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FD Schemes Offered by Punjab National Bank
24.09.2015 15:05

About Punjab National Bank:

Headquartered in Delhi, Punjab National Bank is one of the largest private sector banks in India. The bank was established in 1894, and it has over 6,300 branches and 7,900 ATMs spread across the country. The bank provides a wide range of financial services which include Personal Banking, Social Banking, MSME Banking, Corporate Banking, and International Banking etc. It is ranked as one of the Big Four banks of India together with State Bank of India, ICICI Bank and Bank of Baroda.

Punjab National Bank FDs:

PNB offers fixed deposits for different tenures at attractive rates. A fixed deposit account can help you get higher rate of interest on your savings than a regular savings account. The bank offers special term/fixed deposits, tax saver fixed deposits, and also a special fixed deposit scheme exclusively for girls.  

Benefits and Features of PNB Special Term/Fixed Deposits:

  • Individuals can open their FD accounts both singly or jointly with PNB. Illiterate and blind individuals are also permitted to open PNB FD accounts.
  • Minors who have reached the age of 10 years can open their FD accounts by submitting their age proof.
  • Those who are below the age of 10 years can open their FD accounts under the charge of their guardians.
  • Hindu undivided family, Partnership Firm, Commercial Organization, Company and Corporate Body, Association, Club, Society, Trust, Religious and Charitable Educational Institutions, Municipality or Panchayat, Government or Quasi-Government body - they all can open their fixed deposit accounts with PNB.
  • Minimum deposit required is Rs.100 and maximum is Rs.99.99 lakhs.
  • Premature withdrawal is allowed.
  • Loan is allowed against FDs.
  • Auto renewal of FDs is available.
  • TDS certificate is issued for the tax deducted.
  • NRE fixed deposit is available at PNB.

Benefits and Features of PNB Tax Saver Fixed Deposits:

  • The minimum deposit required is Rs.100 and maximum is Rs.1.50 lakhs per financial year.
  • Individuals, including illiterate and blind persons, can open these FD accounts, either individually or jointly. HUFs are also allowed to open FDs with PNB.
  • Deposits are accepted for a minimum period of 5 years and a maximum period of 10 years.
  • Loans can be received after the lock-in period is over, which is 5 years.
  • Nomination facility provided.
  • Premature withdrawals are allowed after 5 years from the date of deposit.
  • Get TDS certificate for the tax deducted at source.

Benefits and Features of Balika Shiksha Fixed Deposit Scheme:

This is a special fixed deposit scheme offered by PNB for girls. 

  • All girls who pass class VIII from Kasturba Gandhi Balika and join class IX in state or UT Government schools are eligible for this scheme.
  • All SC and ST girls who pass class VIII and join class IX in state or UT Government schools can open FD accounts with PNB.
  • An amount of Rs.3000 to be deposited as fixed deposit.
  • The deposit can be withdrawn on reaching at the age of 18 years.

Interest Rates of PNB FDs:

The bank offers attractive rates of interest on its fixed deposits.

The interest on its deposits is paid either monthly at discounted value, or it is compounded quarterly, or on the date of maturity based on the agreement between the depositor and the bank.

For domestic term deposits, the highest rate of interest offered by PNB is 8.75% and the lowest rate of interest is 4.50% for investing less than Rs. 1 crore.

The same maximum rate is applicable for investing Rs.1 crore and above. But the lowest rate of interest for investing Rs.1 crore and above is 6.00%.

The bank offers special rate of interest for senior citizens. For this depositor-class, the maximum rate of interest is 9.00% and the lowest is 5.00%.

For NRE term deposits, the highest rate of interest is 8.75% for investing less than Rs 1 crore. The same rate of interest is also applicable for investing more than Rs.1 crore. 

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