Punjab National Bank Fixed Deposit Interest Rate

Punjab National Bank (PNB) presents a range of fixed deposit schemes with interest rates that vary from 3.50% to 7.75% depending upon whether you are a regular or senior citizen. You can choose tenures of these fixed deposits spanning from 7 days to 10 years. Keep scrolling to learn more about the Punjab National Bank fixed deposit interest rates.

Punjab National Bank Fixed Deposit Interest Rates for General and Senior Citizens 

The interest rate of fixed deposit in PNB for general citizens ranges between 3.50% to 7.25% per annum and 4.00% to 7.75% per annum for senior citizens. Additionally, the interest rates for PNB Tax Saving Fixed Deposits are between 6.35% and 6.50% per annum for regular customers, while senior citizens can expect rates ranging from 6.85% to 7.00%. 

With PNB FDs, senior citizens and super senior citizens get an additional 0.50% and 0.80% interest rate on their FDs compared to general citizens. Furthermore, staff members and retired staff members get an additional 1% interest rate on PNB tax-saving FD schemes. 

Term Wise Punjab National Bank Fixed Deposit Interest Rate

The following shows the term-wise Punjab National Bank Fixed Deposit Interest Rate:

• Short-Term: A short-term PNB fixed deposit has a tenure ranging from just 7 days to 1 year. The interest rate for these FDs ranges between 3.50% to 7.05% for general citizens and 4.00% to 7.55% for senior citizens. If you invest ₹1,00,000 in a PNB FD for 1 year with a 6.80% interest rate, your total maturity amount will be ₹1,06,975.
• Medium Term: These fixed deposits have a tenure from 1 year to 5 years. The interest rate of such FDs ranges from 6.40% to 7.25% for general citizens and 6.90% to 7.75% for senior citizens. Suppose a senior citizen invests ₹1,00,000 in a PNB FD for 400 days with a 7.75% interest rate, you will receive ₹1,08,776 as the maturity amount.
• Long-Term Deposits: Long-term deposits come with a tenure ranging between 5 years to 10 years. The interest rate of these FDs ranges between 6.35% to 6.50% for general citizens and 7.15% to 7.30% for senior citizens. For instance, if you want to invest ₹1,00,000 in a PNB FD for 10 years, you will receive ₹1,90,556 as the total FD maturity amount.

Benefits of Punjab National Bank Fixed Deposit Interest Rates

Here are some crucial benefits of the PNB fixed deposit scheme:

• The highest fixed deposit interest of PNB for general citizens is 7.25%. 
• Super senior citizens get an additional 0.80% interest rate in comparison to standard FDs. 
• Interest on FDs is compounded on a quarterly basis and paid after maturity.

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Eligibility to Avail Punjab National Bank Fixed Deposit Interest Rate

The following is a list of individuals and entities who can avail PNB bank deposit rates on FD:

• Indian residents
• Proprietorship firms
• Partnership firms
• Hindu Undivided Family (HUF)
• Company or corporate bodies and commercial organisations
• Educational institutions 
• Minors who are 10 years old 
• Charitable organisations 
• Clubs 
• Society 
• Trusts  
• Associations

Documents Required to Avail Punjab National Bank Fixed Deposit Interest Rate

Here is a list of documents you need to provide to avail Punjab National Bank fixed deposit interest rate:

• PAN card
• Voter ID card
• Aadhaar card
• Driving licence
• Address proof 
• NREGA card
• Passport
• Residence permit or visa, employment visa or authorised work permit for NRIs
• Two latest passport-size photographs

Premature Withdrawal of Punjab National Bank Fixed Deposit 

During some financial emergencies, you can easily withdraw funds from Punjab National Bank's fixed deposit. However, early withdrawal of fixed deposits comes with penalties. A penal interest of 1% will apply upon partial withdrawal or premature cancellation of fixed deposits. The interest payable will be the contractual rate minus 1%, or the rate specified in the scheme for the actual term completed, also minus 1%, whichever is lower. 

It is important to note that no penalty will be applicable if the deposit is closed early to reinvest into another PNB fixed deposit scheme with the bank, as long as the reinvested deposit remains with the bank for longer than the remaining duration of the original contract.

Tax on Punjab National Bank Fixed Deposit 

Investing in the Punjab National Bank Tax Saving Fixed Deposit allows you to save up to ₹1,50,000 annually on taxes. However, other fixed deposits offered by Punjab National Bank do not qualify for tax benefits under Section 80C of the Income Tax Act.

It is important to remember that the PNB FD rates are taxable based on your applicable income tax slab. Additionally, if your annual interest income from these FDs exceeds ₹40,000, a TDS of 10% will be deducted. For senior citizens, this threshold is set at ₹50,000. Furthermore, if you do not provide your PAN card details to the bank, the TDS rate will increase to 20%.

Why Should You Choose Stable Money to Book a Fixed Deposit?

Stable Money enables you to book multiple fixed deposits across various banks without the need for a savings account. Enjoy attractive interest rates through banks and NBFCs partnered with Stable Money.  

With 24/7 customer support, booking an FD via Stable Money becomes hassle-free. Compare fixed deposit rates from different banks on a single platform and secure your investment from anywhere. All partnered banks issue FD certificates and your deposits are insured up to ₹5 lakh under DICGC guidelines, as mandated by the Reserve Bank of India.