Punjab National Bank, recognized as India’s first Swadeshi Bank, holds a distinguished position as an esteemed Indian banking company with an extensive nationwide presence. Punjab National Bank FD offers customers a range of fixed deposit options, each with its interest rate varying from 3.50% to 7.25% per annum. You can trust that your money will be safeguarded throughout the chosen tenure in the FD account and PNB will provide the applicable FD rates accordingly.
Types of FD Schemes Offered by Punjab National Bank
PNB offers a diverse range of fixed deposit schemes to cater to its customers’ varying needs and preferences. These Punjab National Bank FD schemes are designed to provide safety, stability, and attractive investment returns.
Let’s explore every Punjab National Bank fixed deposit scheme in detail:
- FD Scheme for Road Accident Victims: This scheme is specifically tailored to facilitate victims of road accidents who receive funds from Motor Tribunals. The system allows them to invest funds in FDs under the maximum interest category. The deposit tenure ranges from 1 year to 10 years, with interest paid monthly at a discounted rate.
- Anupam Term Deposit Scheme: The scheme provides a wide range of deposit tenures from 6 months to 120 months. The minimum deposit amount is INR 10,000 and the maximum is INR 1.99 crore. Depositors can obtain loans against their fixed deposit schemes.
- Multi Capital Gain Account Scheme: This scheme is designed for individuals to credit their capital gains into the account. The tenure ranges from 7 days to 10 years, and premature withdrawal is allowed, subject to a penalty.
- Multi-benefit Term Deposit Scheme: It allows you to choose a tenure that suits your needs, ranging from 6 months to 120 months. This scheme offers the advantage of quarterly compounding interest, which is paid out when the term reaches maturity. The minimum deposit amount is INR 100 and the maximum is INR 1.99 crore.
- Particular Term Deposit Scheme: With a tenure of 1 to 10 years, the Special Term Deposit Scheme is available for a minimum deposit of INR 100 and a maximum of INR 1.99 crore. Depositors can obtain loans against their fixed deposit if the deposit exceeds INR 10,000.
- Sugam Term Deposit Scheme: It offers tenures ranging from 46 days to 120 months, with a minimum deposit amount of INR 10,000 and a maximum of INR 10 crore. Depositors can avail loans against their fixed deposits if the amount exceeds INR 10,000.
- Ordinary Term Deposit Scheme: This scheme provides shorter tenures ranging from 7 to 179 days, with a minimum deposit of INR 100 and a maximum of INR 1.99 crore. Depositors can avail loans against their fixed deposits if the amount exceeds INR 10,000.
- Varshik Aay Yojana Deposit Scheme: VAY Deposit Scheme is available for different durations, ranging from 24 to 120 months, allowing depositors to choose the timeframe that best suits their needs. The minimum deposit amount is INR 10,000 and subsequent deposits can be made in multiples of INR 1,000.
- PNB Tax Saver Fixed Deposit Scheme: This scheme has a lock-in period of 5 years, with the option to extend it up to 10 years. The minimum deposit amount is INR 100 and the maximum is INR 1,50,000 per financial year. Depositors cannot obtain loans against their tax-saver fixed deposit scheme.
- Pranam Fixed Deposit Scheme: This scheme caters to individuals aged 55 and above, with tenures ranging from 1 year to 10 years. The minimum deposit amount is INR 100 and the maximum is INR 1.99 crore.
- Floating Rate Fixed Deposit Scheme: The scheme offers flexible tenures from 7 days to 10 years. The minimum deposit amount is INR 1,000, with additional multiples. For deposits above INR 10 crore, approval from the Treasury Division, HO, is mandatory. Depositors can obtain loans and overdraft facilities against their deposits. And, overdrafts are allowed for deposits above INR 10,000.
- PNB Uttam Plus Triple One Two Three Deposit Scheme: The scheme has a tenure of 333 days. The minimum deposit amount is INR 15 lakhs, with subsequent multiples of INR 1,000. The maximum deposit allowed is INR 10 crore. Premature withdrawal or closure options are unavailable for this scheme and the default renewal period is 12 months.
- PNB Growth Fixed Deposit Scheme: It offers flexible tenures ranging from 7 days to 120 months for the maturity option and six months to 120 months for the income option. The minimum deposit amount is INR 2 crore, with subsequent multiples of INR 1. Depositors can obtain loans and overdraft facilities as per HO: IRMD guidelines.
- PNB NRE Rupee Sugam Term Deposit Scheme: The scheme is specially designed for non-resident Indians (NRIs) and offers tenures ranging from one year to 10 years. The minimum deposit amount is INR 10,000, with no maximum limit. Premature withdrawals are allowed and the depositor can withdraw in multiples of INR 1,000.
- PNB NRO Sugam Term Deposit Scheme: The scheme is for NRIs and Persons of Indian Origin (PIOs) and offers tenures from 46 days to 120 months. The minimum deposit amount is INR 10,000 and the maximum is INR 10 crore. Premature withdrawals are allowed in multiples of INR 1,000.
- Motor Accident Claims Annuity Deposit Scheme: The MACAD Scheme is ideal for claimants of road accident victims who receive a lump sum amount from Motor Tribunals. Depositors can deposit the fund in this scheme and receive equated monthly instalments, including both principal and interest earned on the deposit.
- PNB Uttam Term Deposit Scheme: The scheme caters to a wide range of entities, including individuals, joint accounts, minors with guardians, proprietorships, partnership firms, commercial organisations, companies, corporate bodies, Hindu undivided families (HUFs), associations, clubs, societies, trusts, religious bodies, charitable institutions, institutions, municipalities, panchayats, government or quasi-government bodies.
- PNB Balika Siksha Deposit Scheme: This unique scheme empowers girl children who complete class VIII from Kasturba Gandhi Balika Vidyalayas and enrol in class IX in government schools. The government enables a deposit of INR 3,000 in the name of an eligible girl child, which can be withdrawn when she turns 18.
- PNB Systematic Deposit Plan: The Systematic Deposit Punjab National Bank FD plan allows depositors to build their deposit plan by making monthly instalments. The minimum instalment amount is INR 100 and the monthly instalments during the deposit tenure should not exceed 10 times the core amount in any month.
- PNB Bulk Fixed Deposit Scheme: The scheme caters to large deposits and offers flexible tenures ranging from 7 days to 120 months for the maturity option and six months to 120 months for the income option.
Documents Required for Opening a Punjab National Bank FD
To initiate the process of opening a fixed deposit account at Punjab National Bank, you’ll need to provide the following essential documents:
- FD account opening form
- Identity proof in compliance with KYC norms (Acceptable options include PAN card, Aadhaar card, voter ID card, passport, and driving license)
- Two passport-size photographs
- PAN card or a declaration using Form No. 61 or 60 as per the Income Tax Act
- Address proof as per KYC norms (Acceptable options include PAN card, Aadhaar card, voter ID card, passport, and driving license)
- Bank savings account details include account number, IFSC code, and branch information
- Any additional documents that may be applicable for specific categories such as partnership, proprietorship, company, HUF, association, or institution
The eligibility criteria for opening a PNB FD account differ depending on the account type. The following individuals and entities are eligible:
- Native individuals
- Minor’s joint account under guardianship
- Partnership ventures
- Publicly and privately held corporations
- Societies or institutions
- NRIs and PIOs are also eligible
PNB FD Calculator
The Punjab National Bank FD calculator is an intuitive online tool that helps individuals project the growth of their investments and assess interest gains. It only requires a few essential details related to the Punjab National Bank fixed deposit, including initial investment, interest rate, tenure, payout period, and compounding frequency. Once you provide this information, the Punjab National Bank FD calculator swiftly processes it and provides an estimated interest amount.
Notably, the calculator’s true user-friendliness lies in its flexibility. You can effortlessly adjust any input value and witness the corresponding changes in maturity and interest amount instantly. This tool lets you assess whether your investment aligns with your financial goals, providing a clearer perspective on your savings journey.
Yes, the interest earned on PNB fixed deposits is taxable. However, it will be taxed only if the total interest income from an individual’s fixed deposits exceeds INR 10,000 in a financial year.
Customers cannot deposit additional funds into their FD account once it has been opened. The bank only accepts deposits at the time of the account’s opening.
Yes, senior citizens enjoy the benefit of an extra interest of 0.50% on their fixed deposits. The Punjab National Bank senior citizen fixed deposit scheme provides higher interest rates than regular fixed deposits.
Yes, PNB offers both overdraft and nomination facilities on its term deposits.
In such a scenario, the bank will not levy any penalty for premature withdrawal. Senior citizens can withdraw their deposits without incurring any charges.