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PNB Fixed Deposit (FD) Rates October 2021

Home Fixed Deposit PNB Fixed Deposit (FD) Rates October 2021
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Updated: 05-10-2021 04:48:51 AM

Punjab National Bank or PNB provides a bunch of FD schemes to suit the varying needs of its customers. These schemes are classified based on factors like tenure, deposit amount, etc. The bank also provides a special fixed deposit scheme to provide financial aid to road accident victims. With security provided by the bank along with auxiliary services like premature withdrawal and overdraft facility, PNB FD rates provide investors with decent returns on their savings.

In addition to all these features, many banks also offer another feature, viz, credit cards against FD. These cards are issued against your FD and are secured credit options. If you’re also looking for a credit card, click the banner below. 

 

PNB Fixed Deposit Rates 2021
PNB NRI FD Interest Rates 2021
Features & Benefits of PNB FD Schemes (Domestic)
Types of FD Schemes Offered by Punjab National Bank
Who Should Invest in PNB Fixed Deposits?
PNB FD Calculator
PNB FD Premature Withdrawal Facility
Credit Card against FD – Read before breaking your FD
PNB Loan against FD
TDS Implication on PNB FD Schemes
Important Information Required to Open PNB Fixed Deposit
Frequently Asked Questions (FAQs)
PNB FD News

PNB Fixed Deposit Rates 2021

  • Domestic/NRO Term Deposit FD Rates
TenureRate of Interest (% p.a.)
Regular CitizensSenior Citizens
7 to 14 days2.90%3.40%
15 to 29 days2.90%3.40%
30 to 45 days2.90%3.40%
46 to 90 days3.25%3.75%
91 to 179 days3.80%4.30%
180 days to 270 Days4.40%4.90%
271 days to less than 1 year4.50%5.00%
1 year5.00%5.50%
Above 1 year and up to 2 years5.00%5.50%
Above 2 years and up to 3 years5.10%5.50%
Above 3 years and up to 5 years5.25%5.75%
Above 5 years and up to 10 years5.25%5.75%

Note: The Interest Rate applicable on Term Deposits of less than Rs. 2 Crores, for the maturity of more than 1 year, to all senior citizens will be 0.50% over and above the rate payable. (Interest Rates are effective from 1st August 2021)

  • Bulk Term Deposit FD Rates
TenureInterest Rates (% p.a.)
Regular Citizens
7 days to 14 days2.90%
15 days to 29 days2.90%
30 days to 45 days2.90%
46 days to 90 days3.25%
91 days to 179 days3.80%
180 days to 270 days4.40%
271 days to less than 1 year4.50%
1 year5.00%
Above 1 year and up to 2 years5.00%
Above 2 years and up to 3 years5.10%
Above 3 years and up to 5 years5.25%
Above 5 years and up to 10 years5.25%

Note: The above mentioned Punjab National Bank FD rates apply to bulk deposits worth Rs. 2 crores to Rs. 10 crores. Also, no preferential rates are provided to senior citizens when making bulk deposits. (The above-mentioned interest rates effective from 1st August 2021)

  • PNB Tax Saver FD Rates
TenurePNB Tax Saver Fixed Deposit Rates
For General Public For Senior CitizensFor Staff MembersFor Retired Staff Members
5 years5.25%5.75%6.25%6.25%
Above 5 years to 10 years5.25%5.75%6.25%6.25%

The above-mentioned interest rates effective from 1st May 2021.

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PNB NRI FD Interest Rates 2021

  • NRE Fixed Deposit Rates
TenureNRE/NRO FD Rates (% p.a.)
Regular Citizens
1 year5.10%
Above 1 year and up to 2 years5.10%
Above 2 years and up to 3 years5.10%
Above 3 years and up to 5 years5.25%
Above 5 years and up to 10 years5.25%

Note: No senior citizen/staff additional benefits forwarded to applicants of NRE/NRO deposits. The minimum tenure for the NRE deposit is 1 year.  (Interest Rates are effective from 1st May 2021)

  • PNB FCNR Fixed Deposit Interest Rates
Currency/Tenure1 year to < 2 years 2 years to < 3 years 3 years to < 4 years 4 years to < 5 years 5 years only
USD*0.951.091.321.541.70
GBP*0.720.921.061.171.25
EUR*0.060.100.170.240.31
JPY0.060.090.110.090.10
CAD1.081.341.591.811.96
AUD0.63 0.791.001.231.44

Note: These interest rates are applicable only on fresh deposits and on renewal of deposits maturing on or after 1st July 2021.

Suggested Read: Types of PNB NRI FD Accounts

Features & Benefits of PNB FD Schemes (Domestic)

The Punjab National Bank provides a diverse bunch of fixed deposit schemes to accommodate needs of all domestic customers looking for a safe investment option to park their savings. Major features and benefits to be accrued from these fixed deposit schemes are stated below:

  • Tenure ranges from 7 days to 120 months across varied fixed deposit schemes
  • Preferential interest rates offered to senior citizens for deposits below Rs. 2 crores (Domestic/NRO/NRE Deposits)
  • Additional PNB FD interest rate offered to staff members
  • Individual/corporate residents of India along with HUFs and private and public limited companies can apply
  • Special FD accounts available for 333, 444 and 555 days with special FD rates
  • The premature withdrawal facility is available for most of the FD schemes
  • Deposits can be made for as low as Rs. 100
  • The facility of loan against FD is permitted in some of the domestic term deposit schemes
  • Tax Saver fixed deposit scheme provides customers to claim tax deductions for up to Rs. 1.5 lakh u/s 80C of the Income Tax Act, 1961 (premature withdrawals and loan/overdraft facility not available)

Types of FD Schemes Offered by Punjab National Bank

The following fixed deposit schemes are provided by the bank:

  • Anupam Term Deposit Scheme
  • Tax Saver Fixed Deposit Scheme
  • Sugam Plus Term Deposit Scheme
  • Uttam Term Deposit Scheme (Non-Callable)
  • Sugam Plus & PNB Uttam – 444 Deposit Scheme
  • Balika Shiksha FD Scheme
  • Capital Gain Account Scheme
  • Multi-Benefit Term Deposit Scheme
  • Special Term Deposit Scheme
  • Varshik Aay Yojna (VAY) Deposit Scheme
  • Ordinary Term Deposit Scheme
  • Floating Rate Fixed Deposit Scheme
  • PNB Mibor Linked Notice Deposit Scheme
  • Prospective Sr. Citizen Scheme
  • Annuity Term Deposit Scheme for Victims of Road Accidents

Suggested Read: PNB Fixed Deposit Schemes

Who Should Invest in PNB Fixed Deposits?

To save tax, you can opt for PNB Tax Saver FD Scheme. Your money (minimum Rs. 100) will be locked for 5 years minimum. The amount invested in this FD can be claimed for deductions u/s 80C of the Income Tax Act, 1961. You can save up to Rs. 1.5 lakh by investing in this scheme.For bulk deposits above Rs. 15 lakh – Rs. 10 crores, PNB Uttam – Non-Callable Deposit Scheme can be chosen. Higher interest rates will be offered.

If you’re looking to save for the education of a girl child, then PNB Balika Shiksha FD Scheme will suit your goals. It comes with a minimum deposit of Rs. 3,000. This can be taken only if the girl child is enrolled in the 9th class of a State of Govt. school. She will be the beneficiary and will be able to withdraw money from this FD on attaining 18 years of age. Capital Gain Account Scheme will be helpful to you if you wish to save tax on your capital gains (proceeds from property, stocks, etc.). This FD cannot be opened jointly.

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PNB FD Calculator

FD Calculator is an online free tool available at Paisabazaar.com which can be used to determine the maturity amount that an investor should expect from fixed deposit schemes by Punjab National Bank. Details of the amount to be deposited and tenure is required along with the prevailing PNB FD rates. Please note that the amount calculated is only an estimated figure and should not be treated as the absolute amount.

Calculate Now

PNB FD Premature Withdrawal Facility

Customers are allowed to withdraw from their term deposits before completion of the deposit period. This facility is extended to most of the FD schemes by PNB except a few like the tax-saving fixed deposit scheme and Sugam Plus & PNB Uttam – 444 Deposit Scheme. Following aspects about premature withdrawal are noteworthy:

  • The penalty is levied upon exercising the facility (interest shall be paid at the applicable rate for the tenure for which deposit was kept with the bank minus 1%)
  • In case of withdrawal done for investment in other term deposit scheme shall not attract any penalty
  • In case of unfortunate death of the depositor, no penalty shall be charged

Credit Card against FD – Read before breaking your FD

Fixed deposits provide various benefits to customers. A credit card against FD is one such highly beneficial feature of a fixed deposit. It can help you keep your FD active while attending a financial emergency.

Paisabazaar has partnered with SBM Bank (India) Ltd. to offer its customers an affordable credit option – A step Up Credit Card. To avail of this secured credit card, you only need to open a fixed deposit of a minimum of Rs. 12,000 after which you will be offered the Step Up card.

Click the banner above to get detailed information on Paisabazaar Step Up Credit Card and how it can help you in planning your finances while maintaining your credit score.

PNB Loan against FD

Investors can apply for a loan against FD in any of the branches of PNB. For this lien must be noted and signature is verified by the branch where FD is placed originally. Such loans can be taken against domestic term deposits as well as NRE deposits.

The loan can be applied as per the margins provided below:

  • Loan against PNB Domestic and NRE Deposits
Maturity Period Remaining at the time of loan applicationPercentage of loan that can be taken against the deposit amount
Up to 2 years95%
Above 2 years – 3 years92.5%
Above 3 years – 4 years90%
Above 4 years – 5 years88%
Above 5 years80%
Loan against 3rd party deposits
75%
  • Loan against PNB FCNR/NRO Deposits
Maturity Period Remaining at the time of loan applicationPercentage of loan that can be taken against the deposit amount
Up to 1 year95%
Above 1 year – 2 years92.5%
Above 2 years90%

Loan against 3rd party deposits

Up to 2 years80%
Above 2 years70%

Suggested Read: Punjab National Bank Loan against FD

TDS Implication on PNB FD Schemes

Domestic fixed deposits made with Punjab National Bank account to taxation as per the rules set under the Income Tax Act, 1961. The following are the important points to be considered:

  • A tax of 10% is deducted at source, i.e. by the bank aka TDS, before crediting the interest to the account of the depositor. This is deducted only if the interest income exceeds Rs. 40,000 in a financial year (Rs. 50,000 for senior citizens) applicable from Assessment Year 2020-21
  • However, if a person falls in the no-income-tax slab (annual income of below Rs. 2.5 lakh), he/she must submit Form 15G (15H for senior citizens) so that the bank does not exercise TDS
  • TDS @ 20% is deducted on non-submission of PAN (Permanent Account Number)
  • There is a TDS of 30% for NRE and FCNR FD interest income

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Important Information Required to Open PNB Fixed Deposit

PNB Fixed Deposit Schemes- Who can apply?

Domestic fixed deposit schemes by Punjab National Bank can be applied by residents of India. These can be individuals, Hindu Undivided Families, Institutions, Public Sector Undertakings (PSUs), Corporate Bodies, etc.

Documents Required to Apply for PNB FD Schemes 

The following list of documents should be checked when applying for any of the above-stated fixed deposits schemes by PNB:

  • Application Form (duly filled-in and signed)
  • Photo ID proof (Aadhaar Card, Passport, Voter’s ID card, etc.)
  • Residence Proof (Passport, Aadhaar Card, utility bills, etc.)
  • Passport-sized photographs
  • PAN Card

Note: This is only an indicative list and should not be treated as an exhaustive one.

Frequently Asked Questions (FAQs)

What are the prevailing FD rates of PNB?

Currently, customers can earn up to 5.25% interest for deposits below Rs. 2 crores.

Are premature withdrawals allowed under NRE/NRO/FCNR deposits? 

Yes. Facility to prematurely withdraw deposits is available for NRE/NRO/FCNR deposits. Click here to check the details for the same.

Does PNB provide additional FD rates to senior citizens?

 Yes. Additional fixed deposit interest rates are applicable to @0.50% over the normal card rates.

Who can open a regular PNB FD scheme?

 All resident individuals, HUFs, sole proprietorship or partnership firms, corporate organizations, NRIs, etc. are eligible to avail of the benefits of PNB fixed deposit schemes.

Is it necessary to provide a PAN card when applying for an FD scheme? Yes. On non-submission of PAN, the following implications have to be borne by the investor:

  • TDS deduction shall be at double the rate (20% instead of 10%)
  • TDS certificate shall not be issued
  • Form 15G/15H shall stand invalid

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PNB FD News

Punjab National Bank Slashes Its Fixed Deposit Rates
01st October 2019: Punjab National Bank (PNB), a public sector lender, has slashed down its fixed deposit rates. The rates have been cut down from 10 bps to 25 bps on maturity periods ranging from 271 days to 10 years. There is no change in the PNB FD rates for tenure ranging from 7 days to 270 days. These changes were made on October 1st, 2019, and shall affect only the new investors. Earlier the bank revised its rates one month before, i.e. October 1st, 2019.
PNB Revises Its FD Rates
02nd September 2019: Punjab National Bank has again revised its fixed deposit interest rates with effect from 1st September 2019 across various maturities. The bank is now offering an interest rate of 4.50% for regular individuals and 5.00% for senior citizens on a maturity period of 7-14 days and 15-29 days for fixed deposits up to Rs. 2 crores. Moreover, the bank has lowered its interest rates by 0.25%.
PNB Revises Its Fixed Deposit Interest Rates
01st August 2019: PNB has revised interest rates on certain maturities with effect from 1st August 2019. The bank has also lowered interest rates by up to 0.50 basis points. The bank will provide 5% to regular individuals and 5.50% to senior citizens for a period of 7 to 14 days and 15-29 days. PNB has also increased the interest rate to 6.5% to regular individuals and 7% to senior citizens for tenure above 3 years and up to 5 years. Senior Citizens can avail additional 50 bps across all maturities on domestic deposits of less than Rs.2 crore.
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