Punjab National Bank Fixed Deposit

Punjab National Bank (PNB) commenced its operations on 12 April 1895 from Lahore with an authorised capital of ₹ 2 Lakh and working capital of ₹ 20,000. The Bank was established in the spirit of nationalism and was the first bank purely managed by Indians with Indian Capital. During the long history of PNB, 9 banks have been merged/ amalgamated with PNB.

As of the end of December 2022, Bank has a total of 45,613 delivery channels with a network of 10,049 domestic branches, 2 International branches, 12957 ATMs & 22607 Business Correspondents.

• FD Scheme for Road Accident Victims
   
• Anupam Term Deposit Scheme
   
• Multi Capital Gain Account Scheme
   
• Multi-Benefit Term Deposit Scheme
   
• Special Term Deposit Scheme
   
• Sugam Term Deposit Scheme
   
• Ordinary Term Deposit Scheme
   
• PNB Tax Saver Fixed Deposit Scheme
   
• Floating Rate Fixed Deposit Scheme
   
• Growth Fixed Deposit Scheme
   
• NRE Rupee Sugam Term Deposit Scheme
   
• Varshik Aay Yojana (VAY) Deposit Scheme
   
• NRO Sugam Term Deposit Scheme
   
• Motor Accident Claims Annuity Deposit (MACAD) Scheme
   
• Pranam Fixed Deposit Scheme
   
• Bulk Fixed Deposit Scheme (ABOVE ₹ 10 CRORE)
   
• PNB Balika Siksha Deposit Scheme
   
• PNB Systematic Deposit Plan
   
• PNB Uttam Term Deposit Scheme

The following are the benefits of investing in the FD schemes offered by Punjab National Bank:

• A premature withdrawal facility is available where PNB charges a 1% penalty on premature withdrawal.
   
• FDs in PNB banks are available with the facility of premature withdrawal.
   
• Beneficiaries can have nomination facilities with the FDs of PNB. 
   
• Investors cannot deposit an additional amount in a Punjab National Bank FD once it has commenced. However, they can open a fresh PNB FD with the new amount.

• This scheme aims to facilitate the claimants of victims of road accidents to place the funds received from Motor Tribunals as per court orders under Motor Accident Claims Annuity Deposit (MACAD) Scheme.
   
• Tenure can range from 36 to 120 months.
   
• If you want to deposit for a longer period (i.e., more than 120 months) to be booked as per directions of the Court.
   
• Premature closure is allowed with the prior permission of the Court.

• The fixed deposit scheme is available for a tenure of 6 to 120 months.
   
• The minimum deposit amount is ₹ 10,000, and the maximum deposit amount is ₹1.99 crore.
   
• You can also avail a loan against their fixed deposit scheme.
  This scheme is open to individuals, partnership firms, companies, and other associations. 
   
• Minors, blind, and illiterate persons are not eligible to invest in this scheme.

• This account serves the purpose of enabling individuals to credit their capital gains.
   
• It has a tenure ranging from 7 days to 10 years.
   
• The option of premature withdrawal is available.
   
• Early withdrawal is subject to a penalty.

• This fixed deposit scheme has a tenure ranging from 6 months to 120 months, with interest compounded quarterly and paid at maturity.
   
• The minimum deposit amount is ₹ 100, and the maximum deposit amount is ₹ 1.99 crore.
   
• Depositors can obtain a loan against their fixed deposit scheme, provided the deposit amount is above ₹ 10,000.
   
• The scheme is open to a range of entities, including individuals, minors, firms, companies, partnerships, proprietorships, HUFs, clubs, societies, educational institutions, and government/quasi-government bodies.
   
• Blind and illiterate individuals can open an account under this scheme.

• This fixed deposit scheme has a tenure ranging from 1 to 10 years, with a minimum deposit amount of ₹ 100 and a maximum deposit amount of ₹ 1.99 crore.
   
• Depositors can also obtain a loan against their fixed deposit scheme, provided the deposit amount is above ₹ 10,000. 
   
• The scheme is open to various entities, including individuals, minors, firms, companies, partnerships, proprietorships, HUFs, clubs, societies, educational institutions, government/quasi-government bodies, panchayats or municipalities, and even blind or illiterate persons.

• This fixed deposit scheme offers a flexible tenure ranging from 46 days to 120 months, with a minimum deposit amount of ₹ 10,000 and a maximum deposit amount of ₹ 10 crore.
   
• Depositors can obtain a loan against their fixed deposit scheme if the deposit amount is above ₹ 10,000.
   
• Additionally, partial withdrawal of a minimum amount of ₹ 10,000 is allowed, and no penalty is levied on partial or full withdrawal before the term ends. 
   
• The scheme is open to various entities, including individuals, minors, firms, companies, partnerships, proprietorships, HUFs, clubs, societies, educational institutions, government/quasi-government bodies, panchayats or municipalities, and even blind or illiterate persons.

• You can open a fixed deposit scheme with a tenure ranging from 7 days to 179 days with a minimum deposit amount of ₹ 100 and a maximum deposit amount of ₹ 1.99 crore.
   
• If your deposit amount is above ₹ 10,000, you can obtain a loan against your fixed deposit scheme.
   
• Individuals, minors, firms, companies, partnerships, proprietorships, Hindu Undivided Families (HUFs), clubs, societies, educational institutions, government or quasi-government bodies, panchayats or municipalities can open the account.
   
• Blind and illiterate individuals can also open an account.

• PNB Tax Saver fixed deposit has a 5-year lock-in period, extendable up to 10 years.
   
• A minimum deposit of ₹ 100 and a maximum of ₹ 1,50,000 per financial year is allowed.
   
• Loans against deposits are not allowed, and premature withdrawals are not permitted.
   
• Deposits are eligible for tax exemption under Section 80C of the Income Tax Act for individuals and HUFs.

• The Floating Rate Fixed Deposit Scheme offers a deposit tenure of 7 days to 10 years, with a minimum deposit of ₹ 1,000 (multiples thereafter).
   
• Approval from Treasury Division, HO is mandatory for FDRs above ₹ 10 crore.
   
• Depositors can avail loan/overdraft facilities against their deposits, and overdraft is allowed for deposits over INR 10,000. 
   
• Premature withdrawals are allowed but with a penalty.
  Eligible entities include individuals, minors, firms, companies, partnerships, HUFs, clubs, societies, educational institutions, government/quasi-government bodies, and blind/illiterate persons.

• The deposit tenure for the Maturity Option in this scheme ranges between 7 days to 120 months, while for the Income Option, it ranges between 6 to 120 months. 
   
• The minimum deposit amount is ₹ 2 crore (multiples of INR 1 thereafter), with a maximum deposit amount of ₹ 10 crore.
   
• Loan/overdraft facilities are available as per HO guidelines, and premature withdrawal is only available in the FD maturity option.
  Eligible entities include individuals, minors, firms, companies, partnerships, HUFs, clubs, societies, educational institutions, government/quasi-government bodies, and blind/illiterate persons.
   

• The NRE Sugam Term Deposit Scheme allows NRIs to open a single or joint account with a minimum deposit of ₹ 10,000 and no maximum limit.
   
• Depositors can withdraw in multiples of ₹ 1,000, with the remaining amount continuing to earn interest. 
   
• The auto-renewal facility is also available.

• The NRO Sugam Term Deposit Scheme allows NRIs and POIs to deposit for a tenure ranging from 46 days to 120 months, with a minimum amount of ₹ 10,000 and no maximum limit.
   
• Premature withdrawal is allowed in multiples of ₹ 1,000.
   
• The account can be held jointly with residents or non-residents.

• The Motor Accident Claims Annuity Deposit (MACAD) Scheme allows claimants of road accident victims to deposit their lump sum funds received from Motor Tribunals and receive Equated Monthly Instalments (EMIs), including principal amount and interest earned. 
   
• Individuals, including minors with guardians, are eligible to invest with no maximum investment amount and an investment duration ranging from 36 to 120 months.
   
• The minimum deposit is based on a minimum monthly annuity of ₹ 1,000 for the relevant period, and interest rates will be the same as for regular fixed deposits.
   
• The scheme also offers nomination and premature withdrawal options, but no loan or advance is allowed on the deposit.

• Pranam Fixed Deposit Scheme offers a deposit tenure of 1-10 years with a minimum deposit of ₹ 100 (in multiples of ₹ 1) and a maximum of ₹ 1.99 crores.
   
• Deposits over ₹ 10,000 are eligible for loans, and premature withdrawals are allowed with no penalty for senior citizens (55 years or older). 
   
• The scheme is exclusively for individuals aged 55 and above.

• The Sukanya Samriddhi Yojana (SSY) is a government scheme for the benefit of girl children.
   
• Girls who finish class VIII from Kasturba Gandhi Balika Vidyalayas, irrespective of their caste, or SC/ST girls who complete class VIII are eligible to enrol in class IX in State/UT Govt., Govt. aided, or local body schools.
   
• No initial deposit is required for opening a savings account, and the account will be opened on the basis of the birth certificate provided by the School Head.
   
• A fixed deposit of up to ₹ 3,000 can be made in the girl child's name, which can be withdrawn at the age of 18, subject to passing the class X Board Examination and continuing education for at least two years after enrolling in class IX.

• Under this plan, depositors can build their savings by depositing monthly instalments.
   
• The minimum instalment amount is ₹ 100, with a maximum limit of ten times the core amount in any given month.
   
• The tenure of the deposit account ranges from 6 to 60 months. 
  Nomination and loan against deposit options are available, and interest income is paid half-yearly.
   
• The interest earned is calculated on a daily product basis.

• Any person can open this FD (Proprietorship/Partnership Firm, Commercial Organization, Company/ Corporate Body, Hindu Undivided Family Association, Club, Society, etc.).
   
• The first deposit should be a single deposit of ₹ 15L or above. Thereafter, FD for any amount is allowed. 
   
• Maximum deposit allowed for upto ₹ 10 Cr. For Deposits above ₹ 10 Cr., prior permission from HO treasury is required to be obtained.
   
• Tenure can range from 91 days to 1 year.
   
• No auto-renewal allowed. No premature withdrawal/ part withdrawal/ extension is permitted under the scheme except in exceptional cases.  
   
• The depositor can exercise either of the following options regarding receipt of interest on the deposit:
  Income Option (FD holder receives interest in his/ her account on a periodical basis)
   
• Maturity Option (Reinvestment of interest on a quarterly compounding basis)

Following are the eligibility criteria to open FD in PNB:

• Resident individuals, including minors. Minors can invest in PNB 
   
• FDs only when an adult is jointly opening an account with them.
   
• Sole proprietorship
   
• Partnership firms
   
• Public and private companies
   
• HUFs
   
• Trusts, associations and societies

To open an FD account with PNB, one would need the following documents:

• FD application form(for offline mode)
   
• Two photographs
   
• Pan Card or a declaration in Form No. 60 or 61 of the Income-tax Act ,1961
   
• Identity proof (PAN Card, Aadhar Card, Passport, Driving licence, etc.)
   
• Address proof (Electricity bills, telephone bills, Aadhar card, bank statements)
   
• Bank Saving Account details like account number, IFSC code and branch

Any other documents required by a sole proprietorship, partnership, companies, HUF, and trusts.

Fixed deposit accounts can be opened in both online and offline ways:

Open a PNB Fixed Deposit Account Through Mobile App
 

Step 1: Download the PNB mobile application from the app store or play store and log in.
Step 2: Select the ‘Open Fixed Deposit’ option.
Step 3: Enter all the personal details and also enter the nominee details and opt for door service assistance.
Step 4: After that bank’s representative will visit for verification.
Step 5: Once the application form and KYC documents are verified and approved, the PNB FD will be processed and booked. Subsequently, the FD certificate will be sent to the designated communication address. Additionally, a confirmation SMS will be sent to the mobile number registered with the account.

Open a PNB Fixed Deposit Account Offline

Step 1: Visit the bank branch.
Step 2: Take the FD application form. 
Step 3: Fill in the required details and submit the necessary documents. 
Step 4: Submit the form to the branch. 
Step 5: On successfully processing the application, PNB will provide an FD receipt.
Step 6: Also, one will receive an SMS confirmation on the registered mobile number.

Open a PNB Fixed Deposit Account Through Internet Banking

Step 1: Login to the PNB NetBanking account.
Step 2: Select the ‘Open Deposit’ option.
Step 3: Enter all the information, nominee details and maturity instruction
Step 4: Finally, opt for door-to-door service instructions, After that bank’s representative will visit for verification
Step 5: Once the application form and KYC documents are verified and approved, the PNB FD will be processed and booked. Subsequently, the FD certificate will be sent to the designated communication address. Additionally, a confirmation SMS will be sent to the mobile number registered with the account.

Close PNB Fixed Deposit Online

• Log in to your PNB net banking account.
   
• Click on 'Manage accounts'.
   
• Under the section of 'Open/Close accounts, select 'Premature Closure of FD'.
   
• The FD account will be displayed on the screen, along with the account details where the matured sum will be reflected.
  Click on 'Submit'.

Close PNB Fixed Deposit Offline

• Visit the Bank Branch.
   
• Fill out the premature FD closure form.
   
• Attach your KYC documents.
   
• Submit your FD receipt or certificate along with the documents.

• Depositors can withdraw their term deposits before the agreed-upon period, subject to a penalty for premature withdrawal. 
   
• The penalty charge is 1% of the deposit amount, and the interest rate payable will be the contractual rate minus 1% or the rate under the scheme on the contractual date applicable for the tenor, whichever is lower. 
   
• No penalty will be charged if the deposit is reinvested in another term deposit scheme of the bank for a period longer than the remaining contract period.
   
• For joint accounts with the "Either or Survivor" or "Former or Survivor" mandate, the surviving depositor can withdraw the term deposit without seeking the concurrence of the legal heirs of the deceased joint deposit holder, provided there is a joint mandate from both depositors. In such cases, premature withdrawal does not attract any penalty.