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Punjab National Bank Fixed Deposit (FD) Interest Rates

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Features of Punjab National Bank FD

ET Money commission
Interest rates (p.a)5.20% - 6.00%
aum fund
Minimum deposit ₹1,000
aum fund
Maximum deposit ₹1 Cr
lock in
Lock-in lock12 months
age
Tenure 1 yr - 10 yrs
senior citizen
Senior citizen help icon Extra up to 0.75% p.a.

Why Punjab National Bank FD is the right choice

high returns
Higher Returns

Get more returns than bank FD; assured returns up to 6.0% p.a.

high credit rating
Strong Financials

CRISIL AAA (Stable) and ICRA AAA (Stable)

flexible payout options
Flexible Payout Options

Get interest amount at regular intervals or lumpsum at maturity

FD Calculator

Who can invest in Punjab National Bank FD?

Individual investor

Individuals investing as single FD holders

Above 18

Investors who are above 18 years of age. Senior citizens earn additional up to 0.75% p.a. interest

Indian resident

Investors who are resident Indian citizens

About Punjab National Bank

Punjab National Bank began its operations on 12th April 1895 from Lahore with a working capital of ₹20,000 and authorized capital of ₹2 lakh. As of 30th June 2020, it is the second-largest public sector bank in India. With effect from 1st April 2020, United Bank of India and Oriental Bank of Commerce amalgamated with PNB thereby accelerating its growth and establishing a stronger foothold. Besides PNB Fixed Deposit Scheme, the bank offers financial services such as industrial finance, corporate and personal banking, agricultural finance, and more. Additionally, it offers housing and education loans.

Benefits of PNB Fixed Deposit

  • 1. Multiple schemes - PNB fixed deposit schemes are designed for an extensive category of depositors including individuals, joint account holders and Hindu Undivided family (HUF). Its various schemes include Annuity Term Deposit Scheme for Victims of Road Accidents, PNB Uttam, PNB Varshik Aay Yojana (VAY) Deposit Scheme, PNB Balika Shiksha, PNB Multi-Benefit Term Deposit Scheme, and more. From senior citizens and girl beneficiaries to road accident victims, everyone can benefit from PNB FD interest.
  • 2. Low minimum deposit requirement - Depending on the scheme, the minimum fixed deposit amount starts from as low as ₹100 for schemes such as PNB Special Term Deposit and PNB Multi-Benefit Term Deposit Scheme. While some other fixed deposit schemes such as PNB Floating Rate Fixed Deposit Scheme have a minimum deposit amount of ₹1,000.
  • 3. Ease of access - Customers who have activated the internet banking facility can open FDs online. This saves them the crucial time of visiting the bank and submitting the KYC documentation for opening an FD via the offline mode. Plus, you can also keep track of your FD related information at the click of a button.

Frequently Asked Questions

Who are eligible to open a term deposit account with Punjab National Bank?

The following persons can open an FD account with PNB and benefit from PNB Fixed Deposit interest rates.

  • Individual (singly or jointly with others)
  • Hindu Undivided Family (HUF)
  • Partnership Firms
  • Proprietorship Firms
  • Company/Corporate Body and Commercial Organisations
  • Minors who are 10 years old or above in their own name on giving proof of age
  • Educational institutions / Charitable organisations / Trusts / Clubs / Society / Associations
  • Blind and illiterate persons can also open an FD account

Deposits for ₹10,000 and above on written request are eligible for an overdraft facility or demand loan.

The minimum period for which you can open an FD is 7 days while the maximum period goes up to as long as 10 years. Even after the term ends, there is an option for auto-renewal except for recurring deposit scheme, bulk term deposits over ₹10 crore, inter-bank deposits, capital gain scheme, and PNB Tax Saver Scheme.

PNB Bank FD interest rate depends on the tenure of the fixed deposit and the scheme you have invested in. Interest rates are fixed based on the card rate applied by the bank. For a regular term deposit, PNB fixed deposit rates are in the range of 3% to 5.25%. Senior citizens are eligible to earn 0.75% more.

No, PNB does not allow its customers to withdraw from their fixed deposits before it matures. However, in exceptional circumstances, the bank may allow premature withdrawal subject to a penalty. Such a penalty will be communicated to the customer before the closure of the FD. In this case, the Punjab National Bank FD rate will be paid after subtracting the penalty.

As per the latest provisions of the Income Tax Act 1961, if the total interest on the fixed deposits exceeds ₹10,000 in a financial year, the bank deducts TDS on such income. If you wish to avoid paying TDS, you can submit Form 15G (Form 15H in case of senior citizens) at the start of the year to the bank.

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ET Money does not offer investment options with Punjab National Bank fixed deposit,