Punjab National Bank (PNB) Fixed Deposit (FD) Rates 2023

Punjab National Bank (PNB) is the second-largest government-owned bank in India in terms of business as well as the network. The bank offers a variety of fixed deposit (FD) schemes to suit the varying needs of retail customers. The deposit amount can vary from Rs.100 up to Rs.10 crore.

You can deposit your savings in an FD account at once and rest assured that the money is earning a competitive interest rate over the specified tenure. Non-resident Indians (NRIs) can also deposit money in the NRE and NRO FD schemes and earn interest on the deposit.
 

Here is all that you should know about PNB FD schemes. 
 

Latest Update

RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.

Fixed Deposit Interest Rates 2023 of Punjab National Bank

The interest rates given below are effective from 20th February 2023 and apply to domestic and NRI customers for deposits less than Rs.2 crore.

*Interest rates are subject to change from time to time.

Different Types of Punjab National Bank FD Schemes

Annuity Term Deposit Scheme for Victims of Road Accidents
As per court orders, the funds received from Motor Tribunals can be deposited in this account under the Motor Accident Claims Annuity Deposit (MACAD) scheme. Claimants of victims of road accidents can get the benefits of this scheme. The scheme consists of a fixed deposit product named ‘Motor Accident Claims Annuity Deposit (MACAD)’ and savings bank product named ‘MACT Claims SB Account’.

PNB Uttam – Non-Callable Deposit Scheme
The minimum deposit amount for this scheme is Rs.15 lakh. The interest may be paid in monthly, quarterly, half-yearly, and yearly intervals. For deposits in the range of Rs.15 lakh to Rs.10 crore, the maturity option can be for 91 days to 120 months, and the income option can be for 6-120 months. For deposits above Rs.10 crore, you should obtain permission from the HO treasury. In this case, the maturity option includes a period ranging from 91 days up to 1 year and the income option is for a period ranging from 6 months up to 1 year. In the case of interbank deposits above Rs.10 crore, permission from HO treasury is necessary, and the maturity option will be valid for a period of 91 days up to 1 year.

FD Scheme for Road Accident Victims
Claimants of road accidents victims can place the funds received from the motor tribunal as per court orders under the maximum interest yielding FD scheme. The interest accrued on such deposits will be paid out every month at discounted rates. The tenure of the account can range from 12 months up to 120 months. Auto-renewal is only possible as directed by the court.

PNB Anupam Term Deposit Scheme
The minimum deposit for this scheme is Rs.10,000 and in multiples of Rs.1,000 thereafter. The maximum deposit amount allowed is Rs.1,99,99,000. The tenure can range between six months and 120 months. You can avail of the overdraft facility under the scheme. Though individuals and non-individuals can both open the account, the account cannot be opened under the name of minors, illiterates, and blind persons.

PNB Balika Shiksha Fixed Deposit Scheme
The scheme is dedicated to girls who pass class VIII from Kasturba Gandhi Balika Vidyalayas and enrol for class IX in State/Union Territory government, and government-aided or local bodies’ schools in the academic year 2008-09 onwards. The accounts should be opened for unmarried girls aged below 16 years as of 31 March on joining class IX. However, girl students enrolled in private unaided schools and schools run by the Central government are excluded. The savings account can have a nil initial balance. The fixed deposit account is allowed to have Rs.3,000 in the name of the girl child. This is to be withdrawn when the girl child attains 18 years of age as an incentive.

PNB Multi-Benefit Term Deposit Scheme
As the name suggests, multiple benefits can be availed upon opening this account. Individuals and non-individuals are eligible to open the account. The interest will be compounded quarterly and paid out on maturity. The minimum deposit allowed is Rs.100, and the maximum is Rs.1,99,99,999. The tenure can be anything from six months up to 120 months. You can avail demand loan for deposits of Rs.10,000 and above upon written request.

PNB Scheme For Road Accident Victims
The scheme allows road accident victims to deposit proceeds from road accidents directed by the motor tribunal or court. The tenure of the scheme can be between 12 months and 120 months. If the court directs to open the account for a period of more than 120 months, the account shall be auto-renewed after 120 months for the excess period. The interest rate offered is 1% above the card rates. No loan/advances, premature withdrawal, and cheque book shall be provided. The interest will be paid every month.

PNB Special Term Deposit Scheme
The deposit amount can range from Rs.100 up to Rs.1,99,99,999. The tenure can range from 1 year up to 10 years. Demand loan facility is available for this scheme.

PNB Sugam Term Deposit Scheme
The minimum deposit amount for this scheme is Rs.10,000 and can go up to Rs.10 crore. The minimum tenure allowed is 46 days, unlike seven days for several FD schemes. The depositor can choose the interest payout frequency based on their convenience, such as monthly, quarterly, and on maturity. The scheme allows premature withdrawal in the units of Rs.1,000.

PNB Systematic Deposit Plan
Under this scheme, the depositor has to choose a core monthly instalment amount with a minimum of Rs.100. The monthly instalment over the tenure can go up to 10 times the core amount in any month. Choose a tenure between six months and 60 months and make your deposit payments monthly. The interest rate applicable is equal to the card rates based on the tenure chosen. Further, it will be calculated on a daily product basis and paid out half-yearly.

PNB Ordinary Term Deposit Scheme
Also called the Term Deposit Ordinary (TDO) account, this account can be opened with a minimum deposit of Rs.100 with a maximum amount of Rs.1,99,99,999. The tenure can range from 7 days up to 179 days.

PNB Varshik Aay Yojana (VAY) Deposit Scheme
In this account, deposits will be accepted in multiples of 12 months, starting from 12 months up to 120 months. The minimum deposit accepted is Rs.10,000 and in multiples of Rs.1,000 thereafter. The maximum deposit you can make in this account is Rs.1,99,99,000. Simple interest will be accrued against the deposit and paid out either on maturity or at quarterly intervals on a case-by-case basis.

PNB Pranam Fixed Deposit Scheme
This scheme is dedicated to individuals aged 55 years and above (singly or jointly) for up to 60 years. The minimum deposit necessary for this account is Rs.100 and can go up to Rs.1,99,99,999. The deposit period can be from one year up to 10 years, but it must be in full months/quarters.

PNB Mibor Linked Notice Deposit Scheme
The scheme comes with a market-determined interest rate linked to Mumbai Inter-Bank Offer Rate (MIBOR) NSE Overnight. The tenure of this account can be anything from 7 days up to 60 days. Also, a single deposit can be above Rs.10 crore. Once the spread is quoted for the day, there should not be any limit on accepting deposit under the scheme. However, based on the fund position, the next day’s spread will be quoted. Deposits are not accepted on reporting Fridays.

PNB Floating Rate Fixed Deposit Scheme
Make a minimum deposit of Rs.1,000 over a period from 7 days up to 10 years. Note that, unlike other FD schemes, this scheme’s interest rate may change during the account. Therefore, the maturity value for this account cannot be pre-calculated. However, the interest and maturity value rate as per the relevant rate will be mentioned in the certificate.

PNB Growth Fixed Deposit Scheme
The scheme allows a single deposit of Rs.2 crore or more up to a maximum of Rs.10 crore. The maturity period can range from seven days up to 120 months, while the income option can be availed for a period of six months up to 120 months. The depositor can choose if the interest has to be paid out or re-invested on the deposit amount.

PNB NRE Rupee Sugam Term Deposit Scheme
The account is dedicated to non-resident Indians (NRIs) to open the account in a single or joint capacity. The minimum deposit required for this account is Rs.10,000, and the tenure can range from a minimum of one year up to a maximum of 10 years. The interest rate shall be the same as the ones applicable to NRE term deposits for various tenures. The interest will be compounded quarterly.

PNB NRO Sugam Term Deposit Scheme
An NRI or a person of Indian origin can open an NRO Sugam Term Deposit account. The non-resident account holder, himself/herself, must open the account and not the power of attorney holder residing in India. This account can be held jointly with residents or non-residents. The minimum deposit is Rs.10,000, and the minimum tenure is 46 days. No penalty applies in the case of premature withdrawal in the multiples of Rs.1,000.

Punjab National Bank FD Special Features and Benefits

• The minimum deposit amount allowed is Rs.100 and can go up to Rs.1,99,99,999.
• Domestic and non-resident Indians can open FD accounts with the bank.
• The deposit tenure can range from 7 days up to 120 months for domestic account holders. In the case of NRE and NRO accounts, the minimum tenure can vary.
• Monthly, quarterly, half-yearly, and yearly interest payout options are available in addition to the payout on maturity.
• Quarterly interest compounding facilities are available.
• Auto-renewal of deposit can be availed under certain schemes.
• Wide range of FD schemes is available to suit the needs of retail customers.
• Premature withdrawal and nomination facility is available on certain schemes.
• Loan/advance facility is available against deposits of Rs.10,000 or more.
• TDS certificate will be issued wherever applicable.

Basic Eligibility Criteria for Punjab National Bank FD

• Individuals (singly or jointly with others)
• Minors who have attained the age of 10 years and above
• Proprietorship/partnership firm, commercial organisation, company/corporate body
• Hindu Undivided Family (HUF)
• Association, club, society, trust or religious/charitable or educational institutions
• Municipality or panchayat, government or quasi-government body
• Illiterate and blind persons can also open the account

Documents Required

• Secondary School leaving Certificate indicating the date of birth
• LIC Policy
• Voters Identity Card
• Pension Payment Order (for senior citizens)
• Birth Certificate issued by the competent authority
• Passport
• Driving License
• PAN number
• Any other documentary proof to the satisfaction of the Branch Manager
• UID (Aadhaar Card)

Tax Benefits on Punjab National Bank Fixed Deposit

1. PNB Tax Shield FD: This scheme is restricted to individuals (single or joint account) and HUFs. Make a minimum deposit of Rs.100 in this account; the upper limit is at Rs.1.5 lakh per financial year. A lock-in period applies to this account, i.e. five years. Further, the maximum tenure for this scheme is 10 years. You can claim an income tax deduction on the amount deposited in this scheme under Section 80C of the Income Tax Act, 1961. You can choose to get an interest payout on a monthly, quarterly, half-yearly, or yearly basis or on maturity. In the case of senior citizens and staff members, an additional interest rate of 0.5% and 1% will be paid over and above the card rates respectively.
2. PNB Capital Gain Account Scheme: The account is intended for individuals to credit the capital gains proceeds so they can claim income tax benefits under Sections 54, 54B, 54D, 54F, or 54G of the Income Tax Act, 1961. The tenure can range from 7 days up to 10 years. All branches offer the account except in rural branches. Deposit Account-A works as a savings funds account, while Deposit Account-B works as a term deposit account.

FD Interest Rate Calculator

Our FD calculator page gives you a way to predict the returns you may receive upon putting your money in a fixed deposit account.

Frequently Asked Questions (FAQs)

What interest rate structure is applicable to the PNB Tax Saver FD scheme?

The interest rate applicable to the PNB Tax Saver FD scheme is 5.30% p.a. to regular customers for tenure from 5 years up to 10 years. Senior citizens get 5.80% p.a. for the same tenure.

Does bank staff get an additional interest rate?

Yes. The bank staff and ex-staff who are senior citizens, get an additional interest rate of 1.5% p.a. over and above the regular rates. However, the same is applicable only for deposits up to Rs.2 crore. For deposits between Rs.2 crore and Rs.10 crore, no additional interest rate will be provided to bank staff and ex-staff who are senior citizens. When it comes to PNB Tax Saver FD, the maximum additional interest rate is 1% p.a.

What is the interest payment frequency for PNB Anupam Term Deposit?

The interest will be paid out on the completed quarter basis in March, June, September, and December every year.

How do I withdraw from PNB Capital Gain Account Scheme?

The deposits in Account A can be withdrawn by submitting Form C with your passbook. The deposits in Account B should be first transferred to Account A to be able to withdraw.

Do I get compound interest irrespective of the interest payout frequency I choose for the PNB Tax Shield FD scheme?

Simple interest will be issued when you choose a quarterly interest payout. Discounted rates will be applicable if you choose a monthly interest payout. In the case of half-yearly and yearly payouts, the interest shall be compounded quarterly. Quarterly compounding applies to interest payout on maturity as well.

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