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PNB Housing Finance FD

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Updated: 08-04-2021 08:58:02 AM

PNB Housing Finance FD rates are one of the competitive interest rates customers can get on investing in a fixed deposit. The company provides a diverse range of FD schemes that help one in creating a robust corpus.

FD Rating of PNB Housing Fixed Deposits
Credit Rating AgencyRatingOutlook
CRISILFAA+Negative
ICRAAANegative

What is Outlook in credit rating?

The literal meaning of outlook is prospective or the likelihood of something happening in future. For credit rating, outlook means if the current rating will improve, go down or remain stable in the near to medium term (generally from 6 months to 2 years). Both, ICRA and CRISIL, provide three types of outlook, viz. Positive, Negative and Stable.

Table of Contents

PNB Housing Finance FD Rates 2021
Types of FD Schemes by PNB Housing Finance Limited
Features of PNB Housing Finance Fixed Deposits
PNB Housing Premature Withdrawal Facility
PNB Housing Loan against FD
PNB Housing FD Calculator
Documents Required to Apply
How to Apply for PNB Housing Finance FD?
Frequently Asked Questions

PNB Housing Finance FD Rates 2021

1. Cumulative Option

Tenure (Months)Rate of Interest (p.a.)
12 – 235.90%
24 – 356.15%
36 – 476.60%
48 – 596.60%
60 – 716.70%
72 – 846.70%
1206.70%

Note: The aforementioned FD rates are applicable for deposits up to Rs. 5 crore. PNB Housing offers a 0.25% higher interest rate for senior citizens. (Interest rates effective from 28th November 2020)

2. Non-Cumulative Option

Tenure
(Months)		Interest Rates (in. % p.a.)
MonthlyQuarterlyHalf-YearlyYearly
12 – 235.74%5.77%5.81%5.90%
24 – 355.98%6.01%6.05%6.15%
36 – 476.40%6.44%6.49%6.60%
48 – 596.40%6.44%6.49%6.60%
60 – 716.50%6.53%6.59%6.70%
72 – 846.50%6.53%6.59%6.70%
1206.50%6.53%6.59%6.70%

Note: The aforementioned FD rates (annual) are applicable for deposits up to Rs. 5 crore. (Interest rates effective from 28th November 2020)

Types of FD Schemes by PNB Housing Finance Limited

The basic classification of the FDs by PNB Housing Finance is done on the basis of the frequency of interest payment. There are two types, viz.

  1. Cumulative: Interest is credited to the FD account on a yearly basis whereas the same is paid cumulatively or collectively at the end of the tenure, i.e. at maturity.
  2. Non-Cumulative: In this type, interest is paid at a frequency chosen by the applicant, i.e. monthly, quarterly, half-yearly or yearly. Such schemes can be treated as regular income schemes.

There are 3 options where one can invest their money in, viz.:

1. Joint Fixed Deposit:

  • Can be opened with up to 3 members
  • In the case of cumulative deposits, interest is paid to the first applicant
  • In case of a non-cumulative deposit, accrued interest is credited in the name of the first applicant and will be paid as per the demarcations provided by the ‘first applicant’

2. NRI Fixed Deposit:

  • Non-Resident Indian (NRI) fixed deposit is designed specifically to custom-fit the needs of those living outside the country
  • FD is locked-in for a minimum period of 3 years
  • Deposits are accepted on a non-repatriation basis (non-transferrable to resident country and non-convertible into foreign currency)

3. Corporate Deposits:

  • Can be applied by corporate bodies, public or private companies, local authorities, corporations, Statutory Board and Banks & Financial Institutions
  • Deposits accepted for a minimum of Rs. 10 lakh
  • Deposits can be made in the form of cheque payment

Features of PNB Housing Finance Fixed Deposits

A safe investment option with competitive PNB Housing Finance FD rates, the housing finance corporation. Dealing with loans and deposits solely, the housing finance corporation provides fixed deposits as a safe investment option for risk-averse investors. The PNB FD rates are comparatively higher than what one may get from banks.

ParticularsDetails
Tenure1 year – 10 years
Min. Deposit Amount
  • Rs. 25,000 (For monthly income type)
  • Rs. 10,000 (For quarterly, half-yearly, yearly income type)
Rate of InterestCompounded quarterly; paid monthly, quarterly, semi-annually or annually
Rates for Senior CitizensAdditional 0.25% interest on deposits of up to Rs. 1 crore
Premature WithdrawalAvailable (after 3 months of lock-in period)
Loan against FDAvailable; for up to 75% of the balance
Features
  1. Nomination facility available
  2. No TDS on deposits limited to Rs. 5,000 per financial year

PNB Housing Premature Withdrawal Facility

Premature withdrawal or cancellation is an act where the depositor, due to some reasons, wants to withdraw the fixed deposit by taking out the money deposited before maturity. Instead of taking a loan to convalesce a financial setback, account holders can simply exercise this option.

There is a lock-in period of 3 months starting from the date of commencement of the FD scheme.

Applicable interest rates on prematurely withdrawing:

Time of cancellationInterest Payable
Post 3 months but before 6 months
  • Individual depositors: 4% per annum
  • Other depositors: No interest paid
Post 6 months but before maturity1% less than the applicable ROI for public deposits

Note: If no rate of interest is mentioned for the time for which FD was active, the company shall pay a 2% lower interest at which deposits are accepted.

PNB Housing Loan against FD

In situations where one needs to borrow money, instead of going to the bank customers can easily opt for the facility of availing loan against FD.

  • This facility is available for cumulative and non-cumulative options both
  • Amount of up to 75% of the deposit can be applied for
  • The loan can be approved from all the branches of the company
  • In case the loanee is not able to repay the amount, the company shall use the FD amount to recover the same

PNB Housing FD Calculator

To ascertain the returns that one may get from investing in a PNB Housing Finance fixed deposit scheme, it is highly advised to go for the PNB FD calculator – a tool available for free at Paisabazaar.com. This tool can be used to calculate the maturity amount for any tenure and deposit amount and can be used multiple times.

Customers need to enter the deposit amount, current PNB Housing Finance FD rates for the respective tenure along with the tenure for which the deposit is to be kept. On submission of the said details, the calculated maturity amount shall be displayed on the page which can be compared with FDs from banks/companies so as to make a well-informed decision.

Documents Required to Apply

In order to open a fixed deposit account with Punjab National Housing Finance Ltd. it is recommended to keep the following mentioned documents ready so as to have a smooth application process:

  • Application form; duly filled-in and signed
  • Photograph(s) of the applicant
  • Age proof (PAN Card, birth certificate, etc.)
  • Residence proof (Aadhaar Card, passport, driving license, etc.)

How to Apply for PNB Housing Finance FD?

Customers interested in opening an FD with PNB Housing Finance are required to collect the KYC documents along with cheque or demand draft and submit the same to the nearest PNB Housing Finance branch or at the authorized HDFC Bank’s collection centres.

Important Aspects 

Some of the noteworthy mentions about PNB Housing Finance fixed deposits are:

  • If the interest earned on the deposits is up to Rs.5000 per customer, there will be no Tax Deducted at Source (TDS) on the interest earned and it will be exempt from tax
  • 2 variants of deposits; Regular and Special Deposits both with different tenure are available
  • For deposits of up to Rs. 1 crore, there are preferential PNB Housing Finance FD interest rates at an additional rate of 0.25%
  • For monthly income schemes, a minimum deposit of Rs. 25,000; Rs. 10,000 for all the other schemes is to be made
  • Interest payment for non-cumulative deposits:
Frequency of Interest Payment Date of Interest Payment
MonthlyLast day of the month
QuarterlyJune 30th, September 30th, December 31st, March 31st
Semi-AnnuallyDecember 31st and March 31st
AnnuallyMarch 31st

Frequently Asked Questions

Q. Is it safe to invest in PNB Housing Finance FD?

A. If credit ratings are checked properly and thorough knowledge is gained on the company one is investing, investors can have safer experience of putting money in company fixed deposits.

Q. Are PNB Housing Finance FD rates different from PNB FD rates?

A. Yes. FD rates for PNB Housing Finance are usually higher as compared to those offered by Punjab National Bank.

Q. What is the difference between PNB Housing Finance fixed deposits and PNB housing fixed deposits?

A. Fixed deposits by PNB Housing Finance are provided by a company dealing in loans and deposits solely whereas the other one, i.e. FD by Punjab National Bank is forwarded by a nationalized public bank. While the former provides FD of a single type, the latter offers varied fixed deposit options to invest.

Q. What are the highest PNB Housing FD rates available?

A. Currently, the highest interest rate one can fetch on investing in an FD with PNB Housing Finance is 6.70%.

Q. Do senior citizens get any extra benefits on investing in fixed deposits with PNB Housing?

A. Yes, the finance company provides preferential interest rates at 0.25% over the regular rates on deposits up to Rs. 1 crore.

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