Punjab National Bank (PNB) commenced its operations on 12 April 1895 from Lahore with an authorised capital of ₹ 2 Lakh and working capital of ₹ 20,000. The Bank was established by the spirit of nationalism and was the first bank purely managed by Indians with Indian Capital. During the long history of PNB, 9 banks have been merged/ amalgamated with PNB.
As at the end of December 2022, Bank has total 45,613 delivery channels with a network of 10,049 domestic branches, 2 International branches, 12957 ATMs & 22607 Business Correspondents.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||3.5%||4%|
|15 days to 29 days||3.5%||4%|
|30 days to 45 days||3.5%||4%|
|46 days to 90 days||4.5%||5%|
|91 days to 179 days||4.5%||5%|
|180 days to 270 days||5.5%||6%|
|271 days to less than a year||5.8%||6.3%|
|above 1 year to 665 days||6.8%||7.3%|
|Note: All interest rates are updated as of 18th May 2023|
Like most banks, PNB also offers investment opportunities in Fixed Deposits (FDs). FDs are one of the safest ways of investing. FD involves investing a lump-sum amount into a bank at a fixed interest rate and for a fixed time period. At the maturity of the period, you earn the principal amount along with the compound interest on it. Alternatively, interest may also be credited to the account periodically at the discretion of the FD holder.
PNB provides a range of Fixed Deposits, which have been discussed in the ensuing paras. Please note that the information captured in this article has been updated upto March 2023.
Fixed Deposit comes with following features:
A premature withdrawal facility is available where PNB charges a1% penalty on premature withdrawal.
To open an FD account with PNB, one would need the following documents
Following is the eligibility criteria to open FD in PNB-
Fixed deposit account can be opened in both online and offline way-
Through Mobile App-
Step1- Download the PNB mobile application from the app store or play store and login.
Step3- Select ‘Open Fixed Deposit’ option.
Step4- Enter all the personal details and also enter the nominee details and opt for door service assistance.
Step5- After that bank’s representative will visit for verification.
Step 6- Once the application form and KYC documents are verified and approved, the PNB FD will be processed and booked. Subsequently, the FD certificate will be sent to the designated communication address. Additionally, a confirmation SMS will be sent to the mobile number registered with the account.
Step1- Visit the bank branch.
Step2- Take the FD application form.
Step3- Fill the required details and submit the necessary documents.
Step4- Submit the form to the branch.
Step5- On successfully processing the application, PNB will provide an FD receipt.
Step6- Also, one will receive an SMS confirmation on the registered mobile number.
Through Internet banking-
Step1- Login to the PNB NetBanking account.
Step2- Select the ‘Open Deposit’ option.
Step3- enter all the information, nominee details and maturity instruction
Step4- Finally opt for door to door service instructions,After that bank’s representative will visit for verification
Step 5- Once the application form and KYC documents are verified and approved, the PNB FD will be processed and booked. Subsequently, the FD certificate will be sent to the designated communication address. Additionally, a confirmation SMS will be sent to the mobile number registered with the account.
1. The interest earned on all types of FDs is included in the total income and is taxable as per the prevailing slab rate.
2. As per section 80C of the I-T Act , the investor gets an exemption of ₹1,50,000 in tax saver FD investment.
3. In the case of a senior citizen (Age above 60 years), a deduction of up to ₹50,000 is available and for non-senior citizens up to ₹40,000.
4. If the PAN is not provided then, in that case, 20% TDS is levied.
5. In case your total income is below the taxable limit i.e. ₹ 2.5 lakhs, you can avoid TDS by submitting Form 15G to the bank.
6. In the case of senior citizens if your total income is below the taxable limit then you can avoid TDS by submitting Form 15H to the bank.
Yes, investors can get loans against PNB banks FD.
There is no limit on number of FDs, you can open as many FDs as you want.
Indian Overseas Bank FD tenure ranges from 7 days to 9 years 11 months 25 days.
The senior citizen fixed deposit interest rates in Indian Overseas Bank range between 4.8% to 7.5% p.a. for an available minimum and maximum investment duration.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.