PNB Housing Finance FD Interest Rates 2020
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PNB Housing Finance Fixed Deposit Interest Rates

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Brief overview of Punjab National Bank (PNB)

Punjab National Bank (PNB) is one of the largest public sector banks in India, with a rich and significant history spanning over a century. PNB has become a pivotal player in the Indian banking sector, offering a wide array of financial services to its customers. Headquartered in New Delhi, the bank operates through a vast network of branches across India, as well as international branches and representative offices. PNB Housing Finance offers 6.65% to 7% per annum for its fixed deposit schemes for individual customers. Senior Citizens enjoys a 0.5% extra rate of interest on PNB Housing Finance Fixed Deposit. 

PNB has consistently evolved to keep pace with the changing banking landscape, embracing the latest technologies and innovations to enhance customer experience. As a trusted financial institution, PNB is committed to fostering economic growth and development, catering to the diverse financial needs of individuals, corporates, and government entities. With a strong focus on customer-centricity and ethical business practices, PNB has gained recognition and built a solid reputation in the banking industry, exemplifying its commitment to excellence and fostering financial inclusion.

PNB Housing Finance Interest Rate

Tenure FD Interest Rates Senior Citizen FD Interest Rates
12 months to 23 months 6.65% 7.15%
24 months to 35 months 6.75% 7.25%
36 months to 47 months 6.90% 7.40%
48 months to 59 months 6.90% 7.40%
60 months to 71 months 7.00% 7.50%
72 months to 84 months 7.00% 7.50%
85 months to 120 months 7.00% 7.50%

Interest Rates on PNB Fixed Deposits

Interest Rates on PNB Fixed Deposits: Fixed deposits, also known as term deposits, are a popular investment option offered by banks across the globe. In this regard, Punjab National Bank (PNB), one of the leading public sector banks in India, offers attractive interest rates on their fixed deposit schemes. PNB fixed deposits provide a safe and secure investment avenue for individuals and organizations, helping them grow their savings with guaranteed returns. With various tenures and interest payout options, PNB fixed deposits cater to the diverse investment needs and risk appetites of customers. In this article, we will delve into the details of interest rates offered by PNB on their fixed deposit schemes, highlighting the key factors that influence these rates and exploring the benefits of investing in PNB fixed deposits. Whether you are looking for short-term or long-term investment options, PNB fixed deposits can be an excellent choice to maximize your savings while preserving capital.

Card rate vs actual rate

The card rate and the actual rate refer to the difference in exchange rates used for currency conversions during financial transactions. The card rate is the rate published by banks or credit card companies that is used as a benchmark for calculating conversion charges for transactions made using a credit or debit card. On the other hand, the actual rate is the real-time exchange rate at the precise moment of the transaction.

The card rate is determined by financial institutions based on their own calculations and considerations, such as market trends, competition, and profit margins. It is typically a slightly higher rate compared to the actual rate. When a transaction is made using a credit or debit card, the card rate is applied, resulting in a conversion charge added to the transaction cost.

Several factors can cause the card rate to differ from the actual rate. One such factor is currency conversion fees imposed by the credit card company or bank. These fees are often undisclosed and can be a fixed percentage or a flat fee per transaction. Another factor is fluctuating exchange rates. The actual rate constantly changes in response to market conditions, while the card rate may remain fixed for a certain duration or until the next publication.

These differences between the card rate and the actual rate can significantly impact the final transaction cost. A higher card rate, coupled with currency conversion fees, can result in a more expensive transaction. Therefore, it is crucial for individuals or businesses to be aware of these factors and consider potential costs when engaging in international transactions. Monitoring exchange rates and seeking the best conversion options can help minimize transaction costs and optimize currency conversions.

Additional interest rates for senior citizens and other special categories

PNB (Philippine National Bank) provides additional interest rates for senior citizens and other special categories to recognize their contributions and support their financial needs. These special interest rates are applicable for fixed deposits (FD) and provide an attractive return on investment.

For senior citizens, PNB offers an extra 0.25% interest rate above the regular rates for FDs. This is a significant incentive for seniors who are seeking stable and secure investment opportunities. The interest rates for senior citizens range from 3.25% to 4.75% depending on the specific period of investment. These rates are applicable for FDs with terms ranging from 30 days to 5 years.

PNB also acknowledges super senior citizens, who are 75 years or older, by offering them a higher interest rate. Super senior citizens receive an additional 0.25% interest rate above the rates offered to regular senior citizens. This means that super senior citizens can enjoy a total of 0.50% additional interest rate on their FDs.

In addition to senior citizens and super senior citizens, PNB provides special interest rates for other special categories as well. The specific details and rates for these categories may vary, and it is best to contact PNB directly for more information.

By offering these additional interest rates, PNB aims to cater to the financial needs of senior citizens and special groups. These rates provide attractive and competitive returns for individuals in these categories, making PNB a preferred choice for their investment needs.

Explanation of fixed deposit accounts

PNB Bank offers a variety of fixed deposit schemes, catering to different customer needs. These schemes include the Anupam Term Deposit Scheme, Special Term Deposit Scheme, and PNB Tax Saver Fixed Deposit Scheme.

1. Anupam Term Deposit Scheme: This scheme offers higher interest rates for longer tenures. It allows customers to choose from various tenures ranging from 7 days to 10 years. It provides the flexibility of premature withdrawal with applicable penalties. The minimum deposit amount is INR 1,000.

2. Special Term Deposit Scheme: This scheme is designed for senior citizens and offers them an additional interest rate benefit. The minimum deposit requirement for this scheme is INR 1,000, and the tenure ranges from 7 days to 10 years. Premature withdrawal is allowed with applicable penalties.

3. PNB Tax Saver Fixed Deposit Scheme: This scheme is specifically designed to provide tax benefits under Section 80C of the Income Tax Act. The minimum deposit amount is INR 1,000 and the tenure is fixed for 5 years. Premature withdrawal is not allowed under this scheme. The interest earned is taxable, and the investment amount is eligible for tax deduction up to INR 1.5 lakhs.

The benefits of these schemes include competitive interest rates, safe and secure investments, and the option to avail loans against the fixed deposit. The eligibility criteria for all these schemes are that the individual must be a resident Indian or a Hindu Undivided Family (HUF).

In conclusion, PNB Bank offers a range of fixed deposit schemes, including the Anupam Term Deposit Scheme, Special Term Deposit Scheme, and PNB Tax Saver Fixed Deposit Scheme, each with its unique features, benefits, and eligibility criteria.

Types of Fixed Deposit Accounts at PNB

Fixed deposit accounts are a popular investment option for individuals looking for secure and lucrative returns on their savings. Punjab National Bank (PNB), one of India's leading public sector banks, offers a variety of fixed deposit accounts to cater to the diverse needs and preferences of its customers. These fixed deposit accounts come with different features, interest rates, and tenures, making it essential for customers to understand each type to make an informed investment decision. In this article, we will explore the types of fixed deposit accounts available at PNB, highlighting their key features and benefits to help potential investors choose the most suitable option for their financial goals.

Regular fixed deposit account

PNB offers a Regular fixed deposit account that provides customers with a secure and reliable investment option. The minimum investment amount for this account is Rs. 1000, making it accessible to a wide range of individuals.

The interest rates on this account are competitive, ensuring that customers can earn maximum returns on their investment. The rates vary depending on the tenure chosen by the customer, with longer tenures generally offering higher interest rates.

When it comes to tax implications, the interest earned on the Regular fixed deposit account is subject to taxation as per the prevailing income tax laws. However, senior citizens and PNB staff members are eligible for additional interest rates, which often come with tax exemptions or benefits.

Customers have the flexibility to choose the payout frequency of the interest earned on their Regular fixed deposit account. They can opt to receive the interest monthly, quarterly, half-yearly, or annually, depending on their preference and financial requirements.

As with any investment, the Regular fixed deposit account has certain terms and conditions. These include a lock-in period, during which premature withdrawals are not allowed, and possible penalties for early withdrawal. It is important for customers to carefully review and understand these terms before investing in this account.

In summary, PNB's Regular fixed deposit account offers a convenient and profitable investment option with low minimum investment amounts, competitive interest rates, and options for flexible interest payout frequencies. The associated tax implications, benefits for senior citizens and staff members, and additional terms and conditions further enhance the attractiveness of this investment opportunity.

Senior citizen fixed deposit account

The Senior Citizen Fixed Deposit Account is a specialized banking product designed specifically for senior citizens. To be eligible for this account, one must be above the age of 60 or retired from employment.

One of the key benefits of this account is the high interest rates offered on fixed deposits. Banks typically provide higher interest rates on fixed deposits for senior citizens compared to regular customers. This is to recognize and reward their contribution to the economy.

Additionally, senior citizens also have access to loans against their fixed deposits. This can offer much-needed liquidity during emergencies or for fulfilling personal needs. Moreover, they can also avail themselves of the nomination facility to ensure a smooth transfer of assets in case of any unfortunate event.

When it comes to tax implications, senior citizens are eligible for a higher income tax exemption limit compared to other age groups. The interest earned on fixed deposits is taxable as per the income tax slab of the individual. However, to avoid Tax Deducted at Source (TDS) on fixed deposits, senior citizens can submit Form 15H (for individuals) or Form 15G (for Hindu Undivided Families) to their respective banks. By submitting these forms, they declare that their total income is below the taxable limit and request the bank not to deduct TDS on their fixed deposits.

In conclusion, the Senior Citizen Fixed Deposit Account offers several benefits to senior citizens, including higher interest rates, loan facilities, and the nomination facility. By understanding the tax implications and utilizing the necessary forms, senior citizens can also avoid TDS on their fixed deposits.

Fixed deposit for illiterate persons

Opening a fixed deposit for illiterate persons requires specific procedures and documents to ensure their consent and understanding of the terms and conditions. The following steps outline the process:

1. Documentation: The required documents for opening a fixed deposit for illiterate persons typically include an application form, KYC (Know Your Customer) documents, and any additional forms specific to the financial institution. These documents are designed to capture personal details and account preferences.

2. Consent through thumb impressions: Illiterate individuals can provide their consent by using their thumb impressions instead of signing their names. They need to physically visit the bank or financial institution to provide their thumb impressions on the required documents in the presence of an authorized representative.

3. Witnesses: In some cases, if the illiterate person is unable to provide a thumb impression, witnesses can be used to verify their identity and to sign the necessary documents on their behalf. Witnesses should be trustworthy individuals who are not financially involved in the fixed deposit.

4. Understanding the terms and conditions: To ensure illiterate persons comprehend the terms and conditions of their fixed deposit, bank representatives can explain them verbally or through simple visual aids. This could include using charts or pictures to depict different aspects such as interest rates, maturity periods, and withdrawal procedures.

5. Confirmation and agreement: Once the illiterate person has provided their consent and demonstrated their understanding, the bank representative will review the completed documents, counter-signed by witnesses if necessary. The individual's thumb impressions and signatures of witnesses serve as confirmation and agreement.

By following these steps, illiterate individuals can open fixed deposit accounts with the necessary consent and understanding of the terms and conditions. This facilitates their participation in financial savings and planning, ensuring their future security and stability.

Fixed deposit for blind persons

Opening a fixed deposit account for blind individuals with PNB is a straightforward process that includes special provisions and requirements to ensure accessibility and ease of banking for these customers.

To open a fixed deposit account with PNB, blind persons can visit their nearest PNB branch and approach a customer service representative who will assist them throughout the process. It is advisable to call ahead and inform the branch about their visit, so the staff can be better prepared to accommodate their needs.

PNB has specific provisions in place to facilitate account opening for blind individuals. These provisions include providing tactile aids such as braille account opening forms and braille information booklets, which allow blind customers to independently go through the necessary paperwork and understand the terms and conditions of their fixed deposit account.

In addition to the tactile aids, blind individuals are required to provide certain documentation as per PNB's standard procedure. This documentation includes a valid identification proof, address proof, and a passport-sized photograph. It is recommended to carry an extra copy of these documents for their reference.

PNB also offers additional benefits and accommodations for blind customers. These can include personalized assistance from bank staff when filling out forms or conducting transactions, access to digital banking platforms with screen readers or other assistive technologies, and the option to receive account statements and communication in accessible formats such as braille or large print.

In conclusion, PNB has made efforts to ensure that blind individuals can easily open and maintain fixed deposit accounts. Special provisions such as braille forms and information booklets, along with personalized assistance and accommodations, make banking accessible for blind customers. By following the standard documentation procedures, blind individuals can enjoy the benefits offered by PNB's fixed deposit accounts.

Features of PNB Fixed Deposit Accounts

PNB Fixed Deposit Accounts offer a convenient and secure way for individuals to save and grow their money. With attractive interest rates and flexible tenure options, these accounts provide a range of benefits to customers. In this article, we will explore some of the key features of PNB Fixed Deposit Accounts, including the interest rates, tenure options, minimum deposit requirement, premature withdrawal policy, and the ease of account opening and management. Whether you are saving for a short-term goal or looking to secure your funds for the long term, PNB Fixed Deposit Accounts offer a reliable and rewarding solution. Read on to discover the features that make these accounts a popular choice among savers.

Minimum and maximum deposit amounts

The minimum deposit amount required to open a fixed deposit (FD) account at Punjab National Bank (PNB) is ₹1000. This means that customers can start an FD with as little as ₹1000. This low minimum deposit requirement allows individuals with varying budget sizes to invest their money and earn attractive interest rates.

On the other hand, PNB does not impose an upper limit on the maximum deposit amount for fixed deposits. This means that customers can deposit as much money as they desire, making it suitable for both small and large investments.

The interest rates and tenure for fixed deposit schemes at PNB can vary based on the deposit amount and the type of scheme chosen. Generally, higher deposit amounts tend to attract more favorable interest rates. PNB offers a range of fixed deposit schemes to cater to the diverse financial needs of its customers.

Customers can choose from various tenure options such as short-term, medium-term, and long-term fixed deposits, depending on their investment goals and liquidity requirements.

In conclusion, Punjab National Bank offers a flexible deposit system for fixed deposits, with a minimum deposit amount of ₹1000 and no maximum limit. By offering different schemes and tenures, PNB ensures that customers can choose the best options that suit their financial goals and expectations.

Premature withdrawal options

Premature withdrawal options for PNB Fixed Deposits include the following:

1. Close the account: You can choose to close the fixed deposit account before the maturity date. However, this option comes with penalties and charges imposed by PNB.

2. Partial withdrawal: Instead of closing the entire fixed deposit, you have the option to withdraw a portion of the deposit before the maturity date. Again, penalties and charges will be applicable.

Conditions for premature withdrawal vary depending on the specific scheme and tenure of the fixed deposit. Generally, premature withdrawal is allowed only after a minimum lock-in period, typically ranging from 3 months to 1 year. Withdrawal before the lock-in period usually incurs higher penalties.

Penalties for premature withdrawal typically involve a reduction in interest rate, resulting in lower returns on the initial deposit. The penalty amount varies depending on the remaining tenure of the deposit.

To avoid penalties, you can consider reinvesting the withdrawn amount, along with any additional savings, into another term deposit scheme offered by PNB. This allows you to keep the investment intact and carry forward the maturity date.

In the case of joint accounts with survivor mandates, the surviving account holder can continue/renew the fixed deposit without any premature withdrawal penalties in the event of the death of the other account holder.

Before proceeding with premature withdrawal, it is advisable to contact your nearest PNB branch or refer to the terms and conditions of your fixed deposit scheme to ensure accurate information and to understand the specific penalties applicable to your account.

Nomination facilities

Nomination facilities are a great way to recognize and appreciate outstanding individuals. There are various options available to utilize these facilities, each with specific requirements and guidelines.

To begin the nomination process, first, identify the suitable nomination facility that aligns with the purpose of recognition. Whether it is for a prestigious award, scholarship, or employee recognition, ensure that the chosen facility fits the criteria.

Accessing the nomination forms can be done through different platforms, such as online portals, offline applications, or through specific organizations. It is essential to understand the instructions and guidelines outlined for each nomination facility, as they may vary.

Typically, nominations require detailed information about the nominee, including their achievements, contributions, and any supporting documents or references. Specific requirements may include a nomination letter, resume, or relevant project documentation.

Ensure that all provided information is accurate, complete, and well-presented. It is advisable to follow the guidelines to the letter and pay attention to any word limits or additional instructions.

In conclusion, utilizing nomination facilities involves selecting the appropriate option, accessing the nomination forms, and adhering to the specific requirements and guidelines. Recognition and appreciation through these facilities can greatly inspire and motivate individuals, making it an important process worth exploring.

Income options (monthly, quarterly, yearly)

Fixed deposits offer individuals various income options, allowing them to choose how frequently they receive interest payments. These options include monthly, quarterly, or yearly interest payments.

For those looking for a regular and consistent source of income, the monthly payment option proves beneficial. It ensures a steady cash flow, which can be particularly useful for individuals who rely on fixed deposit interest as a primary source of income. The monthly option allows investors to access a portion of the interest earned on their fixed deposit every month.

Alternatively, some investors may prefer quarterly interest payments. This option allows individuals to receive their interest earnings four times a year. It strikes a balance between regular income and allowing the interest to accumulate to a certain extent before being disbursed.

In contrast, individuals who are content with receiving interest annually may choose the yearly payment option. By selecting this option, investors can accumulate more substantial interest returns over time.

Furthermore, fixed deposit schemes allow flexibility regarding the maturity of the investment. At maturity, investors have the choice to receive a lump sum payment, including both the principal amount and the accumulated interest. This option presents individuals with the opportunity to reinvest the entire corpus elsewhere or fulfill a particular financial goal.

In conclusion, fixed deposits provide investors with the flexibility to choose their income options concerning interest payments. The availability of monthly, quarterly, and yearly payment choices cater to different investor preferences and financial requirements. Additionally, the option to receive a lump sum payment at maturity offers further flexibility to individuals looking to reinvest or meet specific financial obligations.

Why Choose PNB Housing Fixed Deposit? 

Any individual, HUF, Corporate an invest in PNB fixed deposit scheme. Fixed Deposit is a safe investment option which helps the user to get fixed and assure income after the successful completion of tenure. PNB Housing fixed deposit accounts as many advantages:

Highest Safety Assurance: PNB Housing fixed deposits have been given FAA+/Negative rating by CRISIL and AA/Stable by CARE. This indicates a high level of safety. 

The higher interest rate for Senior Citizens. PNB Housing offers a 0.5% higher FD interest rate to Sr Citizens. 

Any premature withdrawal made after six months, an interest rate of 1% lower than the application on public fixed deposit is offered. 

Documents Required for Fixed Deposit

Fixed Deposit interest rates offered by PNB vary from 6.65% to 7% pa. It offers a 0.5% higher rate of interest to senior citizens. A sperate set of documents required for individuals and non-indiviudals. 

Documents for Individuals Fixed Deposit

One latest passport size photograph

Self Attested PAN Card copy

Self Attested address proof copy such as Aadhar Card or Voter ID

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