Punjab National Fixed Deposit Rate
Punjab National Bank Fixed Deposit Rate - FD Rate in India
A fixed deposit (FD) account, as the name suggests, is a savings and investment option in which money can be deposited for a ‘fixed’ period of time. It earns a ‘fixed’ interest that depends on the principal amount deposited. The rate of interest is higher than a regular savings account, making it a popular investment option. Depositing money in Fixed Deposit Accounts has been the norm amongst Indians for a long time now. This is due to the fact that it is a safe instrument for investment that has an assured return and is free from volatility and market risks.
Fixed deposits are opened for a time period that usually ranges from seven days to a maximum period of ten years. In some cases, certain banks will allow you to open a deposit for longer. Once the deposit matures, the bank credits the principal amount along with the interest earned to the bank account specified on the application form when the FD is opened.
The interest rates are decided by the respective banks, which in India, generally ranges from 4% to 8% per annum.
If you have some idle money, investing in an FD is a safe option. The good news is, opening an FD is simple and the documentation process itself is hassle-free and simple.
Apart from banks, NBFCs and corporates too offer fixed deposits.
Punjab National Bank Deposit Rates
As mentioned before, the rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest. But a bank may also offer a lower rate of interest for a longer tenure if rates are expected to fall in the future. Punjab National Bank Interest Rates typically range from 4%-8% per annum.
Punjab National Bank FD rates
Following is an overview of Punjab National Bank Term Deposit Rates and Punjab National Bank Short-Term Fixed Deposit Interest Rates.
Punjab National Bank Interest Rates on Fixed Deposits 2015 – 2016:
(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 and NRE Term Deposits of Up to Rs.10 Cr
|Domestic TD of less than Rs.1 Cr.||Domestic TD of Rs.1 Cr. To Rs 10 Cr||NRE TD of less than Rs. 1 Cr||NRE TD Rs. 1 Cr. To Rs. 10 Cr.|
|Period||Rate of Interest (% p.a.)||Annualized yield||For Senior Citizen||Rate of Interest (% p.a.)||Annualized yield||Rate of Interest (% p.a.)||Rate of Interest (% p.a.)|
|7 to 14 days||4.25||4.25||4.75||5.00||5.00||NA||NA|
|15 to 29days||4.25||4.25||4.75||5.00||5.00||NA||NA|
|30 to 45 days||4.75||4.75||5.25||5.00||5.00||NA||NA|
|46 to 90 days||6.25||6.25||6.75||6.00||6.00||NA||NA|
|91 to 179 days||6.50||6.50||7.00||6.00||6.00||NA||NA|
|180 days to 270 Days||7.00||7.06||7.50||6.25||6.30||NA||NA|
|271 days to less than 1 year||7.00||7.12||7.50||6.25||6.35||NA||NA|
|above 1 year & up to 2 years||7.15||7.34||7.65||6.50||6.66||7.15||6.50|
|above 2 year & up to 5 years||7.15||7.61||7.65||6.25||6.60||7.15||6.25|
|above 5 years & up to 10 years||7.00||8.30||7.50||6.25||7.27||7.00||6.25|
Punjab National Bank FD Interest Rates for Senior Citizens
The Senior Citizen's deposit is designed to provide senior citizens with that extra buffer in their retirement years in the form of an additional rate of interest over the prevailing interest rates for regular FDs. Punjab National Bank offers special Senior Citizen FD Rates which is generally marginally higher than the rates as applicable on a regular FD. Refer to the table above for Punjab National Bank Senior Citizen FD rate.
How to Calculate Punjab National Bank Fixed Deposit Interest
There are many online websites that have easy-to-use FD calculators. You can use such online resources to help you identify how much interest you will earn on your principal amount. Using online FD calculators is easy and saves you the hassle of computing it manually. The FD calculator gives an accurate estimate of the returns on your principal amount instantly. There are several online websites that allow you to calculate the interest earned. You can refer to the bank’s latest interest rates while using the calculator.
Using an online resource helps in determining how much you want to invest. It helps identify the final maturity amount. You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
Calculate IDBI FD Rate
A = P x (1 + r/n)nt
I = A - P
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
Though you cannot withdraw money from an FD before the maturity date, the bank will allow you to withdraw the money from the deposit prematurely if you wish to. The bank typically charges a nominal penalty which is communicated to you at the time of application of FD. Alternatively, you can opt for an overdraft facility.
Punjab National Bank FD – FAQS
What is the period for a fixed deposit in Punjab National Bank?
The minimum period of Fixed Deposit is 7 days and can go up to 179 days for certain kinds of FD schemes.
What is the minimum amount required to open a fixed deposit with PNB?
The minimum amount for a fixed deposit is Rs.100
Who is eligible to open an FD with Punjab National Bank?
A fixed deposit account can be opened by individuals, two or more persons jointly in their names, firms, corporate bodies, partnership firms, private and public limited companies, clubs and associations.
Who are eligible to open a senior citizen deposit?
Indian citizens aged 60 years and above are eligible for opening a senior citizen fixed deposit.
Is TDS deducted for FD accounts?
Yes, TDS is applicable as per rules. The Bank issues TDS Certificate for the tax deducted.