Among the many FD providers in the market, PNB is one of the most dependable. PNB FDs provide investors with a number of advantages, including higher returns, a longer term, a lower minimum deposit requirement, and the ability to borrow against a PNB FD, among others. When it comes to FD interest rates, PNB offers the highest rate of 5.30 percent. On the other hand, the current PNB FD interest rate for senior citizens ranges from 3.50 percent to 5.80 percent.
Punjab National Bank fixed Deposit Features
PNB FDs are one of the best investment options for depositors looking for a fixed income instrument with higher returns than a savings account. The following are some of the key features of a PNB fixed deposit:
- Deposit Amount: PNB FDs can be opened with as little as $50 and as much as $100,000.
- Tenure of FDs varies from 7 days to 10 years.
- Interest Rates: 3.00 percent per annum to 5.30 percent per annum.
- FD Rates for Senior Citizens: 3.50 percent to 5.80 percent per annum.
- PNB’s highest interest rate on FDs is 5.30 percent for a 10-year term, as of today’s rate.
- Deposits at PNB are safe because they are covered by the RBI’s Deposit Insurance Scheme, which insures up to 5 lakh of a depositor’s total deposits.
- Loan against FD: PNB offers a loan against FD to its depositors to help them meet their liquidity needs without having to break their FD.
- Auto-renewal service is available.
- Nomination service is available.
- Popular FD Schemes: Regular Fixed Deposits, FD Scheme For Road Accident Victims, PNB Anupam Term Deposit Scheme, PNB Balika Shiksha Fixed Deposit Scheme, Multi Benefit, Scheme For Road Accident Victims for Minors, PNB Sugam Term Deposit Scheme, PNB Swechha Jama Yojna Flexi FD Scheme, PNB Ordinary Term Deposit Scheme, PNB Varshik Aay Yojana Deposit Scheme, PNB Tax Saver Fixed Deposit Scheme, Prospective Senior Citizen Term Deposit Scheme, PNB Mibor Linked Notice Deposit Scheme, PNB Bulk Fixed Deposit Scheme.
Punjab National Bank FD Interest Rates
|Tenure||FD Interest Rates||Senior Citizen FD Interest Rates|
|7 days to 14 days||3.00%||3.50%|
|15 days to 29 days||3.00%||3.50%|
|30 days to 45 days||3.00%||3.50%|
|46 days to 90 days||3.25%||3.75%|
|91 days to 179 days||4.00%||4.50%|
Documents required to open Fixed Deposit Account in Punjab National Bank
Punjab National Bank Fixed Deposit Rates – Premature Withdrawal
Premature termination of a PNB Term Deposit is accompanied by a 1% interest rate reduction from the agreed rate. The penalties for prematurely closing a PNB FD differ depending on the deposit scheme.
Loan against Fixed Deposit Punjab National Bank
PNB provides loans of up to 90% against its own deposit. PNB will not lend you money if you have an FD with another bank. PNB offers a loan against a fixed deposit (FD) at a rate ranging from 4% to 6.3 percent.
The maximum loan tenure is limited to the FD’s maximum term.
Mr. Rahul has opened a PNB fixed deposit for a total of 1,00,000 for a period of two years. Later, the borrower decided to take out a loan against his FD. The bank has approved a 90 percent credit limit against his FD, at a ten percent interest rate. Now, if the creditor takes out a loan for $90,000 on the first of the month and repays it on the first of the following month, he must pay interest on the $90,000 borrowed for one month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.
FD Account Opening Process at Punjab National Bank
You can visit PNB’s official website and login to your account to open a Fixed Deposit account. Select Fixed Deposit from the menu, then the Type of FD you want to open and click Next. After that, fill in the deposit amount and, if you are over 60, select the ‘Senior Citizen’ option. You must select the deposit term and the frequency of interest payments. After reading the words, click Submit to open the PNB FD.
PNB FD Nomination Facility
On Fixed Deposits, PNB provides a nomination option that allows the depositor’s family to demand the money in the event of the depositor’s death. A nominee may be appointed by an individual, a single account holder, or a joint account holder. No more than one person may be named as a nominee. When you open a PNB fixed deposit, you can fill out nominee details. At the time of claim, the nominee must provide identification evidence.
Punjab National Bank News Snippets
PNB has completed the IT merger of the two combined entities’ divisions.
Customers of the former OBC Bank have been moved to PNB’s CBS, where they can transact seamlessly across existing branches and digital banking platforms such as internet banking and mobile banking. The merger of PNB, United Bank of India, and OBC took place on April 1st of this year. In terms of company and total branches, the merger formed the second-largest nationalised bank.
FD rates at Punjab National Bank have been updated.
Punjab National Bank has changed its FD rates, which will take effect on December 1, 2020. For 7 to 45 days, the FD rate is 3%, for 46 to 90 days it is 3.25, for 91 to 179 days it is 4%, and for 180 to 270 days it is 4.40 percent. Long tenors of 271 days to less than one year have a 4.50 percent average, while one year to up to three years have a 5.20 percent rate. Furthermore, the FD average for those with a term of more than three years to ten years is 5.25 percent.
FD rates at Punjab National Bank have improved.
With effect from September 1, 2020, Punjab National Bank has revised its FD rates. For 7 to 45 days, the FD rate is 3%, for 46 to 90 days, 3.25 percent, and for 91 to 270 days, 4.40 percent.The rate for long tenors of 271 days to less than one year is 4.50% and the rate for one year to up to 3 years is 5.25%. Further, the FD rate for above 3 years to 10 years is 5.30%.
✅ What is the highest FD rate for PNB?
You can earn a maximum interest of 5.30% on PNB fixed deposit.
✅ Are there any special rates for senior citizens FD of PNB?
Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.00% to 5.30%. Compared to this, the rate of senior citizens FD are in the range of 3.50% to 5.80%.
✅ Who is eligible for opening an FD account in PNB?
All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.
✅ What documents are required to open an FD account in PNB?
The documents required to open an FD account in PNB includes PAN Card, Aadhar card., 2 Photographs.
Table of Contents
- 1 Punjab National Bank fixed Deposit Features
- 2 Punjab National Bank FD Interest Rates
- 3 Documents required to open Fixed Deposit Account in Punjab National Bank
- 4 Punjab National Bank Fixed Deposit Rates – Premature Withdrawal
- 5 Loan against Fixed Deposit Punjab National Bank
- 6 FD Account Opening Process at Punjab National Bank
- 7 PNB FD Nomination Facility
- 8 Punjab National Bank News Snippets
- 9 FAQs