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Punjab National Bank Fixed Deposit Rate
What is a fixed deposit?
A fixed deposit is one kind of financial investment that is used by a lot of people wherein, one can deposit a specified amount of money for a certain tenure and earn an interest on the same. Fixed deposits are offered to people by many banks and Non-Banking Financial Companies (NBFCs). The deposit periods on fixed deposits generally range from 7 days to 10 years or more in some cases. The money deposited for this period earns an interest and is given back to the person after the tenure has ended. One gets assured returns.
You can deposit your needed amount at Punjab National Bank’s fixed deposit account for a period of time that typically ranges from 7 days to 10 years. The minimum amount that can be deposited in a Punjab National Bank account is Rs.100. The bank offers competitive interest rate on fixed deposits. The interest earned on the fixed deposit will attract the TDS as applicable.
Punjab National Bank provides six different fixed deposit schemes catering to the needs of the customers. One can choose a fixed deposit scheme that is convenient based on personal needs. The six schemes are PNB Uttam – Non-Callable deposit scheme, Fixed deposit through interest banking (E-FD), FD scheme for road accident victims, PNB Tax Saver fixed deposit scheme, PNB Floating rate fixed deposit scheme and PNB bulk fixed deposit scheme.
About Punjab National Bank Fixed Deposit Rate
- PNB Uttam – Non-Callable deposit scheme
- Fixed deposit through internet banking (E-FD)
- FD scheme for road accident victims
- PNB Tax saver fixed deposit scheme
- PNB Floating Rate Fixed Deposit Scheme
- PNB Bulk Fixed Deposit Scheme (Above 10 crores)
- Interest Rate on Punjab National Bank Fixed Deposit
- Punjab National Bank Fixed Deposit rates
- Senior Citizens Interest rate
- How to Calculate Punjab National Bank Fixed Deposit Interest
- Punjab National Bank FD Premature Withdrawal Penalty
- Punjab National Bank FD – FAQS
PNB Uttam – Non-Callable deposit scheme
Under this scheme, the amount to be deposited must be above Rs.15 lakhs and thereafter in multiples of Rs.1. There is no maximum limit on this scheme. The customer can opt for the interest to be given as regular income or can get all the interest at maturity of the FD. For deposits of above Rs.15 lakhs to Rs.10 crores the tenure for maturity option is 91 days to 10 years whereas the income option ranges from 6 months to 10 years. For deposits of above Rs.10 crores the tenure for maturity option is 91 days to 1 year whereas the income option ranges from 6 months to 1 year. No pre-mature withdrawal is permitted. Nomination facility is available. TDS is applicable.
Fixed deposit through internet banking (E-FD)
This scheme is applicable only for internet banking users who have an operative saving/current account. The customer account must be KYC compliant. Auto Renewal facility is provided only for the maturity value. Premature withdrawal facility is available but only through net banking. TDS is applicable. Acceptance of terms & Conditions is mandatory before the issuing of E-FD. Valid PAN is needed in the funded account.
FD scheme for road accident victims
Under this scheme, any individual, minors of 10 years and above in his own name and below 10 years under guardianship are eligible provided there are Court orders in support of the claim in his/her name. Interest is paid on a monthly basis at a discounted rate. The period of deposit ranges from 1 year to 10 years. Additional 1% above fixed rate of interest is given as applicable for normal Fixed Deposit scheme for various tenures. No premature cancellation or part withdrawal is allowed.
PNB Tax saver fixed deposit scheme
This scheme has a minimum deposit duration of 5 years and maximum of 10 years. It has a lock in period of 5 years and premature withdrawals are allowed after the completion of 5 years of deposit. The minimum amount that can be deposited is Rs.100 and the maximum amount allowed is Rs.1,50,000 per financial year. The deposit can be opened individually or jointly. Nomination facility is applicable. Interest on deposits is payable either monthly at discounted value or quarterly or compounded quarterly on the date of maturity at the option of the customer.
PNB Floating Rate Fixed Deposit Scheme
Under PNB Floating Rate Fixed Deposit Scheme the rate of interest that is payable on the Fixed Deposit will automatically change with the change in Fixed Deposit Rate made by the bank from time to time. The changes in rate of Interest will be applicable, without presentment of the confirmation of deposit by the depositor. The minimum deposit is Rs.1,000 and in multiples thereof. The duration of the deposit ranges from 7 days to 10 years.
PNB Bulk Fixed Deposit Scheme (Above 10 crores)
This deposit can be opened with a single deposit of above Rs.10 crores and in multiples of Rs.1 thereafter. Individuals, jointly, minors, HUF, associations, partnerships, trusts, etc are eligible. The duration of this deposit ranges from 7 days to 10 years. Auto renewal facility is not available. Nomination facility is available. Loans can be taken against this deposit.
Interest Rate on Punjab National Bank Fixed Deposit
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Punjab National Bank interest rates typically ranges from 5.70% to 6.85% per annum.
Punjab National Bank Fixed Deposit rates
Following is an overview of Punjab National Bank Fixed Deposit Rates as of 01.11.2018
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the bank. For the latest rates, it is advisable to check with Punjab National Bank directly.)
Rate of interest on Single Domestic Term Deposits & NRE Term Deposits Of up to Rs.10 Cr:
| Domestic TD Less Than Rs.1 Cr. | Domestic TD Rs.1 Cr. To Rs 10 Cr | NRE TD Less Than Rs. 1 Cr | NRE TD Rs. 1 Cr. To Rs. 10 Cr. | |||||
|---|---|---|---|---|---|---|---|---|
| Sl. No | Period | ROI (% p.a.) | A.Y.* | For Senior Citizen ROI (% p.a.) | ROI (% p.a.) | A.Y.* | ROI (% p.a.) | ROI (% p.a.) |
| 1 | 7 to 14 days | 5.70 | 5.70 | 6.20 | 6.00 | 6.00 | NA | NA |
| 2 | 15 to 29days | 5.70 | 5.70 | 6.20 | 6.25 | 6.25 | NA | NA |
| 3 | 30 to 45 days | 5.70 | 5.70 | 6.20 | 6.25 | 6.25 | NA | NA |
| 4 | 46 to 90 days | 6.35 | 6.35 | 6.85 | 6.55 | 6.55 | NA | NA |
| 5 | 91 to 179 days | 6.35 | 6.35 | 6.85 | 6.50 | 6.50 | NA | NA |
| 6 | 180 days to 270 Days | 6.35 | 6.40 | 6.85 | 6.50 | 6.55 | NA | NA |
| 7 | 271 days to less than 1 year | 6.35 | 6.45 | 6.85 | 6.50 | 6.61 | NA | NA |
| 8 | 1 year | 6.75 | 6.92 | 7.25 | 6.75 | 6.92 | 6.75 | 6.75 |
| 9 | 555 days** | 6.85 | 7.16 | 7.35 | 6.85 | 7.16 | 6.85 | 6.85 |
| 10 | above 1 year & up to 3 years | 6.75 | 6.92 | 7.25 | 6.50 | 6.66 | 6.75 | 6.50 |
| 11 | above 3 year & up to 5 years | 6.25 | 6.82 | 6.75 | 6.25 | 6.82 | 6.25 | 6.25 |
| 12 | above 5 years & up to 10 years | 6.25 | 7.27 | 6.75 | 6.25 | 7.27 | 6.25 | 6.25 |
PNB UTTAM FIXED DEPOSIT SCHEME Non-Callable (For Deposit Above 15 Lakh)
| Domestic TD more than Rs 15 Lakh to less than Rs.1cr | Domestic TD Rs.1 Cr. To Rs 10 Cr. | |||
|---|---|---|---|---|
| Period | ROI (% p.a.) | A.Y.* | ROI (% p.a.) | A.Y.* |
| 91 to 179 days | 6.40 | 6.40 | 6.55 | 6.55 |
| 180 days to 270 Days | 6.40 | 6.45 | 6.55 | 6.60 |
| 271 days to less than 1 year | 6.40 | 6.50 | 6.55 | 6.66 |
| 1 year | 6.80 | 6.98 | 6.85 | 7.03 |
| 555 Days** | 7.00 | 7.32 | 7.00 | 7.32 |
| above 1 year & up to 3 years | 6.85 | 7.03 | 6.60 | 6.77 |
| above 3 year & up to 5 years | 6.35 | 6.93 | 6.35 | 6.93 |
| above 5 years & up to 10 years | 6.35 | 7.41 | 6.35 | 7.41 |
Senior Citizens Interest rate:
Senior citizens are given an additional rate of interest of 0.50% over applicable card rates for all maturities on domestic deposits of less than Rs. 1 Crore.
How to Calculate Punjab National Bank Fixed Deposit Interest?
You can use online resources to calculate the interest accrued on your Punjab National Bank FD. There are several online sites that allow you to instantly calculate the interest earned. All you have to do is enter the FD amount, tenure and rate of interest and the calculator will do the hard number crunching and present you with a breakup of the interest earned and the maturity amount
You can enter as many combinations as you want, and the calculator will give you instant and accurate results.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
The following is the formula to calculate the interest earned in a Fixed Deposit account:
Calculate Punjab National Bank FD Rate
A = P x (1 + r/n)nt
I = A - P
Where
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
Punjab National Bank FD Premature Withdrawal Penalty
In cases where the deposit remains with the bank up to 5 years, interest payable will be 1% minus the rate that remained effective from time to time for the period FD has run.
In cases where the deposit remains with the bank above 5 years, interest payable will be 0.5% minus the rate that remained effective from time to time for the period FD has run.
Term deposits of above Rs.10 Crore In case of pre-mature cancellation of FD of above Rs.10 crore, rate of interest that remained effective from time to time for the period FD has run will be paid, without making any reduction.
Punjab National Bank Fixed Deposit Rate FAQ
1. What are the FD schemes available with Punjab National Bank?
The six schemes are PNB Uttam – Non-Callable deposit scheme, Fixed deposit through interest banking (E-FD), FD scheme for road accident victims, PNB Tax Saver fixed deposit scheme, PNB Floating rate fixed deposit scheme and PNB bulk fixed deposit scheme.
2. For how long can I keep my deposit?
You can open a fixed deposit account for any period ranging from 7 days to 10 years. Upon maturity of your deposit, you are paid your original deposit amount plus the interest accumulated.
3. Can I deposit additional amount in my FD account?
No. It is possible to deposit the amount only once, that is at the time of opening the account. If you want to invest any additional amounts, then you will need a new FD account.
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