Punjab National Bank (PNB) offers competitive Fixed Deposit (FD) interest rates and a wide range of other benefits such as flexible tenure options, nomination facility, loan/overdraft option, etc. PNB offers different types of fixed deposit products and the interest rates vary depending on the time period and market conditions. Prospective customers can get information on all updated FD rates for 2018 from the below table.
Interest rates of PNB fixed deposits, for regular and senior citizen deposits, with effect from January 1, 2018:
| Tenure | Regular FD Interest Rates (p.a.) | Senior Citizen FD Rates (p.a.) |
|---|---|---|
| 7 days to 45 days | 5.25% | 5.75% |
| 46 days to less than 1 year | 6.25% | 6.75% |
| 1 year | 6.60% | 7.10% |
| Above 1 year to 3 years | 6.50% | 7.00% |
| Above 3 years to 5 years | 6.25% | 6.75% |
| Above 5 years to 10 years | 6.25% | 6.75% |
* All interest rates all applicable for deposits less than Rs.1 crore.
*Please note that interest rates are subject to change at the discretion of the bank without any prior notice.
Best FD interest rates on PNB deposits
The highest interest rate offered on PNB FDs is 6.60% p.a. for all deposits less than Rs.1 crore, held for 1 year. For senior citizens, the highest interest rate offered is 7.10% p.a. for all deposits of less than Rs.1 crore, held for 1 year.
PNB Short-Term FD Rates
PNB offers a wide range of short-term FD products, which is ideal for those who want to earn some quick returns and do not want to keep their money locked for a long period of time. The tenure for these types of deposits ranges from 7 days to less than a year. The interest rates offered for short-term PNB FDs range from 5.25% p.a. to 6.25% p.a.
PNB Medium-Term FD rates
The interest rates offered on medium-term PNB term deposits range from 6.25% p.a. to 6.60% p.a. for tenures ranging from 1 year to 5 years. The highest rate of interest is for 1 year deposits, where the interest rate offered is 6.60% p.a.
PNB Long-Term FD Rates
PNB also offers term deposits for those who want to make a long-term commitment with their money. The time period for these types of deposits is more than 5 years to 10 years. The interest rate offered in this slab is 6.25%. PNB offers tax saver fixed deposits that come with a lock-in period of 5 years. Those investing in these FDs can claim a deduction under Section 80C of the Income Tax Act for the principal invested for up to Rs.1.5 lakh.
PNB Senior Citizen FD Rates
The interest rates offered on senior citizen FDs are higher than regular term deposits offered by PNB. An additional interest rate 0.50% p.a. is paid to all those aged above 60. The interest rate offered for this age group ranges from 5.75% to 7.10%. The minimum tenure for deposits is 7 days, while the maximum is 10 years. Senior citizens can invest in the wide range of fixed deposit products offered by PNB, including short-term, medium-term, long-term and tax-saver FDs.
How to calculate PNB FD interest rate
The interest that you will earn out of your Punjab National Bank FD can be easily calculated using a fixed deposit interest rate calculator. This tool is very useful for prospective investors because it will help them know how much to invest to get the desired returns. To calculate the total earnings you will get out of your PNB FD, there are many factors that need to be considered. Let us take a look at some of these factors below.
Factors that affect FD maturity amount:
- Rate of interest: The rate at which a depositor is paid is an important factor that helps calculate the returns at the time of maturity. Note that the interest rate is different for different tenures.
- Amount invested: The principal that you invest is also a key piece of information that is needed to calculate the maturity amount using the FD calculator.
- Time period: Along with factors such as interest rate and principal, the tenure of the investment is also crucial because different time periods offer different interest rates.
- Compounding frequency: There are different interest compounding frequencies including monthly, quarterly, half-yearly and yearly. The time interval of interest compounding plays a pivotal role in determining the total value of the term deposit at the time of maturity
- Taxation: The amount of Tax Deducted at Source (TDS) also makes a difference as far as the total maturity value of the deposit is concerned.
Punjab National Bank FD interest calculator
An FD interest calculator helps users easily calculate the total maturity value of the fixed deposit. This can be done by feeding in details such as the principal amount, rate of interest, tenure, etc. An online FD interest calculator can be used for this purpose.
The BankBazaar FD interest calculator can be used to calculate the maturity amount of your FD. All you need to do is key in the relevant information and the results will be displayed to you in a matter of seconds. For example, if you invest Rs.1 lakh for a period of 2 years in a PNB FD scheme at the rate of 7.40% per annum, the total maturity value will be Rs.1,07,400. The total interest earned out of the term deposit scheme will be Rs.7,400.
Key Information before Opening a Fixed Deposit
| Eligibility to Open an FD |
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| Documents Required |
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| Benefits of a PNB FD |
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