Punjab National Bank Recurring Deposit
- PNB provides RD rates as high as 5.30 percent.
- PNB’s RD interest is multiplied quarterly.
- PNB accepts deposits of as little as Rs. 100.
- PNB gives senior citizens an RD discount of up to 5.80%
PNB RD Rates – Special Features
- An RD account may be opened in the name of a minor over the age of ten.
- Minors under the age of ten will, however, open an RD account under the supervision of their parents.
- The length of the deposit varies from 6 to 120 months.
- To use this service, go to any PNB branch.
- TDS deductions are subject to the income tax laws in effect at the time the RD account is opened.
- Non-payment of the periodic deposit carries a penalty of Rs. 1.00 per Rs. 100/- per month.
PNB Recurring Deposit Schemes Types
PNB Recurring Deposits are divided into three categories based on their tenure:
- RD on a short-term basis
The term of your PNB Recurring Deposit can be anywhere from six months to three years. This form of RD is perfect for those who want to develop a saving habit. - RD for the Medium-Term
When you don’t want to commit for a long period of time and aren’t sure how much value you’ll get from RD, a medium-term recurring deposit is a good option. It strikes the right balance of versatility and investment commitment, allowing you to weigh the pros and cons. - RD for the Long-Term
When you want to earn a return on your investment but don’t have the funds to invest in a fixed deposit, a long term RD is the best alternative. By investing in recurring deposits, you achieve the versatility of making monthly contributions while receiving a return equivalent to a fixed-income fund. The tenure usually lasts between seven and ten years.
PNB RD Account
Customers may put their surplus savings in a revolving deposit at PNB for a set period of time. At the time of account opening, a customer must make a deposit into their RD account. During the term of the deposit, the customer makes frequent deposits and withdraws some money in the account.
PNB Recurring Deposit Rates
Here are some of the factors that influence the interest rates on PNB Recurring Deposits. The following are some of them:
- The interest rate of all banking instruments, including recurring deposits, is affected by changes in the Cash Reserve Ratio (CRR) and repo rate as directed by the RBI.
- Recession – During a recession, the RBI releases funds into the economy, thus injecting liquidity. Banks lower RD rates as a result of high liquidity and low credit demand.
- Inflation – Inflation has a positive impact on the interest rate on a fixed deposit. As a result, in periods of increasing inflation, RD rates appear to be higher.
- Current Economic Situation – When the economy is booming, people take out more credit to fulfil their personal and business needs. Banks offer higher interest rates during times of high credit demand in order to raise more funds via recurring deposits.
PNB RD Interest Rates 2021
| Tenure | General Rates | Senior Citizen Rates |
|---|---|---|
| 180 days to 270 days | 4.40% | 4.90% |
| 271 days to 364 days | 4.50% | 5.00% |
| 1 year | 5.20% | 5.70% |
| 1 year 1 day to 3 years | 5.20% | 5.70% |
| 3 years 1 day to 5 years | 5.30% | 5.80% |
| 5 years 1 day to 10 years | 5.30% | 5.80% |
PNB RD Interest Calculator
The amount of RD maturity you will obtain is calculated by the following three factors.
- The initial amount deposited by a customer in PNB is known as the deposit amount. On larger deposits, a higher interest rate can be offered. PNB accepts deposits of as little as Rs. 100.
- Interest Rates- PNB pays a higher interest rate on longer-term revolving deposits and a lower interest rate on shorter-term deposits. PNB offers the highest interest rate on deposits of 5.30 percent.
- Deposit period- The bank offers a low-interest rate on short-term RDs and a higher interest rate on long-term RDs.
Duration of Rd
PNB allows you to open a Revolving Deposit account for a minimum of 6 months and a maximum of 120 months.
Faq’s
What are the requirements to open an RD account?
Residents of India and HUFs (Hindu Undivided Families) are eligible to open an RD account. NRIs will open RD accounts using their NRO and NRE accounts.
Banks also provide an RD scheme for minors who are under the financial supervision of their parents.
✅What is the term/duration of PNB Recurrent Deposits in general?
PNB RDs are valid for a minimum of 6 months and a maximum of 120 months.
✅ What happens when an RD account reaches its maturity date?
When your RD account matures, you will request that the bank move the principal sum as well as the accrued interest portion to your linked savings account. After the RD matures, you can put the money into fixed deposits.
✅ What happens when an RD account reaches its maturity date?
When your RD account matures, you will request that the bank move the principal sum as well as the accrued interest portion to your linked savings account. After the RD matures, you can put the money into fixed deposits.
✅ Is it possible to nominate someone in a PNB RD account?
Nomination is possible with PNB periodic deposits. Only one nominee per account is permitted if the account is opened in single or joint names. You must ensure that the appointment is carried out in accordance with RBI regulations. You may adjust the candidate by filling out the required form and submitting it.