Punjab National Bank Fixed Deposit Interest Rates (as on 2024)
PNB FD Interest Rates (Less than Rs.3 Crores) w.e.f. 01/08/2024
Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
---|---|---|
7 to 14 Days | 3.50 | 4.00 |
15 to 29 Days | 3.50 | 4.00 |
30 to 45 Days | 3.50 | 4.00 |
46 to 60 Days | 4.50 | 5.00 |
61 to 90 Days | 4.50 | 5.00 |
91 to 179 Days | 4.50 | 5.00 |
180 to 270 Days | 6.25 | 6.75 |
271 Days to 299 Days | 6.50 | 7.00 |
300 Days | 7.05 | 7.55 |
301 Days to < 1 Year | 6.50 | 7.00 |
1 Year | 6.80 | 7.30 |
> 1 Year to 399 days | 6.80 | 7.30 |
400 Days | 7.25 | 7.75 |
401 Days to 2 Years | 6.80 | 7.30 |
> 2 years to 3 years | 7.00 | 7.50 |
> 3 years to 1203 days | 6.50 | 7.00 |
1204 days | 6.40 | 6.90 |
1205 days to 5 years | 6.50 | 7.00 |
> 5 years to 1894 days | 6.50 | 7.30 |
1895 days | 6.35 | 7.15 |
1896 days to 10 years | 6.50 | 7.30 |
PNB FD Interest Rates (from Rs.3 Crores to Rs.10 Crores) w.e.f. 01/08/2024
Tenors | Interest Rate p.a.(%) (General) |
---|---|
7 days to 14 days | 6.00 |
15 days to 29 days | 6.00 |
30 days to 45 days | 6.00 |
46 days to 60 days | 6.40 |
61 days to 90 days | 6.60 |
91 to 179 days | 6.50 |
180 days to 270 Days | 6.65 |
271 days to 299 Days | 6.75 |
300 Days | 6.75 |
300 Days to < 1 Year | 6.75 |
1 Year | 7.25 |
> 1 Year to 399 Days | 6.80 |
400 days | 6.80 |
401 days to 2 years | 6.80 |
> 2 year to 3 years | 6.50 |
> 3 year to 1203 days | 6.25 |
1204 days | 6.15 |
1205 days to 5 years | 6.25 |
> 5 years to 1894 days | 5.60 |
1895 days | 5.45 |
1896 days to 10 years | 5.60 |
The rates for Rs.2 Crores to Rs.10 Crores are not to be loaded with additional rate of interest for Senior Citizens, staff accounts, etc.
PNB NRO FD Interest Rates (Less than Rs.3 Crores) w.e.f. 01/08/2024
Tenors | Interest Rate p.a.(%) (General) |
---|---|
7 to 14 Days | 3.50 |
15 to 29 Days | 3.50 |
30 to 45 Days | 3.50 |
46 to 60 Days | 4.50 |
61 to 90 Days | 4.50 |
91 to 179 Days | 4.50 |
180 to 270 Days | 6.25 |
271 Days to 299 Days | 6.50 |
300 Days | 7.05 |
301 Days to < 1 Year | 6.50 |
1 Year | 6.80 |
> 1 Year to 399 days | 6.80 |
400 Days | 7.25 |
401 Days to 2 Years | 6.80 |
> 2 years to 3 years | 7.00 |
> 3 years to 1203 days | 6.50 |
1204 days | 6.40 |
1205 days to 5 years | 6.50 |
> 5 years to 1894 days | 6.50 |
1895 days | 6.35 |
1896 days to 10 years | 6.50 |
PNB NRE FD Interest Rates (Less than Rs.3 Crores) w.e.f. 01/08/2024
Tenors | Interest Rate p.a.(%) (General) |
---|---|
1 Year | 6.80 |
> 1 Year to 399 days | 6.80 |
400 Days | 7.25 |
401 Days to 2 Years | 6.80 |
> 2 years to 3 years | 7.00 |
> 3 years to 1203 days | 6.50 |
1204 days | 6.40 |
1205 days to 5 years | 6.50 |
> 5 years to 1894 days | 6.50 |
1895 days | 6.35 |
1896 days to 10 years | 6.50 |
PNB Tax Saver FD Interest Rates w.e.f. 12/04/2024
Tenure | Public (General) | Sr. Citizen (General) | Staff Members | Retired Staff (Sr. Citizen) |
---|---|---|---|---|
5 Years | 6.50 | 7.00 | 7.50 | 7.50 |
> 5 Years to 1894 days | 6.50 | 7.00 | 7.50 | 7.50 |
1895 days | 6.35 | 6.85 | 7.35 | 7.35 |
1895 days to 10 years | 6.50 | 7.00 | 7.50 | 7.50 |
Punjab National Bank (PNB) Fixed Deposit
Punjab National Bank (PNB) has a range of Fixed Deposits (FDs) products at competitive interest rates with various tenures and lots of other benefits.
It is very easy to open a PNB FD either online through its website or by visiting its nearby branch.
Features & Benefits: Punjab National Bank (PNB) Fixed Deposit
- Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
- FD account can be opened online or by visiting your nearest PNB branch.
- Minimum Amount of FD: Rs 100 and then in multiples of Rs 1 thereafter.
- Maximum Amount of FD: Rs. 99.99 lakhs & No limit for bulk deposit FD
- FD Tenures: 7 days to 10 years
- Different interest payout options such as monthly, quarterly, etc.
- Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
- Easy and fast liquidity options are available.
- Nomination facility is available.
- Part withdrawal facility and auto-renewal facilities
- Senior citizens can enjoy higher interest rate as compared to regular citizens.
- NRE, NRO and FCNR deposit facility is available.
Punjab National Bank FD Calculator
Eligibility for Punjab National Bank (PNB) Fixed Deposit
Any of the following persons is eligible to invest in fixed deposits (FD):
- Individual
- Minor
- HUF
- Proprietary Firm
- Partnership Firm
- Limited Liability Partnership (LLP)
- Company
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Trust
- Non-Resident Indian (NRI)
- Registered Society
Documents Required for PNB Fixed Deposit
Following Documents are required for opening a Fixed Deposit Account
Category | Documents Required |
---|---|
Individual, HUF, Proprietor |
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Partnership Firm |
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Trust |
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Associations, Clubs |
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Company |
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Types of Punjab National Bank (PNB) Fixed Deposit
- PNB Uttam (Non Callable Deposit Scheme): A new Fixed Deposit scheme in the name of PNB UTTAM (without option of pre-mature withdrawal) has been introduced w.e.f. 01.03.2018 of Fixed Deposit above Rs.15.00 lakh
- PNB Ordinary Term Deposit Scheme: Minimum Deposit of Rs.100 thereafter in convenient multiples of any amount Max Rs. 99.99 lakhs
- PNB Special Term Deposit Scheme: Customers obligation: Completion of KYC norms and submission of complete information as required.
- PNB Bulk Fixed Deposit Scheme (ABOVE Rs.10 CRORE): The Fixed Deposit account can be opened with a single deposit of above Rs.10.00 crore, and thereafter in multiples of Re. 1
- Prospective Senior Citizen Scheme: Rs.100 and in multiples of Rs.1 thereof. The maximum amount permitted under the scheme is Rs.99, 99,999. 55+ individuals (singly or jointly) with others can apply. In case of joint deposit, the prospective Senior Citizen has to be first account holder of the Term Deposit.
- PNB Recurring Deposit Scheme(E-RD): Applicable to Internet Banking Users only.
- PNB Special Recurring Deposit Product: The account can be opened by all Govt. Institutions, Pvt. Institutions, PSUs, Corporate Bodies etc. The account shall be opened in the Name of the institution A/C Name of the employee. The Institution shall open the accounts with minimum 10 Employee or 75% of the eligible employee whichever is lower.
- PNB Tax Saver Fixed Deposit Scheme: Rebate on income tax under Sec. 80 C is available under this scheme. Min. deposit period 5 years & Max deposit period 10 years. Minimum Deposit Rs100 or in multiples thereof, subject to maximum deposit of Rs. 1.50 lakh per financial year
- PNB Floating Rate Fixed Deposit Scheme: Under this scheme, the rate of interest payable on the Fixed Deposit will automatically change with the change in Fixed Deposit Rate made by the Bank from time to time. Min. deposit is Rs.100 and in multiples of Rs.1 thereof. The maximum amount permitted under the scheme is Rs.99, 99,999
- PNB MIBOR Linked Notice Deposit Scheme: MIBOR linked notice deposit scheme provides a deposit product with a Market determined interest rate linked to MIBOR (Mumbai Inter Bank Offer Rate)NSE Overnight
- Schemes Covered (Under E-FD): Multi Benefit Term Deposit Scheme (below Rs.1 Crore), Special Term Deposit Scheme (below Rs.1 Crore), Ordinary Term Deposit Scheme (below Rs.1 Crore) & PNB Sugam Term Deposit Scheme (upto Rs.10 Crore).
- FD Scheme For Road Accident Victims: The scheme is to facilitate the claimants of victims of road accidents to place the funds received from the Motor Tribunal as per court orders under the maximum interest category of Fixed Deposit. 1% above CARD rate of interest as applicable for normal Fixed Deposit scheme for various Tenors. No premature cancellation/ part withdrawal is permitted. No loan & advances is permitted under the scheme.
- Recurring Deposit Scheme: Minor who have attained the age of 10 years and above in his/her own name on giving proof of age.
- PNB Anupam Term Deposit Scheme: Account can be opened with minimum deposit of Rs. 10,000 and thereafter in multiples of Rs. 1,000 with maximum amount of Rs.99,99,000
- PNB Balika Shiksha: All girls who pass class VIII from Kasturba Gandhi Balika Vidyalayas (irrespective of whether they belong to SC/ST and enroll for class IX in state/UT Govt. , Govt. aided or local bodies schools in the academic year 2008-2009 onwards.
- PNB Capital Gain Account Scheme: Individuals for crediting amount from Capital gain. No joint Account.
- PNB Multi Benefit Term Deposit Scheme: Minimum Deposit of Rs.100 thereafter in convenient multiples of any amount Max Rs.99.99 lac
- PNB Scheme For Road Accident Victims: A minor of 10 years and above in his own name otherwise under guardianship shall be eligible to open under the scheme provided there are Court Orders in support of the claim in his/their names.
- PNB Sugam Term Deposit Scheme: Minimum Deposit of Rs.100 thereafter in convenient multiples of any amount Max Rs.99.99 lac
- PNB Swechha Jama Yojna/Flexi RD: Minimum of Rs. 100 or above in its multiples. However, monthly deposit will not exceed ten times of such core.
- PNB Varshik Aay Yojana (VAY) Deposit Scheme: Minimum Deposit of Rs.10,000 thereafter in multiples of Rs. 1,000 max Rs. 99.99 lac Min 24 months & in multiples of 12 months with max period of 120 months.
Premature Withdrawal of a PNB Fixed Deposit
- A depositor is allowed withdrawal of Term Deposit before completion of the period of the deposit, agreed upon at the time of making deposit, subject to the penal interest rate with regard to premature withdrawal of term deposit. The penalty clause for premature cancellation/part withdrawal of domestic term deposits is as under:
- 1% penal interest shall be charged at the time of premature cancellation/part withdrawal of domestic term deposits for all tenors and interest rate payable would be contractual rate minus 1% or the rate under the scheme on the contractual date applicable for the tenor for which the deposit has actually run minus 1%, whichever is lower.
- No penalty is to be levied if the deposit is prematurely closed for the purpose of investment to any other term deposit scheme of the bank provided that the deposit remains with the bank after the re-investment for a period longer than the remaining period of the original contract.
- In case of term deposits with "Either or Survivor" or "Former or Survivor" mandate, premature withdrawal of term / fixed deposits can be allowed to the surviving depositor without seeking the concurrence of the legal heirs of the deceased joint deposit holder, if there is a joint mandate from the joint depositors to this effect. In such cases, the premature withdrawal will not attract any penal interest.
Renewal of Overdue PNB Term Deposit
- Overdue Term Deposits are renewed on the date of presentation and not from the retrospective date.
- The prevailing rate of interest will be applicable from the date of renewal of the FDR.
- Interest for the overdue period is to be paid at Savings Bank rate of interest as applicable from time to time, presently being 4% on the methodology as applicable to Saving Bank account from time to time.
Loan or Overdraft against PNB Fixed Deposit
- Loans and Advances may be granted against deposits lying to the credit of the borrowers and/or third parties.
- It can be extended at any branch of the bank, after getting the lien noted and verification of signature.
- Advance Granted Against Rupee Term Deposit Standing In The Name Of The Borrower Including NRE Deposits:
Remaining Maturity Period at the time of granting advance Margin % Upto 2 years 5% Above 2 years and upto 3 years 8% Above 3 years and upto 4 years 10% Above 4 years and upto 5 years 12% Above 5 years 20% Advance against third party deposits 25% - Members of Staff/ honourably retired/ Voluntarily retired/ widow of Staff:
Remaining Maturity Period at the time of granting advance Margin % Advance upto Rs. 3 Lakhs 5% Advances Above 3 Lakhs As applicable to Public
PNB Fixed Deposit Maturity
There are following 2 options available to the depositor for treatment of FD maturity value, in case the payment if not made:
- Automatic Renewal
- Depositor can opt for automatic renewal at the time of opening FD Account
- In that case the FD automatically gets renewed on its maturity
- Auto renewal will be for the same duration on an interest rate which is prevailing on the day of FD maturity
- Overdue Term Deposit
- If the depositor has not opted for automatic renewal option, amount remains in Canara Bank after the maturity
- It is called overdue term deposit
- Saving Bank rate will be given from the day of maturity till the date of payment/ re-investment to the customers
NRI Fixed Deposit accounts offered by PNB
PNB offers many fixed deposit schemes specially designed for its NRI customers. In these schemes, NRI customers can deposit money either in Indian currency or in foreign currency depending on their status and preference. The bank also offers different interest rates for NRI fixed deposits. Following types of NRI fixed deposits are offered by PNB:
NRI Account Type | Details |
---|---|
NRE Account (Non Resident External Account) | Account is maintained in Indian currency |
NRO Account (Non Resident Ordinary Account) | This either be funded by conventional payment or through traveller's cheques |
FCNR Account (Foreign Currency Non Resident Account) | It is maintained in foreign currency |
RFC Account (Resident Foreign Currency Account) | In this, customer to maintain the account in foreign currency even after returning to India permanently |
How and When to Apply for Exemption on TDS?
- If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
- The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
- It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
- In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.
You may refer to following table for more details:
Category | Name of Form | Exemption limit (Male) | Exemption limit (Female) |
Individuals(upto age of 60) | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
HUFs, Associations, Trusts | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
Individual (age 60 years and above but less than 80 years) | Form 15H | Rs.3,00,000 | Rs.3,00,000 |
Individual (age 80 years and above) | Form 15H | Rs.5,00,000 | Rs.5,00,000 |
Others | Exemption certificate issued by Income Tax Officer | As per Exemption Certificate | As per Exemption Certificate |
Punjab National Bank (PNB) Fixed Deposit FAQ
What is the minimum amount required to open a fixed deposit with PNB?
The minimum amount for a fixed deposit is Rs.100
Who can open FD under 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 and the customer will get TDS Certificate at the end of each financial year. A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year
Can I deposit additional amount in my FD account?
No, you cannot deposit any additional amount in your existing FD account.
Can I change the tenure of my existing FD?
No, you are not allowed to change the tenure of FD.
Tax Implications and TDS in FD
- An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
- Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
- A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year
Factors affecting Fixed Deposit Interest Rates
- Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.
- Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.
- Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.
- Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher default risks.
- State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.
- Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.
- Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.
Punjab National Bank FD News Dec 2024
- August 1, 2024: Punjab National Bank has revised FD interest rates w.e.f. August 1, 2024
- July 1, 2023: Punjab National Bank has revised FD interest rates w.e.f. 01.07.2023
- April 29, 2021: Punjab National Bank offers doorstep banking services to its customers to avoid visiting bank branches by its customers and stay safe during Covid-19 pandemic
- January 23, 2020: Punjab National Bank has decided not to sell shares in its subsidiary PNB Housing Finance and maintain a minimum 26% shareholding as a promoter
- January 14, 2020: Punjab National Bank (PNB), the anchor bank for the merger of Oriental Bank of Commerce, United Bank of India and Punjab National Bank, has appointed Ernst & Young (EY) as a consultant for the process
- December 1, 2019: PNB cuts off FD rates on FDs of deposit value of less than Rs 2 crores. For the tenor of 5 years to up to 10 years, PNB has FD rates of 6.3% for general customers and 6.8% for senior citizens