Starting its journey on April 12th 1895, Punjab National Bank is India’s first Swadeshi bank. PNB was the first bank that was purely managed by Indians. Till date, 9 banks have been amalgamated with PNB. As of June 2023, PNB has a total of 10,082 branches, out of which two of them are situated abroad. This bank has approximately 12,820 ATMs.
It is one of the largest Public Sector Banks in the country, with a Global Gross Business of ₹22,14,741 crores. The bank works to improve its figures and uplift people’s lives through its CSR activities.
PNB offers different types of FD schemes catering to different depositors. Keep reading to learn in detail about all the schemes and PNB FD interest rates.
| Minimum Deposit | ₹100 (might vary upon schemes) |
| Maximum Deposit | ₹100 crores (might vary upon schemes) |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 3.50% to 8.05% (including rates applicable for |
| Lock-in Period | 7 days in case all term deposit schemes except Tax Shield FD, which has a lock-in period of 5 years |
| Senior Citizen | 4.00% to 7.75% (applicable for senior citizens depositing below ₹2 crores)4.30% to 8.05% (applicable for super senior citizens depositing below ₹2 crores)No additional rate of interest for Senior Citizens depositing ₹2 crores or more. |
| General Citizen | 3.50% to 7.25% (for deposits below ₹2 crores)5.60% to 7.00% (for deposits of ₹2 crores to ₹10 crores)5.65% to 7.05% (for non-callable deposits of ₹2 crores to 10 crores) |
PNB FD Interest Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of PNB FD Interest Rate
Before investing your money in any FD scheme, it is wise to go through the PNB FD rates as well as features and benefits. The features and benefits are:
Senior citizens can earn an additional 0.50% on the regular interest rate that the general public gets.
- Super senior citizens get an additional 0.80% interest on top of what the general public receives in case they invest in fixed deposits.
- A nomination facility is available with most of the PNB FD schemes.
- The premature withdrawal facility is also available for all the FD schemes except the non-callable and tax-saver ones. However, you will have to bear a penalty in case you wish to opt for premature withdrawal.
- You can opt for the option of auto-renewal while investing in any of the FDs offered by PNB.
- While investing in FD schemes, you can also choose interest payout options such as monthly, quarterly, half-yearly or annually in addition to payout on maturity.
- Loan on FD/ overdraft on FD facility is available with most of the FD schemes.
How to Book PNB FD?
Punjab National Bank offers you the option to open a fixed deposit both online as well as offline. Let us take a look at how you can invest in the schemes online and offline.
1. Online
There are two ways by which you can invest in any PNB FD scheme online – they are Internet Banking and PNB mobile app.
1.1 Internet Banking
Here are the steps that you can follow if you wish to open an FD by using the PNB Internet Banking facility:
- Step 1: Visit the official website of PNB and click on the Internet Banking option in the menu bar.
- Step 2: Choose between ‘Retail Internet Banking’ and ‘Corporate Internet Banking’.
- Step 3: After this, a new page will open where you have to provide your ‘User ID’ and ‘Password’.
- Step 4: Select the ‘Deposits’ options from the menu bar. Once the drop-down menu opens, select the ‘Fixed Deposit’ option.
- Step 5: After this, you will be redirected to the application form. Here, you need to enter the type of FD you wish to open, the amount you want to invest, and your tenure.
- Step 6: Submit the form with all the required documents and the details of the account from which you would like to pay for your FD.
- Step 7: The bank will process your request and verify all your documents. After successful verification of all the details, your FD will be created.
1.2 Mobile App
In case you want to open your FD using the PNB mobile app, here are the steps for you to follow:
- Step 1: First, download and install the PNB Mobile App.
- Step 2: After this, use your login credentials to log in.
- Step 3: Click on the ‘Open Fixed Deposit’ option.
- Step 4: Provide all the important information in the application form that opens. These include type of FD, deposit amount, tenure, etc.
- Step 5: Submit the form and upload all the supporting documents.
- Step 6: After this, the bank will process your request and verify all your information. In case of successful verification of the information you offer, the FD will be created.
2. Offline
Following are the steps you need to take a look at if you are planning to open an FD in an offline way:
- Step 1: Visit the nearest branch of Punjab National Bank.
- Step 2: Ask for an FD account opening form from any representative present in the bank.
- Step 3: Fill up this form very carefully and provide all the details asked for.
- Step 4: Submit the form along with all the supporting documents as well as the deposit amount.
- Step 5: After this, the bank will process your request and verify all the details that you have offered. In case all the details are correct, the bank will provide you with the FD certificate.
Documents Required to Book PNB FD
Following is a list of all the documents that you will need in case you wish to invest in any of the FD schemes offered by PNB:
- Proof of Identity: Aadhaar card, PAN card, Voter ID, driving licence and any other documents applicable as per the KYC norms.
- Proof of Address: Electricity bill, telephone bill, Aadhaar card, bank statement or any other documents that are applicable as per KYC norms.
- Two recent passport-size photographs.
- In case you do not have a PAN card, provide form 60/61.
- Any other documents that might be applicable in the case of HUF, company, partnership, proprietorship, association or institution, etc.
Eligibility to Open PNB FD
Here is the list of people who are eligible to open a fixed deposit account in Punjab National Bank:
- Applicant Type: Individual residents, Joint account holders, Hindu Undivided Families, Public or Private Limited companies, Partnership firms, Sole Proprietorship firms, Registered societies, Associations, Trusts, Institutions, Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs).
- Age of Applicant: Must be a minimum of 18 years of age. In the case of a minor, a joint account can be opened with an adult guardian.
Types of PNB FD Schemes
PNB offers multiple schemes that aim to cater to different customers and have different PNB fixed deposit interest rates. Let us take a look at the details of all these schemes and then choose the scheme that suits our needs the most:
1. PNB Ordinary Term Deposit Scheme
PNB offers this term deposit scheme for every Indian citizen. This includes individuals, whether singly or jointly, minors who have attained the age of 10 years, different firms and corporate bodies, Hindu Undivided Family, government bodies, associations, institutions, and illiterate and blind people. In case you deposit above ₹10,000, you can opt for the loan against the FD facility as well.
- Minimum Deposit: ₹100 (thereafter in multiples of ₹1)
- Maximum Deposit: ₹1,99,99,999
- Tenure: 7 days to 179 days
- Interest Rate: 3.50% to 5.30% (including super senior citizens)
- Eligibility: Indian residents
2. PNB Uttam-Non-Callable Deposit Scheme
This is a great scheme to invest in if you are planning to invest a huge sum of money. The scheme is available in income and maturity options and comes with unique PNB FD rates in 2023. In the case of the income option, the interest payment will be done on a monthly/quarterly/half-yearly/yearly basis. In the case of the maturity option, it will be compounded yearly, and you can receive it only after maturity.
- Minimum Deposit: ₹15 lakhs (thereafter in multiples of ₹1)
- Maximum deposit: No limit specified
- Tenure: 91 days to 10 years
- Interest Rate: 4.55% to 8.10% (including super senior citizens)
- Eligibility: Indian residents
3. PNB Anupam Term Deposit Scheme
The PNB Anupam Term Deposit scheme is available to individuals, associations, partnership firms, sole proprietary concerns, trusts, limited companies etc. Payment of interest is done in the month of March/June/September/December each year.
- Minimum Deposit: ₹10,000
- Maximum Deposit: ₹1,99,99,000
- Tenure: 6 months to 10 years
- Interest Rate: 5.50% to 8.05% (including super senior citizens)
- Eligibility: Indian residents
4. PNB Multi-Benefit Term Deposit Scheme
This scheme offers a great opportunity to start saving with an amount as small as ₹100. Interest is compounded on a quarterly basis and is paid on the maturity of the deposit. The interest inflow takes place at the end of each quarter.
- Minimum Deposit: ₹100 (thereafter in multiples of ₹1)
- Maximum Deposit: ₹1,99,99,999
- Tenure: 6 months to 10 years
- Interest Rate: 5.50% to 8.05% (including super senior citizens)
- Eligibility: Indian residents
5. PNB Special Term Deposit Scheme
This term deposit scheme offers different benefits for people who invest in it and comes with unique PNB bank FD rates. If you invest more than ₹10,000 in this scheme, you would be eligible for a loan against FD/overdraft facility.
- Minimum Deposit: ₹1000 (thereafter in multiples of ₹1000)
- Maximum Deposit: ₹1,99,99,000
- Tenure: 1 year to 10 years
- Interest Rate: 6.75% to 8.05% (including super senior citizens)
- Eligibility: Indian residents
6. PNB Sugam Term Deposit Scheme
This scheme offers multiple benefits such as premature withdrawal, a loan against FD/overdraft as well a conversion facility. All the people and entities who are eligible for the PNB Ordinary, Multi Benefit and Special Term Deposit are eligible for this scheme as well.
- Minimum Deposit: ₹10,000 (thereafter in multiples of ₹1)
- Maximum Deposit: ₹10 lakhs (per customer)
- Tenure: 46 days to 10 years
- Interest Rate: 4.50% to 8.05% (including super senior citizens)
- Eligibility: Indian residents
7. PNB Tax Shield Fixed Deposit Scheme
If you are planning to save some tax on your income, there is no scheme better than the PNB Tax Shield Fixed Deposit Scheme. According to Section 80C of the Income Tax Act 1961, people who invest in this scheme get a tax deduction of up to ₹1.5 lakh. In the case of interest payment, you get to choose either the income or maturity option.
- Minimum Deposit: ₹100 (thereof in multiples of ₹100)
- Maximum Deposit: ₹1.50 lakh (every financial year)
- Tenure: 5 years
- Interest Rate: 6.50% (for the general public) and 7.00% (for senior citizens)
- Eligibility: Indian residents
8. PNB Pranam Fixed Deposit Scheme
PNB Pranam is an exclusive scheme for senior citizens and comes with exclusive PNB fixed deposit rates. If you have attained the age of 55 years, you can invest in this scheme. This scheme comes with a number of benefits like premature withdrawal, etc. For interest payout options, you can choose from income and maturity options.
- Minimum Deposit: ₹100 (thereof in multiples of ₹1)
- Maximum Deposit: ₹1,99,99,999
- Tenure: 1 year to 10 years
- Interest Rate: 6.75% to 8.05% (including super senior citizens)
- Eligibility: Indian residents
9. PNB Mibor Linked Notice Deposit Scheme
This scheme offers a deposit product that has a Market-determined interest rate linked to the Mumbai Internet Bank Offer Rate. The scheme is exclusively available to high-net-worth individuals, public sector undertakings, companies or corporate bodies and commercial organisations.
- Minimum Deposit: ₹10 crores (thereof in multiples of ₹1)
- Maximum Deposit: No limit specified
- Tenure: 7 days to 60 days
- Interest Rate: Starting from 6.00%
- Eligibility: Indian residents
10. PNB Growth Fixed Deposit Scheme
If you are planning to grow your money in a safe way, you can invest in this scheme. The eligibility criteria for this scheme are similar to ordinary term deposits. You get to choose your period of deposit and interest option between income and maturity. Conversion, partial withdrawal, and overdraft facilities are also available under this scheme.
- Minimum Deposit: ₹2 crores (thereof in multiples of ₹1)
- Maximum Deposit: ₹10 crores
- Tenure: 7 days to 10 years
- Interest Rate: 5.60% to 7.00% (callable) and 5.65% to 7.05% (non-callable)
- Eligibility: Indian residents
11. PNB Bulk Fixed Deposit Scheme
As the name suggests, the PNB Bulk Fixed Deposit scheme is suitable for big-figure investments. NRE, NRO, FCNR(B) and Interbank deposits can be included under this scheme if the amount is high. You can choose either the income or maturity option while deciding the period of deposit and interest option.
- Minimum Deposit: ₹10 crores (for single deposit), ₹2 crore (for interbank deposit)
- Maximum Deposit: No limit specified
- Tenure: 7 days to 10 years
- Interest Rate: No data available
- Eligibility: Indian residents
12. PNB NRE Rupee Sugam Term Deposit Scheme
NRE, or Non-Resident External, is a type of scheme that helps you to invest your foreign earnings in Indian denominations. The biggest benefit of this scheme is that the deposit is tax-free. Interest is compounded quarterly, and you can choose the payment of interest at your convenience.
- Minimum Deposit: ₹10,000
- Maximum Deposit: No limit specified
- Tenure: 1 year to 10 years
- Interest Rate: 6.50% to 7.25% (for deposits less than ₹2 crores) and 5.60% to 7.00% (for deposits of ₹2 crores to ₹10 crores)
- Eligibility: Non-Resident Indians
13. PNB NRO Sugam Term Deposit Scheme
If you are a Non-Resident Indian who has a number of sources of income in India, you can opt for this scheme to invest your Indian income in an Indian denomination. This scheme offers a nomination facility, premature withdrawal, loan against FD/overdraft etc.
- Minimum Deposit: ₹10,000
- Maximum Deposit: ₹10 crores
- Tenure: 46 days to 10 years
- Interest Rate: 3.50% to 7.25% (for deposits below ₹2 crores) and 5.60% to 7.00% (for deposits of ₹2 crores to ₹10 crores)
- Eligibility: Non-Resident Indians
14. PNB FCNR(B) Deposit Scheme
FCNR stands for Foreign Currency Non-Resident Account and is a type of deposit that lets you invest your foreign earnings in foreign currency. This protects your money from exchange rate fluctuations. The principal, along with the interest, is freely repatriable in the currency you choose.
- Minimum Deposit: No data available
- Maximum Deposit: No data available
- Tenure: 1 year to 5 years
- Interest Rate: 4.31% to 5.76% (for USD)
- Eligibility: Non-Resident Indians
15. PNB RFC Deposit Scheme
RFC, or Resident Foreign Currency account, is a type of deposit scheme that lets Non-Resident Indians who are returning to India invest their foreign earnings in foreign currency. Therefore, you can invest your money in any branch of PNB that is authorised to handle foreign exchange business and make the most of the scheme.
- Minimum Deposit: No data available
- Maximum Deposit: No data available
- Tenure: 1 month to 5 years
- Interest Rate: 4.31% to 5.76% (for USD)
- Eligibility: Non-Resident Indians
It is important to go through the PNB FD interest rate as well as the features and benefits of individual schemes before investing in them. Read the terms and conditions so that you do not end up losing your money after investing in any scheme.
Always choose a scheme that suits your requirements the most. Also, choose the tenure carefully, as the interest rate depends on it. While investing, take note of whether there are any penalties applicable in case of premature withdrawal.
FAQs
No, senior citizens do not get an additional interest on top of the normal interest rate available to normal citizens in case they invest in NRO deposits.
The interest for PNB’s tax saving FD scheme for 5 years is 6.50% for the general public and 7.00% for senior citizens.
Yes, the interest rates for normal and e-FDs are the same.
Yes, the PNB FD interest rates might vary at any time during the fiscal year. You may check with your bank for further information and seek updates online or directly from the bank.
The interest is directly deposited to the savings account of the FD account holder as per the interest payment tenure chosen by him.
If you invest in the PNB Tax Shield- FD scheme jointly, only the first account holder will receive the tax deduction benefit under Section 80C of the Income Tax Act 1961.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
