PNB Fixed Deposit

Punjab National Bank offers multiple fixed deposits for various tenures with different interest rates to its investors. Also, the interest rate on PNB FDs is higher in their savings account. One can invest in PNB FDs through both online and offline modes with just a minimum investment of INR 100. This article covers PNB FD, its features and interest rates in detail.

Key Features of Punjab National Bank Fixed Deposit Schemes

• Premature withdrawal: All PNB bank FDs can be withdrawn prematurely except for the tax-saving FD. Also, Punjab National Bank charges a 1% penalty on the interest for premature withdrawals. However, the penalty is subject to change as per PNB terms and conditions.
• Nomination facility: PNB FD investors can nominate beneficiaries for their FDs.
• Auto-renewal: Investors can opt for auto-renewal of their PNB FDs.
• Safety: The Deposit Insurance Scheme of RBI covers all PNB deposits. Also, the scheme covers all PNB deposits up to INR 5,00,000.
• Additional payments: Investors cannot deposit an additional amount in a Punjab National Bank FD once it has commenced. However, they can open a fresh PNB FD with the new amount.

PNB Bank Fixed deposit schemes

Following are the types of PNB Bank fixed deposit schemes:

• FD Scheme for Road Accident Victims
• Anupam Term Deposit Scheme
• Multi Capital Gain Account Scheme
• Multi-Benefit Term Deposit Scheme
• Special Term Deposit Scheme
• Sugam Term Deposit Scheme
• Ordinary Term Deposit Scheme
• Varshik Aay Yojana (VAY) Deposit Scheme
• PNB Tax Saver Fixed Deposit Scheme
• Pranam Fixed Deposit Scheme
• Floating Rate Fixed Deposit Scheme
• Bulk Fixed Deposit Scheme (ABOVE Rs.10 CRORE)
• Growth Fixed Deposit Scheme
• NRE Rupee Sugam Term Deposit Scheme
• NRO Sugam Term Deposit Scheme
• Motor Accident Claims Annuity Deposit (MACAD) Scheme
• PNB Uttam Term Deposit Scheme
• PNB Balika Siksha Deposit Scheme
• PNB Systematic Deposit Plan

FD Scheme for Road Accident Victims

• Purpose: To facilitate the claimants of victims of road accidents to invest the funds from Motor Tribunal under the maximum interest category of FD.
• Tenure: 1 year to 10 years
• Interest: Paid monthly at a discounted rate. Also, interest will be 1% above the CARD rate as applicable for normal Fixed Deposit schemes.
• Loan: Depositors cannot obtain a loan against their fixed deposit scheme.
• Premature withdrawal: Not allowed
• Eligibility: Individuals and also minors

PNB Anupam Term Deposit Scheme

• Tenure: 6 months to 120 months
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: INR 1.99 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme.
• Eligibility: Individuals, partnership firms, companies, and also other associations. However, minor, blind and illiterate persons are not allowed to invest in this scheme.

PNB Capital Gain Account Scheme

• Purpose: Individuals can credit their capital gains into this account.
• Tenure: 7 days to 10 years
• Premature withdrawal: Allowed, however with a penalty

PNB Multi-Benefit Term Deposit Scheme

• Tenure: 6 months to 120 months
• Interest: Compounded quarterly and paid at maturity.
• Minimum Deposit Amount: INR 100
• Maximum Deposit Amount: INR 1.99 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme only if the deposit amount is above INR 10,000.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Special Term Deposit Scheme

• Tenure: 1-10 years
• Minimum Deposit Amount: INR 100
• Maximum Deposit Amount: INR 1.99 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme only if the deposit amount is above INR 10,000.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Sugam Term Deposit Scheme

• Tenure: 46 days to 120 months
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: INR 10 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme only if the deposit amount is above INR 10,000.
• Premature withdrawal: Partial withdrawal of a minimum amount of INR 10,000 is allowed. No penalty on partial and full withdrawal before the term ends.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Ordinary Term Deposit Scheme

• Tenure: 7 days to 179 days
• Minimum Deposit Amount: INR 100
• Maximum Deposit Amount: INR 1.99 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme only if the deposit amount is above INR 10,000.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Varshik Aay Yojana (VAY) Deposit Scheme

• Tenure: Depositors can open VAY Deposit schemes for 24, 36, 48, 60, 72, 84, 96, 108, and 120 months.
• Minimum Deposit Amount: INR 10,000, and in multiples of INR 1,000 thereafter.
• Maximum Deposit Amount: INR 1.99 crore
• Loan and Overdraft: For deposits above INR 10,000, depositors can avail loan and overdraft facility against their deposits in Varshik Aay Yojana.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Tax Saver Fixed Deposit Scheme

• Tenure: The PNB Tax Saver fixed deposit scheme has a lock-in period of 5 years. However, the scheme can be extended up to ten years.
• Minimum Deposit Amount: INR 100
• Maximum Deposit Amount: INR 1,50,000 per financial year.
• Loan: Depositors cannot obtain a loan against their tax saver fixed deposit scheme.
• Premature withdrawal: Not allowed
• Tax: Deposits in the Tax Saver Fixed Deposit Scheme are eligible for tax exemption under Section 80C of the Income Tax Act.
• Eligibility: Individuals and also HUFs.

PNB Pranam Fixed Deposit Scheme

• Tenure: The deposit tenure ranges between 1 year to 10 years.
• Minimum Deposit Amount: INR 100, and in multiples of INR 1 thereafter.
• Maximum Deposit Amount: INR 1.99 crore
• Loan: For deposits above INR 10,000, the scheme allows a loan facility.
• Premature withdrawal: The bank allows premature withdrawals, however, there is no penalty if the depositor attains Senior Citizen status.
• Eligibility: Individuals of the age of 55 and above can open the Pranam Fixed Deposit Scheme.

PNB Floating Rate Fixed Deposit Scheme

• Tenure: The deposit tenure ranges between 7 days to 10 years.
• Minimum Deposit Amount: INR 1,000, and in multiples after that. Also, it is mandatory for FDRs above INR 10 crore to get approval from the Treasury Division, HO.
• Loan and Overdraft: Depositors can avail loan and overdraft facility against their deposits in the Floating Rate Fixed Deposit Scheme. However, for deposits above INR 10,000, the scheme allows an overdraft facility.
• Premature withdrawal: The bank allows premature withdrawals, however, with a penalty.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Uttam Plus Triple One Two Three Deposit Scheme

• Tenure: 333 days
• Minimum Deposit Amount: INR 15 lakhs, and in multiples of INR 1,000 after that.
• Maximum Deposit Amount: INR 10 crore
• Premature withdrawal/closure: Not available
• Renewal: The default renewal period is 12 months.
• Eligibility: Individuals, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality and minors can also open the account.

PNB Growth Fixed Deposit Scheme

• Tenure: The deposit tenure ranges between 7 days to 120 months for the Maturity Option. For the Income option, the tenure ranges between 6 months to 120 months.
• Minimum Deposit Amount: INR 2 crore, and in multiples of INR 1 after that.
• Maximum Deposit Amount: INR 10 crore.
• Loan and Overdraft: Available as per the guidelines by HO: IRMD.
• Premature withdrawal: Available only in the FD maturity option. 
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Bulk Fixed Deposit Scheme

• Tenure: The deposit tenure ranges between 7 days to 120 months for the Maturity Option. For the Income option, the tenure ranges between 6 months to 120 months.
• Minimum Deposit Amount:
• A single deposit of above INR.10 crores, and in multiples of INR 1 after that.
• Interbank Deposit of INR 2 crore & above
• NRE & NRO Term Deposits of above INR 10 crore
• FCNR (B) deposit of 1 Mio and above for USD, GBP & EUR currency
• Loan and Overdraft: Depositors can get loans and also an overdraft facility against their deposits.
• Premature withdrawal: The bank doesn’t allow premature withdrawals.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB NRE Rupee Sugam Term Deposit Scheme

• Tenure: The deposit tenure ranges between one year to 10 years.
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: No limit
• Premature withdrawal: Available. Also, the depositor can only withdraw in multiples of INR 1,000. However, the scheme will continue to earn interest on the remaining amount.
• Auto-Renewal: Available, as per depositor’s mandate.
• Eligibility: NRIs can open the NRE Sugam Term Deposit Scheme, it can be either a single or joint account.

PNB NRO Sugam Term Deposit Scheme

• Tenure: The deposit tenure ranges between 46 days to 120 months.
• Minimum Deposit Amount: INR 10,000 and in multiples of INR 1 after that.
• Maximum Deposit Amount: INR 10 crore
• Premature withdrawal: Available. Also, the depositor can only withdraw in multiples of INR 1,000.
• Eligibility: NRIs and POI can open the NRO Sugam Term Deposit Scheme. However, the account can be held jointly with residents or with non-residents.

Motor Accident Claims Annuity Deposit (MACAD) Scheme

When a claimant of victims of road accidents receives a lumpsum fund from Motor Tribunals he or she can deposit that fund under Motor Accident Claims Annuity Deposit (MACAD) Scheme. Later on, they will receive Equated Monthly Instalments (EMIs), including principal amount as well as interest earned on deposit. This way the depositor earns interest income as well as secures the fund in a fixed deposit. 

• Eligibility- Individual including a minor along with their guardian
• Minimum Deposit – Based on minimum monthly annuity Rs. 1,000 for the relevant period
• No limit on a maximum investment amount
• Investment duration ranging from 36 months to 120 months
• Interest rate will be same as of a regular fixed deposit depending on the investment period
• Nomination and premature withdrawal available
• No loan or advance allowed on the deposit

PNB Uttam Term Deposit Scheme

• Eligibility- Individual, joint account, minor along with a guardian, Proprietorship, Partnership Firm, Commercial Organization, Company, Corporate Body, HUF. Association of Persons, Body of Individuals, Club, Society, Trust, Religious bodies, Charitable Institutions, Educational Institutions, Municipality or Panchayat, Government or Quasi-Government Body.
• Single fixed deposit over and above Rs 15 lakhs in multiples of Rs 1
• Interest rate will be same as of a regular fixed deposit depending on the investment period
• Payment of interest- Income option and Maturity Option
• Income option- Interest is paid periodically on a monthly, quarterly, Half Yearly, or Yearly basis. Discounted interest rate for a monthly interest payment. The investment duration ranges from 6 months to 120 months.
• Maturity option- interest is paid at the end of the investment period along with the principal amount. The investment duration ranges from 91 days to 120 months.
• The facility of premature withdrawal, part withdrawal, auto-renewal are not available

PNB Balika Siksha Deposit Scheme

• Eligibility- From the academic year 2008-09 onwards, all girls who finish class VIII from Kasturba Gandhi Balika Vidyalayas (regardless of whether they are SC/ST) and enroll in class IX in State/UT Govt., Govt. aided, or local bodies schools.
• Eligibility- From the academic year 2008-09 onwards, all SC/ST girls who finish class VIII and enroll in class IX in State/UT Govt., Govt. aided, or local body institutions.
• For the opening of a Savings Account, the initial deposit amount is NIL. 
• On receipt of a duly validated application, the savings account will be opened, The account will have special reference to the birth certificate provided by the School Head based on enrollment records.
• Amount of Fixed Deposit: The Government of India will enable a deposit of Rs. 3,000 in the name of an eligible girl child, who will be able to withdraw it when she turns 18 years old.
• The period of deposit can be calculated from the time of deposit to the time the girl child reaches the age of eighteen.
• When a girl kid receives an incentive, she may be eligible to withdraw the money when she reaches the age of eighteen.
• A pre-requisite for withdrawing the matured sum would be for the beneficiary to pass the class X Board Examination.
• When the girl recipient reaches the age of 18, she must produce (a) an Xth grade pass certificate and (b) a certificate from the Principal/Head of the School stating that she has continued her education for at least two years after enrolling in class IX.
• In order to get the benefit under the system, the recipient must continue her studies in secondary school for at least two years after enrolling in class IX. A certificate to this effect will be provided by the school’s principal or head of school.

PNB Systematic Deposit Plan

• As the name suggests, this plan allows a depositor to deposit a monthly instalment to build their deposit plan. 
• The minimum instalment amount is Rs 100. However, there is a limit on the maximum amount of instalments. The monthly installments during the tenure of the deposit account shall not exceed ten times of such core amount in any month.
• Investment duration of 6 months to 60 months
• Nomination and loan against deposit available
• Interest income is paid half yearly. Interest is calculated on daily product basis

How to open a PNB FD deposit account?

One can open a PNB Bank FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open a PNB Bank FD account through internet banking:

• Firstly, log in to the PNB NetBanking account.
• Secondly, select the ‘Open Fixed Deposits’ option.
• Then, enter all the necessary information, nominee details and maturity instructions.
• Finally, opt for door-step assistance from the bank’s representative. Investors can submit their documents to the representative.
• Upon verifying and validating the application form and KYC documents, the FD will be booked. Then, the FD certificate will be dispatched to the communication address. Also, one will receive an SMS confirmation on the registered mobile number.

Through Mobile App

PNB Bank App

• The following steps will guide in opening an FD account through PNB Bank Mobile App:
• Firstly, download the PNB Bank App and log in.
• Secondly, select the ‘Open FD’ option.
• Then, provide all the necessary deposit details, nominee details and opt for door-step assistance.
• Finally, a bank’s representative will visit for verification.
• Upon validating the application form and KYC documents, the PNB FD will be booked. Then, the FD certificate will be dispatched to the communication address. Also, one will receive an SMS confirmation on the registered mobile number.

Offline PNB FD Opening

To open a PNB Bank FD account offline, one has to visit the nearest PNB Bank branch. Fill the PNB Bank FD application form and submit all the necessary documents along with the deposit amount. Then, on successfully processing the application, PNB bank will dispatch the FD certificate to the communication address. Also, one will receive an SMS confirmation on the registered mobile number.

Documents Required to Open Punjab National Bank FD

While opening a PNB fixed deposit account, the following are the list of documents required:

• FD account opening form
• Identity Proof as per KYC norms. (PAN Card, Aadhar Card, Voter ID Card, Passport, Driving License)
• Two passport size photographs
• Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
• Address proof as per KYC norms. (PAN Card, Aadhar Card, Voter ID Card, Passport, Driving License)
• Bank Saving Account details like account number, IFSC code and branch
• Also, any other documents as applicable for partnership, proprietorship, company, HUF, association or institution.

Eligibility to Open Punjab National Bank FD

• The eligibility for opening a PNB FD account varies based on the type of account.
• Resident Individuals
• Joint account of a minor with a guardian
• Partnership Firms
• Public and Private Limited companies
• Associations or Institutes
• NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)

Does PNB Offer Recurring Deposits?

PNB offers recurring deposits to its depositors. Punjab National Bank recurring deposits have a minimum tenure of six months and a maximum tenure of 10 years. Depositors can open an RD account either by going to the PNB branch or online using internet banking.

Is FD Interest Taxable?

Only investment in PNB Tax Saving FD qualifies for tax saving up to INR 1,50,000 per annum. However, investment in no other PNB FDs qualifies for tax saving under Section 80C of the Income Tax Act. Also, the interest income from PNB FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to TDS of 10% if the income from PNB FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to Punjab National Bank, then the TDS rate will be 20%.

Explore Fixed Deposits By Banks