tenure of 36 months to 10 years.
PNB Uttam Non-Callable Term Deposit Scheme:
For single deposits of Rs.15 lakh, with maturity option of 91 days to 10 years. Individuals, minors, HUFs, proprietorships, clubs, societies, as well as blind and illiterate people are eligible.
Schemes covered under E-FD:
These schemes are open for existing customers having a savings or current account and must have their internet banking enabled. Auto Renewal facility is provided only for the maturity value. Here are the different types of schemes under E-FD.
Multi Benefit Term Deposit Scheme (below Rs.1 Crore)
Special Term Deposit Scheme (below Rs.1 Crore)
Ordinary Term Deposit Scheme (below Rs.1 Crore)
PNB Sugam Term Deposit Scheme (up to Rs.10 Crore)
PNB Anupam Term Deposit Scheme:
Inbuilt overdraft facility for deposits from Rs. 10,000 to Rs.99,99,000.
PNB Balika Shiksha:
This scheme is for SC/ST girls who pass class VIII and enrol for class IX in state/UT government aided or local schools.
Capital Gain Account:
Individuals can open this account for amounts received from various capital gains.
PNB Multi-Benefit Term Deposit Scheme:
Minimum deposit of Rs.100 and term deposits with maximum amount of Rs.1,99,99,999 afterwards.
PNB Special Term Deposit Scheme:
Deposit of Rs.100 to Rs.2 crore with tenures up to 10 years.
PNB Sugam Fixed Deposits:
FDs from Rs.10,000 to Rs.10 crore and tenure starting from 46 days that has zero penalty on premature part/full withdrawal.
PNB Systematic Deposit Plan:
It should have a minimum of Rs.100 or above in its multiples. However, the monthly deposit will not exceed ten times of such core.
PNB Ordinary Term Deposit Scheme:
The Term Deposit Ordinary (TDO) account can be opened with a minimum deposit of Rs.100 and thereafter with a maximum deposit of Rs.1,99,99,999.
PNB Varshik Aay Yojna:
FDs from Rs.10,000 to Rs.99.99 lakh with tenures from 24 months to 120 months.
PNB Tax Saver Fixed Deposit Scheme:
It facilitates a deposit up to Rs.1.5 lakh per financial year for up to 10 years. However, it comes with a lock-in period of 5 years. For senior citizens, it also gives 1% additional interest over and above the interest rate.
PNB Pranam Fixed Deposit Scheme:
For persons aged 55 years up to 60 years Minimum deposit is Rs.100 and in multiples of Rs.1 thereafter with a maximum amount is Rs.99,99,999.
PNB MIBOR Linked Notice Deposit Scheme:
In this scheme, deposits have an interest rate linked to the Mumbai InterBank Offer Rate (MIBOR) NSE overnight and are only applicable in metro city branches. It facilitates single deposit of above Rs.10 crore
With a tenure of 7 days to 60 days. This is mainly adopted by HNIs.
PNB Floating Rate Fixed Deposit Scheme:
It demands a minimum deposit of Rs.1,000 and multiples with tenure ranging from 7 days to 10 years.
PNB Bulk Fixed Deposit Scheme:
This scheme is for deposits of above Rs.10 crore with a maturity option between 7 days and 5 years. It also comes with an income option between 6 months to 10 years.
PNB Growth Fixed Deposit Scheme:
This is ideal for deposits ranging from Rs.2 crore to Rs.10 crore and has a maturity period from 7 days to 10 years.
PNB NRE Sugam Term Deposit Scheme:
This scheme is for NRIs in single or joint capacity and holds no maximum limit. It asks for a minimum deposit of only Rs.1,000 with tenures ranging from 1 year to 10 years.
PNB NRO Sugam Term Deposit Scheme:
The scheme is ideal for NRIs or Persons of Indian Origin (PIO). This scheme demands a minimum deposit of Rs.10,000 and a maximum of up to Rs.10 crore with tenures ranging from 46 days up to 10 years.
Conclusion:
In a world of fluctuating markets and uncertain futures, Fixed Deposits remain as a great way to save your hard-earned money. Even though the returns are lower than alternate investment schemes, with predictable and consistent returns, FDs still remain as the safest investing instrument in India. All the FD interest rates mentioned above are effective as of 1 February 2024 and can change at the discretion of the bank.
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FAQs On PNB Bank FD Interest Rates:
1. Are interest rates for FDs in PNB same for senior citizens?
Compared to regular schemes, PNB offers an additional interest rate for senior citizens.
2. Is it possible to add an additional amount into an existing fixed deposit account?
Yes, it's typically possible to add additional funds to an existing fixed deposit account, depending on the terms and conditions set by the bank or financial institution where the account is held.
3. Is a PAN card necessary when applying for an FD scheme?
Yes, a PAN card is mandatory to open a FD account in India.
4. What is the highest rate offered on FD by Punjab National Bank?
One can earn a maximum interest of 7.50%* on the PNB fixed deposit.
