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| Tenure | For General Citizen (p.a) | For Senior Citizen (p.a) |
|---|---|---|
| 7 days to 14 days | 3.5 % | 4 % |
| 15 days to 29 days | 3.5 % | 4 % |
| 30 days to 45 days | 3.5 % | 4 % |
| 46 days to 90 days | 4.5 % | 5 % |
| 91 days to 179 days | 4.5 % | 5 % |
| 180 days to 270 days | 5.5 % | 6 % |
| 271 days to less than a year | 5.8 % | 6.3 % |
| 1 year | 6.75 % | 7.25 % |
| above 1 year to 399 days | 6.8 % | 7.3 % |
 400 days | 7.25 % | 7.25 % |
| 401 Days to 443 | 6.8 % | 7.3 % |
| 444 days | 6.8 % | 7.3 % |
| 445 days to 2 years | 6.8 % | 7.3 % |
| Above 2 years and up to 3 years | 7 % | 7.5 % |
| Above 3 years and up to 5 years | 6.5 % | 7 % |
| Above 5 years and up to 10 years | 6.5 % | 7.3 % |
Like most banks, PNB also offers investment opportunities in Fixed Deposits (FDs). FDs are one of the safest ways of investing. FD involves investing a lump-sum amount into a bank at a fixed interest rate and for a fixed time period. At the maturity of the period, you earn the principal amount along with the compound interest on it. Alternatively, interest may also be credited to the account periodically at the discretion of the FD holder.
PNB provides a range of Fixed Deposits, which have been discussed in the ensuing paras. Please note that the information captured in this article has been updated upto March 2023.
Fixed Deposit comes with following features:
To open an FD account with PNB, one would need the following documents
Following is the eligibility criteria to open FD in PNB-
Fixed deposit account can be opened in both online and offline way-
Through Mobile App-
Step1- Download the PNB mobile application from the app store or play store and login.
Step3- Select ‘Open Fixed Deposit’ option.
Step4- Enter all the personal details and also enter the nominee details and opt for door service assistance.
Step5- After that bank’s representative will visit for verification.
Step 6- 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.
Offline way-
Step1- Visit the bank branch.
Step2- Take the FD application form.
Step3- Fill the required details and submit the necessary documents.
Step4- Submit the form to the branch.
Step5- On successfully processing the application, PNB will provide an FD receipt.
Step6- Also, one will receive an SMS confirmation on the registered mobile number.
Through Internet banking-
Step1- Login to the PNB NetBanking account.
Step2- Select the ‘Open Deposit’ option.
Step3- enter all the information, nominee details and maturity instruction
Step4- 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.
1. The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
2. As per section 80C of the I-T Act , the investor gets an exemption of ₹1,50,000 in tax saver FD investment.
3. In the case of a senior citizen (Age above 60 years), a deduction of up to ₹50,000 is available and for non-senior citizens up to ₹40,000.
4. If the PAN is not provided then, in that case, 20% TDS is levied.
5. In case your total income is below the taxable limit i.e. ₹ 2.5 lakhs, you can avoid TDS by submitting Form 15G to the bank.
6. In the case of senior citizens if your total income is below the taxable limit then you can avoid TDS by submitting Form 15H to the bank.
Yes, investors can get loans against PNB banks FD.
There is no limit on number of FDs, you can open as many FDs as you want.
No, the investor can open as many FD accounts with Punjab National Bank as they wish.
Yes. Rs.5 lakh DICGC insurance cover is applicable on Punjab National Bank FD
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
