PNB FD Interest Rates 2024

By Adnan Ali

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Updated on: Mar 12th, 2024

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58 min read

Punjab National Bank (PNB) offers multiple Fixed Deposit Schemes. Interest rates of PNB Fixed Deposit for the general public is 3.50-7.35% p.a and 4.00-7.75% p.a. for senior citizens. Tenure of PNB FD  Schemes ranging from 7 days to 10 years. The investors can also invest in Tax-saving FD at the interest rate of 6.50% p.a. For the general public and 7.00% for senior citizens for the tenure of 5 years to 10 years. The Bank also offers Deposit schemes to NRis. 

PNB FD Interest Rates

The interest rates apply to domestic and NRI customers for deposits less than Rs.2 crore.

Deposit Tenure

Interest Rate for Regular Customers (% p.a.)

Interest Rate for Regular Customers (% p.a.)

Interest Rate for Regular Customers (% p.a.)

7 to 14 Days

3.50

4.00

4.30

15 to 29 Days

3.50

4.00

4.30

30 to 45 Days

3.50

4.00

4.30

46 to 60 Days

4.50

5.00

5.30

61 to 90 Days

4.50

5.00

5.30

91 to 179 Days

4.50

5.00

5.30

180 to 270 Days

6.00

6.50

6.80

271 Days to 299 Days

6.25

6.75

7.05

300 Days

7.05

7.55

7.85

301 Days to < 1 Year

6.25

6.75

7.05

1 Year

6.75

7.25

7.55

>1 Year to 399 days

6.80

7.30

7.60

400 Days

7.25

7.75

8.05

401 Days to 2 Years

6.80

7.30

7.60

above 2 years & upto 3 years

7.00

7.50

7.80

above 3 years & upto 5 years

6.50

7.00

7.30

above 5 years & upto 10 years

6.50

7.30

7.30

The interest rates apply to domestic and NRI customers for deposits of more than Rs.2 crore to 10 crores.

Deposit Tenure 

Interest rates (% p.a.)

7 days to 14 days

6.00

15 days to 29 days

6.00

30 days to 45 days

6.00

46 days to 60 days

6.40

61 days to 90 days

6.60

91 to 179 days

6.50

180 days to 270 Days

6.65

271 days to 299 Days

6.75

300 Days

6.75

300 Days to <1 Year

6.75

1 Year

7.25

>1 Year to 399 Days

6.50

400 days

6.50

401 days to 2 years

6.50

above 2 year & upto 3 years

6.50

above 3 year & upto 5 years

6.25

above 5 years & upto 10 years

5.60

*Rates updated as of 11 March 2024.
** The additional rate of interest applicable on domestic deposits accepted from senior citizens is not applicable for NRO deposits.
*** At a Deposit of more than 2 crore, There is no additional rate of interest for Senior citizens and for Super Senior citizens.
 

Types of Punjab National Bank FD Schemes

1. PNB Ordinary Term Deposit Scheme

  • Deposit Amount: You can deposit between Rs.100 and Rs.1,99,99,999.
  • Tenure: Your deposit can stay in the bank for 7 to 179 days.
  • If you deposit Rs.10,000 or more, you can ask for a Demand Loan or Overdraft facility by writing a request.

2. PNB Tax Shield - Fixed Deposit Scheme

  • Deposit Amount: You can deposit a minimum of Rs.100 or in multiples thereof, up to a maximum of Rs. 1.50 lakh per financial year.
  • Tenure: Your deposit can be held for a tenure of 5 to 10 years, with a lock-in period of 5 years.
  • Two interest options: Income option and Maturity option.
    Under the Income option, interest can be paid monthly, quarterly, half-yearly, or yearly. Monthly interest is paid at a discounted rate, while interest is compounded quarterly for half-yearly and yearly payments.
    Under the Maturity option, interest is compounded quarterly and paid out at maturity.
  • Senior citizens get an additional interest of 0.50%, and staff members receive 1% extra interest, including the additional interest for senior citizens.
  • Super senior citizens receive an additional interest rate of 0.80% per annum on regular FD rates.
  • Loan, premature cancellation, or part withdrawal facilities are available only after the 5-year lock-in period.
  • Interest on these deposits is taxed under the Income Tax Act, either yearly accrual or receipt basis, depending on the depositor's accounting system.

3. PNB Pranam Fixed Deposit Scheme

  • Deposit amount: You can deposit a minimum of Rs.100 and a maximum of Rs.1,99,99,999.
  • Eligibility: Individuals aged 55 years and above can apply.
  • Tenure:
    Income Option: Choose from 1 year to 10 years.
    Maturity Option: Also available for 1 year to 10 years.
  • Senior citizens aged 60 years and above get an additional interest rate of 0.50%.
  • Interest Rate Options: Both income and maturity options are available for this deposit.
  • Premature withdrawal is allowed, with interest paid at either the contracted rate or the rate applicable for the duration the deposit was active, whichever is lower.
  • Demand Loan/Overdraft facility is available for deposits of Rs.10,000 and more upon written request. However, overdraft is not permitted for accounts opened in the name of blind or illiterate individuals.

4. PNB Bulk Fixed Deposit Scheme

  • Deposit Amount:
    Single deposit exceeding Rs.10 crore.
    Single Interbank Deposit of Rs.2 crore and above.
    Single NRO and NRE Term Deposits surpassing Rs.10 crore.
    Single FCNR (B) deposit of 1 million and above for USD, GBP & EUR currency.
  • Tenure:
    For Maturity: Choose from 7 days to 10 years.
    For Income: Select from 6 months to 10 years.
  • Interest Option: Both Income and Maturity options are available.
    Income : Interest can be paid monthly, quarterly, or at maturity. Monthly interest is at a discount, while half-yearly and yearly payments are compounded quarterly.
    Maturity: Interest is compounded quarterly and paid at maturity. Interest calculation includes any incomplete quarter.
  • Restrictions:
    No conversion, auto-renewal, premature renewal/extension, or part withdrawal is allowed.
  • Maturity Value:
    Calculated on a quarterly compounding basis for deposits with a maturity option.
    For the income option, interest is paid quarterly at a simple rate or monthly at a discounted rate.

5. PNB Uttam - Non Callable FD

  • Deposit Amount: Deposits of Rs.15 lakh and above are accepted.
  • Interest Option:
    Income (Outflow of interest):
    Interest can be paid monthly, quarterly, half-yearly, or yearly.
    Monthly interest is paid at a discounted rate, while half-yearly and yearly payments are compounded quarterly.
    Maturity (Reinvestment of interest on a quarterly compounding basis):
    Interest is compounded quarterly and paid out at maturity.
    Any incomplete quarter of the deposit is considered in interest calculation.
  • Tenure:
    For deposits ranging from more than Rs.15 lakh to Rs.10 crore:
    Maturity Option: Choose from 91 days to 10 years.
    Income Option: Select from 6 months to 10 years.
    For deposits exceeding Rs.10 crore:
    Maturity Option: 91 days to 1 year.
    Income Option: 6 months to 1 year.
    Interbank Deposits above Rs.10 Crore: Maturity Option: 91 days to 1 year.
    Restrictions:
    Conversion and auto-renewal options are not allowed.
    Premature withdrawal, partial withdrawal, or extension are not permitted except in specific circumstances like the death of the Depositor, winding up, bankruptcy, or court/regulator directions.
  • Demand Loan or Overdraft facility is at the bank's discretion and according to existing guidelines.
  • Maturity value of deposits in the maturity option is calculated on a quarterly compounding basis.

6. PNB Floating Rate Fixed Deposit Scheme

  • Deposit Amount:
    Minimum deposit: Rs. 1,000 or multiples thereof.
    Deposits exceeding Rs. 10 crore require approval from the Treasury Division, HO.
  • Tenure: Choose from 7 days to 10 years, including incomplete quarters.
  • Overdraft Facility: Available with a minimum deposit of Rs. 10,000 on a fixed deposit account.
  • Premature Withdrawal:
    Fixed deposits up to Rs. 10 crore:
    If withdrawn within 5 years, the interest rate will be 1% less than the prevailing rate.
    If withdrawn after 5 years, the interest rate will be 0.5% less than the prevailing rate.
    Fixed deposits exceeding Rs. 10 crore: Approval from HO: Treasury Division required for premature cancellation.
    Interest rate for premature cancellation will be based on the prevailing rate for the duration the FD was active, without any reduction.

7. PNB Fixed Deposit Schemes Covered Under E-FD

  • This scheme is only for internet banking custiomers. 
  • Operations:
    Mode of operation, nomination, and senior citizen preferential rate follow the rules of the linked savings or current account.
  • Documentation:
    Valid PAN document is required.
  • Loans:
    Loan applications require a visit to the parent branch.
  • Auto-Renewal:
    Only permitted for the maturity value.
  • Maturity Proceeds:
    Without auto-renewal instructions, proceeds on maturity will be credited to the funding account or per the depositor's mandate.
  • Premature Withdrawal:
    Permitted through net banking.
  • Nomination:
    Continues as per the funded account.
  • Taxation:
    TDS Certificate issued by the bank for deducted taxes.

8. PNB Anupam Term Deposit Scheme

  • Minimum & Maximum Deposit:
    Start with Rs.10,000, in multiples of Rs.1,000 thereafter, and maximum goes up to Rs.1,99,99,000. 
  • Tenure:
    Choose from six months to 120 months.
  • Overdraft Facility:
    Overdraft facility available.
  • Eligibility:
    Both individuals and non-individuals can open the account.
    However, accounts cannot be opened under the names of minors, illiterates, or blind persons.

9. PNB Balika Shiksha Fixed Deposit Scheme

  • Eligibility:
    Dedicated to girls who have passed class VIII from Kasturba Gandhi Balika Vidyalayas.
    Enrolled for class IX in State/Union Territory government, government-aided, or local bodies’ schools from the academic year 2008-09 onwards.
    Accounts should be opened for unmarried girls below 16 years old as of March 31 upon joining class IX.
    Excludes girl students enrolled in private unaided schools and schools run by the Central government.
  • Account Details:
    Savings account can start with a nil initial balance.
    Fixed deposit account allowed with Rs. 3,000 in the name of the girl child.
  • Withdrawal:
    The Rs.3,000 fixed deposit can be withdrawn as an incentive when the girl child turns 18 years old.

10. PNB Multi-Benefit Term Deposit Scheme

  • Account Benefits:
    Offers multiple benefits upon opening.
  • Eligibility:
    Both individuals and non-individuals can open the account.
    Interest:
    Compounded quarterly and paid out at maturity.
  • Deposit Limits:
    Minimum deposit: Rs.100; Maximum: Rs. 1,99,99,999.
  • Tenure:
    Choose from six months to 120 months.
  • Demand Loan:
    Available for deposits of Rs.10,000 and above upon written request.

11. PNB Growth Fixed Deposit Scheme

  • Deposit Limit:
    Allows a single deposit ranging from Rs. 2 crore to a maximum of Rs. 10 crore.
  • Tenure:
    Maturity period can be anywhere from seven days to 120 months.
  • Income Option:
    Available for a period of six months up to 120 months.
  • Interest Handling:
    Depositor can choose whether the interest is paid out or reinvested on the deposit amount.

12. FD Scheme for Road Accident Victims

  • Scheme Objective:
    Facilitate depositing cash received from the Motor Tribunal by claimants of road accident victims according to court orders under the maximum interest category of FD.
  • Interest Payment:
    Interest can be paid monthly at a discounted rate.
  • Tenure:
    Choose from 1 year to 10 years.
  • Automatic Renewal:
    Automatic renewal facility available as per court guidelines.
  • Interest Rate:
    1% above the card interest rate applicable for normal FD schemes across various tenors.
  • Restrictions:
    No premature cancellation or part withdrawal allowed.
    No loans or advances permitted under the scheme.

13. Annuity Term Deposit Scheme For Victims Of Road Accidents

  • Scheme Overview:
    The Motor Accident Claims Annuity Deposit (MACAD) Scheme facilitates the deposit of compensation received by claimants of road accident victims from Motor Tribunals as per court orders.
  • Eligibility:
    Individuals, including minors represented by guardians, can participate under a single name.
  • Minimum Deposit:
    Minimum annuity of Rs.1,000 (monthly) for the applicable period.
  • Tenure:
    Choose from 3 years to 10 years. Deposits exceeding 120 months are allowed under court direction.
  • Restrictions:
    No loan or advance facilities are available under the scheme.
  • Nomination:
    Nomination facility is available in accordance with court rulings.
  • Premature Closure:
    Depositors can close their Fixed Deposit prematurely with court permission.

14. PNB Mibor Linked Notice Deposit Scheme

  • Scheme Description:
    Offers a deposit product with an interest rate linked to the Mumbai Inter-Bank Offer Rate (MIBOR) NSE Overnight.
  • Eligibility:
    Open to Company/Corporate Bodies, High Net Worth Individuals (HNIs), Public Sector Undertakings, and Commercial Organizations.
  • Deposit Amount:
    Requires a single deposit exceeding Rs. 10 crore.
  • Tenure:
    Available for 7 to 60 days.
  • Withdrawals:
    No penalty for premature or partial withdrawals.
  • Auto-Renewal:
    Fixed deposit automatically renewed for 14 days only.
  • Loan Facilities:
    Demand Loan/Overdraft Facility not permitted.

15. PNB NRE Rupee Sugam Term Deposit Scheme

  • Minimum Deposit:
    Start with Rs.10,000.
  • Tenure:
    Choose from 1 year to 10 years.
  • Withdrawal:
    Premature or partial withdrawal allowed.
  • Options Available:
    Choose between Income Option and Reinvestment/Maturity Option.
     

16. PNB NRE Rupee Sugam Term Deposit Scheme

  • Joint Holding:
    Account can be held jointly with residents and/or non-residents.
  • Deposit Amount:
    Minimum: Rs.10,000; Maximum: Rs.10 crore.
  • Tenure:
    Choose from 46 days to 10 years.
  • Penalty-Free Withdrawal:
    No penalty for premature withdrawal in multiples of Rs. 1,000 before maturity.
  • Additional Facilities:
    Demand Loan or Overdraft against term deposit, Change of option, Conversion, or Change of Base Branch facility available if requested before maturity.

Punjab National Bank FD Special Features and Benefits

  • The minimum deposit amount allowed is Rs.100 and maximum goes 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.

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
 

  • 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.
     
  • 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.

Other Bank FD Interest Rates:
1. SBI FD Interest Rates 2024
2. Kotak Mahindra Bank FD Interest Rates 2024
3. ICICI Bank FD Interest Rates 2024

Other PNB Bank Related Articles:
1. Punjab National Bank Holiday List 2024
2. How to Link Aadhaar Card with Punjab National Bank Account?
3. PNB Net Banking
4. PNB Mobile Banking

Frequently Asked Questions

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 6.50% p.a. to regular customers for tenure from 5 years up to 10 years. Senior citizens get 7.30% p.a. for the same tenure.

Does bank staff get an additional interest rate?

Yes. In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 150 bps for a period upto 5 years and 180bps for period above 5 years. 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. 

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.

Is PNB Safe for FD?

Reserve Bank of India recognises Punjab National Bank (PNB) as a scheduled bank. Thus, depositors in this bank are eligible for depositor’s insurance by Depositor Insurance and Credit Guarantee Corporation (DICGC). The DICGC, a subsidiary of the Reserve Bank of India (RBI), provides insurance coverage for deposits made by each individual depositor in each scheduled bank up to a total of Rs 5 lakh. This insurance coverage applies to all types of deposits, including fixed deposits, savings accounts, current accounts, and recurring deposits. In the event of a scheduled bank failing or merging/amalgamating with another bank, this insurance coverage will protect the depositor's deposits up to the specified limit.

In how many years FD will Double?

let's take an interest rate applicable for 5 to 10 years, which is currently 6.50%. In such a situation, when you divide the current interest rate by 72, the answer will be 72/6.5 = 9.6. According to this calculation, your money will double in 11 years. 

What is the highest PNB FD interest rate?

Punjab National Bank is offering highest fd rates for the tenure of 400 days, which is 7.25% p.a for general public, 7.75% p.a. for senior citizens, and 8.05% for super senior citizens.

What is the interest rate for PNB tax saver FD?

PNB tax saver FD interest rate is 6.50% p.a. for tenure ranging from 5 to 10 years. 

How many FDs can be opened in Punjab National Bank?

There is no limit on the number of FDs, you can open as many FDs as you want.

What is senior citizen fixed deposit interest rates in Punjab National Bank?

Punjab National Banks offers interest rate 4% p.a. to 7.75% p.a. on fixed deposit schemes. 

Can we withdraw FD before maturity in PNB?

Yes, Premature withdrawal is allowed, with interest paid at either the contracted rate or the rate applicable for the duration the deposit was active, whichever is lower. 

About the Author

I am a curious person, and Finance is at the top of my list of interests. With more than 5 years of experience in fintech, I am an expert in lending, investment and personal finance. I believe the Devil lies in details, so I dig a lot before writing anything and armed my writing pieces with figures and facts. Read more

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Quick Summary

Punjab National Bank offers various fixed deposit schemes with interest rates ranging from 3.50% to 7.75% for different categories of customers and tenures. The bank also provides special schemes for senior citizens, NRI customers, and specific demographics. Deposit amounts, tenure options, beneficial features, eligibility criteria, tax benefits, and documentation requirements are detailed in the article.

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