PNB FD Calculator
PNB FD calculator is an online tool available for free and helps estimate the returns from an FD investment. One can calculate the maturity amount and wealth gained from their PNB FD investment within seconds using the PNB FD calculator. In this article, we have covered the PNB FD calculator and its interest calculation in detail.
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PNB Bank Fixed Deposit Features
PNB Bank offers a wide range of schemes with high fixed deposit interest rates and minimum risk. Following are some of the key features of PNB bank fixed deposit account:
- Guaranteed Returns: PNB Bank FD schemes offer guaranteed income at a fixed interest rate.
- Tenure: The fixed deposits tenure ranges from seven days to 120 months
- Minimum Deposit Amount: The minimum amount to open a PNB Bank FD account is INR 100.
- Maximum Amount: There is no upper limit.
- Fixed Deposit rates: The PNB bank fixed deposit interest rate ranges between 3.00% to 5.30% p.a.
- Senior Citizens FD Rate: PNB bank offers preferential interest rates to its senior citizen depositors. The FD rates range between 3.50% to 5.80%. Also, the bank offers extra interest rates to its employees on FDs.
- Safety: The Deposit Insurance Scheme ensures the PNB Bank deposits up to INR 5,00,000.
- Loan against FD: PNB Bank provides its depositors with a facility to avail a loan against their FDs. In other words, without breaking their FD depositors can meet their financial obligations.
- Nomination Facility: PNB Bank depositors can nominate beneficiaries while opening the fixed deposit account.
- Auto-Renewal: PNB bank offers an auto-renewal facility of the deposit account.
- Convenience: Depositors can open and manage FD schemes at their convenience. In other words, one can open the deposit account either through internet banking or by visiting the nearest bank branch.
Types of PNB bank fixed deposits
Following are the different types of PNB Bank fixed deposit schemes:
- Sugam Plus – 333 Deposit Scheme
- PNB Sugam Plus and PNB Uttam – 444 Deposit Scheme
- Sugam Plus – 555 Deposit Scheme
- 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 Any 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)
- Uttam Term Deposit Scheme 555 days
- Uttam Plus Triple OneTwoThree Deposit Scheme
- Growth Fixed Deposit Scheme
- NRE Rupee Sugam Term Deposit Scheme
- NRO Sugam Term Deposit Scheme
What is a PNB FD Calculator?
PNB FD is an online tool that helps in determining the potential returns from an FD investment. The calculator calculates both the maturity amount and wealth accumulated. To estimate the FD investment returns, one needs to enter the following inputs.
- Investment amount: It is the amount that an investor intends to invest in PNB FD.
- Interest rate: It is the rate of interest that Punjab National Bank offers the investor.
- FD period: It is the time period the investor wants to stay invested in PNB FD.
- Compounding: It is the frequency of compounding. PNB FDs are compounded on a quarterly basis. This means the interest earns interest every quarter.
Upon entering the above inputs, the PNB FD calculator gives the following outputs.
- Total investment: It is the amount of investment that the investors put in the FD.
- Wealth gained: It is the interest income that the investors earn from the FD.
- Total corpus created: The sum total of total investment and wealth created is the total corpus created or the maturity amount.
Following are the benefits of PNB FD calculator:
- Saves time: Using a calculator saves human time, and the PNB FD calculator is quite fast in estimating the results.
- Free to use: PNB FD calculator is available online, and one can use it multiple times for free.
- Simple and easy to use: PNB FD calculator is a simple tool. All one has to do is enter the inputs correctly.
- Comparison and future planning: PNB FD calculator helps investors plan for future investment goals by providing accurate results. Investors can also compare multiple FD investments and choose the one that yields them the maximum return.
- Accurate results: PNB FD calculator accurately estimates the returns that one might earn from PNB FDs. However, the PNB FD calculator only estimates and doesn't guarantee any returns.
How does a PNB Bank FD Calculator work?
The PNB Bank FD calculator is available online, and one can use it for free. The calculator helps in estimating the maturity value of a fixed deposit investment. One has to enter a few details like investment amount and rate of interest. Also, the calculator uses the future value formula to determine the value of an investment. Let's understand how the PNB Bank FD calculator works with an example.
Ms Madhu wants to invest INR 2,00,000 in a Fixed Deposit scheme for a period of nine years. The PNB bank FD interest rate is 5.30%. Also, she wishes to receive the interest annually. The maturity value using the PNB FD calculator for the investment is as follows:
Following are the calculator inputs:
- Investment amount: INR 2,00,000
- Interest Rate: 5.30%
- FD period: 9 years
- Compounded: Yearly
With the inputs, the calculator computes the following:
- Total Investment: INR 1,00,000
- Wealth Gained: INR 1,18,336
- Total Corpus Created: INR: 3,18,336
The investment of INR 2,00,000 made today at 5.30% interest per annum would be INR 3,18,336 in seven years. The interest income (wealth gained) for Ms Madhu will be INR 1,18,336.
Formula to calculate fixed deposit maturity value
The FD calculator uses the future value formula to compute the maturity value of the fixed deposit investment.
A = P (1 + r/n) ^ n*t
A – Maturity Amount
P – Investment amount
r - Interest rate
n – No. of times the interest gets compounded
t - Investment tenure
How is PNB FD interest calculated?
One can understand the Punjab National Bank FD interest calculation better with the following example.
Mr Madhav wants to invest INR 10,00,000 in Punjab National Bank FD. His tenure of investment is seven years, and the interest that PNB offers against this tenure is 5.2%. For simplicity, let's assume the compounding frequency as yearly.
We can calculate the returns for Mr Madhav's FD investment using the FD formula.
A = 1000000 *(1+5.2%/1)^(1*7)
A = 14,25,969
The maturity amount for Mr Madhav is INR 14,25,969
Also, the interest earned is INR 4,25,969.
PNB Bank FD interest rates
The following table shows PNB FD interest rates for regular citizens and senior citizens for different tenures.
|Tenure||Regular PNB FD rates||Senior Citizen PNB FD rates|
|7 days to 14 days||3.00%||3.50%|
|15 days to 29 days||3.00%||3.50%|
|30 days to 45 days||3.00%||3.50%|
|46 days to 90 days||3.25%||3.75%|
|91 days to 179 days||4.00%||4.50%|
|180 days to 270 days||4.40%||4.90%|
|271 days to 364 days||4.50%||5.00%|
|1 year 1 day to 2 years||5.25%||5.75%|
|2 years 1 day to 3 years||5.25%||5.75%|
|3 years 1 day to 5 years||5.30%||5.80%|
|5 years 1 day to 10 years||5.30%||5.80%|
Note: PNB FD interest rates are revised periodically
What are the documents required to open a Fixed Deposit account in PNB?
The documents required to open an FD in Punjab National Bank are:
- FD account opening form
- 2 passport size photographs
- Identity Proof (Driving License, PAN Card, Voter ID Card, Aadhar Card, Passport,)
- Pan Card or Form 60 or 61 of the Income Tax Act
- Address proof (Passport, Utility Bills, Voter ID Card, Aadhar Card, Driving License)
- Bank account details like account number, IFSC code and branch address
- Also, any other documents as applicable for HUF, proprietorship, partnership, company, association, or institution.
Also, only eligible investors can invest in Punjab National Bank fixed deposit. The eligibility criteria for investing in PNB Bank FD is:
- Resident individuals, including minors (a joint account with a guardian)
- NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)
- Partnership Firms
- Public and Private Limited companies
- Associations or Institutes
Fixed deposits are conventional investment products that guarantee returns to its investors. Hence, they are one of the most popular investment options in India. However, FDs rank low on liquidity. Investors can instead invest in debt mutual funds that offer better returns are more liquid than FDs.
Frequently Asked Questions
What is the highest FD rate for PNB Bank?
The highest Punjab National fixed deposit interest rate is 5.30% for a regular investor for the tenure of 5-10 years. Also, for the same tenure, the senior citizen FD interest rate is 5.80%.Returns from PNB Bank fixed deposits can be calculated using PNB Bank FD calculators. One can use Scripbox's PNB Bank fixed deposit calculator to calculate an FD investment's maturity amount.
How are FDs taxed?
The interest income that one earns on their PNB Bank FD investment is taxable. The tax rate depends on the depositor’s income tax slab rates. Furthermore, the bank cuts a TDS of 10% in case the interest income above INR 40,0000. In case of senior citizens, it is INR 50,000. Also, the 10% rate is applicable only if the account holder submits their PAN card details. Else, the TDS rate on the interest earned is 20%.To determine whether the interest income is above or below the TDS threshold, one can use multiple bank FD calculators available online. Furthermore, one can also use Scripbox's Income Tax Calculator to estimate their tax liability.
Does PNB provide Loan against FD?
PNB offers loans against both domestic and NRE deposits. PNB offers up to 95% of the deposit amount as loan. The loan interest rate is around 4-6.3%. Moreover, the tenure of the loan is limited to the tenure of the FD.PNB offers loans such as loans against property, business loan and education loan against their FD. Using the loan EMI calculator, one can estimate the loan EMI. Scripbox’s loan EMI calculator will help in estimating the loan EMI. It works as a home loan calculator, personal loan EMI calculator and car loan calculator. They can also change the personal loan, car loan and home loan interest rate.
Is there a Premature withdrawal facility available with PNB?
PNB allows premature withdrawal of their FDs. However, it charges a penalty for premature withdrawal. Punjab National bank deducts 1% interest from the FD interest before paying the investor's complete interest.
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