We know that everyone wants to save the amount they have. Sometimes, they want to keep, but due to some issues, they need to spend a particular amount. That is the reason most of the banks started providing attractive interest rates on opening fixed deposits account with them. It means you cannot break the bond or account until the Tenure. In this way, you can keep your money safe. Therefore, we will be talking about PNB fixed deposit rates.
Punjab National Bank Fixed Deposit Interest Rates:
The interest rate depends upon the Tenure you pick and how old are you? It means if you come under the senior citizen scheme, then probably you’ll be getting more interest rates on opening fixed deposit account with Punjab national bank. Anyway, let me tell you about the interest rates based on different scheme, Tenure and group of people.
- PNB Short Term FD Rates
- PNB Medium Term FD Rates
- PNB long term FD rates
- PNB FD Rates for senior citizen
#1 PNB Short Term FD Rates
You need to know that the rate of interest you’ll be getting for choosing short term deposits are something near about 4.50% to 6.60% P/A. It is for 7 Days to 1 Year Tenure.
#2 PNB Medium Term FD Rates
You need to know that the rate of interest you’ll be getting for choosing medium-term deposits are something near about 6.50% to 6.60% P/A. It is for 1 Year to 5 Years Tenure.
#3 PNB Long Term FD Rates
You need to know that the rate of interest you’ll be getting for choosing long-term deposits are something near about 6.50% P/A. It is for more than 5 Years Tenure.
#4 PNB FD Rates for senior citizen
The interest rates for senior citizen fixed deposit account is around 7% P/A in Punjab national bank. It is usually 0.50% more than regular FD interest rates.
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How to Open the PNB Fixed Deposit Account?
You can open Punjab national bank fixed deposit account for Rs 25000 or more. You can open either by visiting the bank following traditional and old method or via internet banking of Punjab national bank. Both of the options are perfect, and there is no difference in interest rates on both of the methods.
Frequently Asked Questions:
There are some questions which are frequently asked by the customers related to PNB Fixed Deposits account. Let me clear some of the queries here itself.
- Do interest rates change on Term Deposits from time to time?
- Do you need to pay the tax on the interest?
- What are the consequences if you have not provided your PAN card?
- How is interest paid to term deposit holder?
- Is the interest rate same on e-FD and regular FD?
#1 Do interest rates change on Term Deposits from time to time?
Yes, it depends upon the bank, and they can change the rate of interest anytime. However, you’ll be getting the same rate of interest, in which you have opened your FD account.
#2 Do you need to pay tax on the interest?
Yes, you need to pay tax on the interest you earn if the interest is more than Rs 10000 per financial year.
#3 What are the consequences if you have not provided your PAN card?
If you have not provided your PAN card while opening FD account, then you’ll be charged more TDS rate. You will not receive the TDS certificate, and you cannot claim your TDS credit from the income tax department. It is better to provide PAN card copy while opening a fixed deposit account with PNB.
#4 How is interest paid to term deposit holder?
The interest a customer earns during the Tenure of their fixed deposit account will automatically get credited to their linked savings bank account.
#5 Is the interest rate same on e-FD and regular FD?
Yes, the interest rates are the same on e-FD and regular FD. There is no difference. The only difference is in the process of opening the FD account.
Punjab national bank is one of the widest and leading banks of India. This bank is giving fierce competition to other government banks by providing attractive interest rates on opening a fixed deposit account with them. In this post, we have added all the required details you need to know about Punjab national bank fixed deposits. If there is anything else to ask, then you can ask us in the comments section related to this article.
Hey, this is Johny Sehgal. I am the owner and caretaker at Finance Jungle. I completed my education in BSC and now heading towards the digital marketing industry. I usually have interests in reading, playing games and watching movies. I also love to write content based on quality information. The main motive of mine is to provide the top and best quality information to my readers. Finance Jungle is the blog for the same.