PNB Fixed Deposit: Punjab National Bank (PNB) offers a 10-year Fixed Deposit (FD) scheme that provides a safe and stable investment option for those looking to grow their savings over the long term.
This scheme is suitable for individuals who want to lock in their money for an extended period and earn a guaranteed return.
Here’s everything you need to know about the PNB 10-year FD scheme, including its interest rates, features, and how you can apply.
Key Features of PNB 10-Year FD
| Feature | Details |
|---|---|
| Interest Rates |
– General Citizens: 5.65% per annum – Senior Citizens: Up to 7.00% per annum |
| Tenure | 10 years |
| Minimum Deposit | ₹100 |
| Loan Against FD | Up to 90% of the deposit amount can be availed as a loan |
| Premature Closure | Allowed with a penalty of up to 1% |
| Tax Benefits | Eligible for tax deductions under Section 80C of the Income Tax Act, up to ₹1.5 lakh |
| Nomination Facility | Yes, account holders can nominate a beneficiary for their FD account |
PNB FD Interest Rates for Different Tenures
| Tenure | Interest Rate (%) (General) | Interest Rate (%) (Senior Citizens) |
|---|---|---|
| 7 days to 45 days | 3.00 | 3.50 |
| 46 days to 90 days | 4.00 | 4.50 |
| 91 days to 179 days | 4.50 | 5.00 |
| 180 days to 1 year | 5.50 | 6.00 |
| 1 year to 5 years | 5.75 | 6.50 |
| 5 years to 10 years | 5.65 | 7.00 |
How to Apply for PNB 10-Year FD?
You can open a PNB Fixed Deposit account through both online and offline methods.
Online Application:
- Visit the PNB website or use the PNB mobile app.
- Log in with your credentials, select the ‘Open FD’ option, and fill in the required details.
Offline Application:
- Visit the nearest PNB branch.
- Fill out the FD application form and submit the necessary documents along with the deposit amount.
Who Can Apply?
- Resident Indians
- Hindu Undivided Families (HUF)
- Sole Proprietorships and Partnership Firms
- Public and Private Limited Companies
Benefits of Investing in PNB 10-Year FD
- Assured Returns: A fixed rate of interest ensures stable returns, irrespective of market fluctuations.
- Liquidity: Although the tenure is long, the option to take a loan against the FD provides liquidity.
- Tax Savings: If you opt for the tax-saving FD scheme, you can get benefits under Section 80C.
PNB’s 10-year FD scheme is ideal for individuals who prefer a low-risk investment with guaranteed returns over a long duration. Make sure to assess your financial goals and consult a financial advisor before making any investment decisions.
