PNB Housing Finance Limited (PNB Housing) is a registered housing finance company backed by Punjab National Bank (PNB) and regulated by the National Housing Bank (NHB). The company is known for offering fixed interest rates on deposits ranging between 7.00% to 7.85% p.a. for the general citizens and 7.30% to 8.15% p.a. for seniors with a duration from 1 to 10 years.
PNB Housing Finance has been given an AA/Stable credit rating from both CRISIL and CARE, signifying high reliability and low credit risk for depositors. For more such details on PNB Housing Finance FD rates, keep reading this comprehensive guide.
| Minimum Deposit | ₹10,000 |
| Maximum Deposit | No upper limit |
| Minimum Tenure | 1 Year |
| Maximum Tenure | 10 Years |
| Interest Rates | 7.00% to 7.85% per annum |
| Lock-in Period | 3 months |
| Senior Citizen | 0.30% additional interest rate on the regular rates |
| General Citizen | 7.00% to 7.85% |
Features & Benefits of PNB Housing Finance FD Rates
Besides the high-yielding PNB Housing FD rates, here are some of the other unique features and benefits of its fixed deposit.
- By investing in this FD scheme, individuals can nominate beneficiaries and ensure repayment in favour of the nominee in case of the demise of the depositor, as per regulatory guidelines.
- Senior citizens get a 0.30% higher interest rate on PNB Housing Fixed Deposits than normal people.
- Depositors can opt for automatic renewal or maturity by providing express consent, thereby simplifying the process of principal and interest renewal.
- PNB Housing offers convenient doorstep services, with representatives collecting applications from the individual’s location.
- No TDS is deducted on such FD investment in case the interest income is up to ₹5,000 in a financial year.
- Premature withdrawal facility is available for FD investments after 3 months from date of deposit.
How to Book FD from PNB Housing Finance?
You can book FD from PNB Housing Finance both online and offline.
Online
- Step 1: Visit the fixed deposit page on the official website of PNB Housing Finance.
- Step 2: Scroll down and click on the button saying “Contact Us for Fixed Deposits.”
- Step 3: Enter your contact details and your preferred deposit amount.
- Step 4: PNB Housing Finance representative will get in touch with you and your fixed despot will be booked within the next 48 hours.
Offline
- Step 1: Visit the nearest PNB Housing Finance branch.
- Step 2: Submit a duly filled FD application form along with the necessary documents, and deposit amount.
- Step 3: Upon successful verification and processing of the documents provided, your FD will be booked.
Documents Required
You will need the following documents to book an FD with PNB Housing Finance:
- Filled in PNB Housing FD account opening form.
- Identity proof – Aadhaar card, Voter ID, driving licence, etc.
- Address proof – Voter ID card, PAN card, Aadhaar card, passport, etc.
- Age proof – birth certificate, school passing/graduation certificate etc.
- PAN card or Form 60/61.
- Passport-size photographs.
- Bank account details – account number, IFSC code, branch name etc.
Eligibility to Open PNB Housing Finance FD
If you identify as any of the following entities and are within the age limit, you are eligible to open an FD with PNB Housing Finance:
- Applicant type: Individual, Non-Resident Individual (NRI), Public and Private Companies, Partnership Firms, Hindu Undivided Families (HUFs), Clubs, Societies, etc.
- Age (in case of individual applicants): 18 and above (minors can open an FD under the supervision of their guardians)
Types of PNB Housing Finance FD Schemes
There are five types of PNB Housing Finance FD schemes. They are described below:
1. PNB Housing Finance Cumulative FD
Interest on this type of fixed deposit is compounded annually and paid at maturity along with the principal amount. This compounding feature helps in building a substantial corpus over time.
- Minimum Deposit: ₹10,000
- Maximum Deposit: No maximum limit
- Tenure: 12 months to 120 months
- Interest Rate: 7.00% to 7.85% per annum
- Eligibility: Indian residents, NRIs, HUFs, Partnership firms, Co-operative Societies, Trusts etc.
2. PNB Housing Finance Non-Cumulative FD
The interest earned is distributed to depositors based on agreed schedules such as monthly, quarterly, semi-annually or annually. These regular payments can be used for daily expenses.
- Minimum Deposit: ₹10,000 to ₹25,000
- Maximum Deposit: No maximum limit
- Tenure: 12 months to 120 months
- Interest Rate: 7.00% to 7.85% per annum
- Eligibility: Indian residents, NRIs, HUFs, Partnership firms, Co-operative Societies, Trusts etc.
3. PNB Housing Finance Joint FD
You can create a joint fixed deposit account with up to three owners. For non-cumulative deposits, interest will be paid to the first applicant and their cancellation will be binding on all holders. For cumulative deposits, interest accrues in the name of the first applicant. Repayment on maturity is governed by the instructions in the FD application form.
- Minimum Deposit: No limit specified
- Maximum Deposit: No maximum limit
- Tenure: 12 months to 120 months
- Interest Rate: 7.00% to 7.85% per annum
- Eligibility: Indian residents, NRIs, HUFs, Partnership firms, Co-operative Societies, Trusts etc.
4. NRI FD
NRI fixed deposits have a maximum maturity of three years. Repayment and interest payment are credited to the depositor’s NRO account. PNB Housing accepts deposits from NRIs and persons of Indian origin under RBI regulations, are non-repatriable, which means funds cannot be transferred abroad. Tax deductions apply according to the rules.
- Minimum Deposit: Not specified
- Maximum Deposit: No maximum limit
- Tenure: Maximum 3 years
- Interest Rate: Not specified
- Eligibility: NRIs and Persons of Indian origin
5. PNB Housing Corporate Deposit
PNB Housing provides a corporate deposit scheme tailored for various entities such as corporations, limited companies, corporations, statutory boards, local authorities, banks and financial institutions. Deposits can be made through cheques drawn into the beneficiary’s account in favour of PNB Housing Finance Limited.
- Minimum Deposit: ₹10,000
- Maximum Deposit: No maximum limit
- Tenure: Not specified
- Interest Rate: Not specified
- Eligibility: Indian residents, NRIs, HUFs, Partnership firms, Co-operative Societies, Trusts etc.
Conclusion
PNB Housing Finance FD rates start from 7% p.a. and can be a maximum of 7.85%. senior citizens enjoy an additional 0.30% interest above the regular rate of interest on deposits up to Rs. 1 crore. However, it is always advised to contact the nearest branch for the latest rate of interest and other details.
FAQs
PNB Housing Finance offers monthly interest income to the depositors on the last day of every month.
PNB Housing Fixed Deposit has a CRISIL AA/Stable rating, which means it is one of the safest investment options available.
Only tax-saving FDs from banks with a mandatory 5-year lock-in period are eligible for tax deductions under Section 80C. PNB Housing Finance does not offer any tax saving FD scheme.
In case of cumulative fixed deposit the interest will be compounded every year on 31st March after deduction of any taxes applicable.
To calculate how many years, it takes for PNB Housing Finance Ltd Bank FD to double, use the rule of 72: divide 72 by the interest rate. At the current rate of 7.85%, regular investors will double their investment in 9.17 years, and seniors with 8.15% in 8.83 years.
