Fixed deposits are vital to your saving strategies, since setting your funds aside for financial security is crucial in times of emergencies. Moreover, they also help you steadily and safely multiply your corpus. You can bank on PNB Housing Finance, a Non-banking Financial Company, for fixed deposit savings. This institution offers attractive interest rates and flexible tenors to maximise savings and returns from your PNB Housing Finance FD.
The PNB Housing Finance has features that greatly impact your maturity and interest rates returns, and these features can make PNB Housing Finance FDs the saving option you can trust.
High Safety and Credit Rating
CRISIL and CARE provide NBFCs with ratings which signify the NBFC’s credit quality and safety. PNB Housing Finance has received a CRISIL and CARE rating of FAA+ and AA respectively, showcasing the trustworthiness of PNB Housing FDs.
Attractive Interest Rates
PNB Housing Finance FD offers interest rates ranging from 6.31% to 7.30% through cumulative and non-cumulative fixed deposits, assuring higher returns. Furthermore, senior citizens get additional 0.25% to 0.50% on the regular interest rates.
Longer Tenor
PNB Housing Finance FD offers you tenors ranging from 12 months to 120 months which offers you the opportunity to make the right decision depending upon your financial goals. Moreover, a higher tenor allows you higher wealth generation for your long-term financial aspirations.
Easy Renewal
Once your PNB Housing FD is close to maturity, you can choose between automatic renewal and withdrawal. You can give PNB Housing Finance a standing instruction of automatically renewing your FD by submitting the deposit certificate with other documents and filling out the renewal form provided by PNB Housing Finance.
Saving in a fixed deposit with PNB Housing Finance has many advantages that can help you secure your funds for a brighter financial future. Following are the benefits of booking a PNB Housing fixed deposit.
Start Small
The starting deposit amount for a PNB Housing Finance FD is ₹10,000, helping you start smaller if you’re starting your saving and investing career. Additionally, the low deposit amount opens the arena for many to invest regardless of how low or high your saving/investing capacity is.
Assign Nominee
Should a PNB Housing Finance FD account holder pass away before the maturity of the fixed deposit, a nominee, assigned during the booking of the account, will be given automatic ownership of the fixed deposit account and the returns earned from it.
Withdraw Before Maturity
PNB Housing Finance allows you to withdraw your funds from a PNB Housing FD before the maturity date of the account. Additionally, in the event of the account holder's demise, the nominee is given the choice to continue the FD or to withdraw the full amount.
Acquire Loan Against FD
You can also take a loan through your PNB Housing Finance FD. Once you become an FD account holder with PNB Housing Finance, you are eligible to acquire 75% of the deposit amount as a loan against your FD.
All earning individuals are liable to contribute a certain portion of their income to taxes. According to the Income Tax Act of 1961, returns earned from FDs are considered alternate incomes and hence, PNB Housing Finance FDs shall be taxed.
If your PNB Housing Finance fixed deposit earns ₹40,000 and above, a tax percentage of 10% - 20% is imposed on the acquired capital. However, the limit for senior citizens stretches up to ₹50,000, beyond which they are liable to pay 10% to 20% tax.
However, if your FD returns are less than ₹5,000, you don’t need to pay any tax for your PNB Housing Finance FD earnings.
In order to book a fixed deposit with PNB Housing Finance, you need to meet a set of eligibility criteria, along with having documents mandatory to start your saving journey with PNB Housing Finance. Following are the eligibility criteria and required documents.
The following categories of individual and non-individual entities are eligible for a PNB Housing FD.
Indian-resident Individuals
Non-resident Indians
Associations
Firms
Co-operative Banks
Joint Investors
Trusts
Clubs
Co-operative Societies
Public/Private Ltd. Companies
Following are the documents required for individuals investing in a PNB Housing Finance FD.
Passport-sized Photograph
Identity Proof (Self-attested)
Passport
PAN Card
Driving Licence
Voter ID
Aadhaar Card
NREGA Job Card
Address Proof (Self-attested)
Driver’s Licence
Aadhaar Card
Passport
Property or Municipal Tax Receipt
Utility Bills
Given below are documents needed for an HUF for booking a PNB Housing FD.
PAN Card (Self-attested)
HUF Declaration Deed
Bank Statement of HUF
A partnership firm is required to submit the following documents for a PNB Housing FD.
Registration Certificate
Partnership Deed
Authorised Signatory List
ID and Address Proof Authorised Signatories
Joint Stock Companies need to submit the following documents to book a PNB Housing Finance FD.
Incorporation Certificate
Memorandum and Articles of Association
PAN Copy of the Company
Resolution from Board of Directors and Power of Attorney
Authorised Signatory’s ID Proof and Address Proof
The PNB Housing Finance FD offers guaranteed and attractive returns zhe process of booking an FD is seamless. Here’s how you can complete it with no hassles.
Compare Current Rates
Compare the current interest rates on the basis of the category and type of FD, and the tenor since this analysis could assure maximum savings and returns through your PNB Housing Finance FD.
Choose Tenor
You can choose the tenor of your PNB Housing Finance FD which decides your FD’s maturity date. Furthermore, the tenor heavily impacts the returns you earn through the interest amount.
Pick Payout Schedule
Choose between a cumulative or non-cumulative payout frequency. You must decide whether you’d like to receive the entire maturity amount in a lump sum at the end of tenor or you’d like to receive the payout on a monthly, quarterly, half-yearly or yearly basis.
Select Deposition Mode
Pick a mode of deposit either on an online payment platform or through cheque, demand draft, cash, etc. This depends upon whether you are booking the PNB Housing Finance FD online or visiting a PNB Housing Finance branch.
Yes, you may make a premature withdrawal of a PNB Housing Finance FD.
Yes, you can extend- the tenor of your PNB Housing Finance FD through the NBFC’s facility of auto-renewal of FDs.
Yes, you may acquire a loan against your PNB Housing Finance fixed deposit. You can borrow up to 75% of the deposit amount of your FD.
The online application process requires you to fill only an application form along with submitting other documents. All you must do is submit the application form, KYC documents and a cheque/draft at a PNB Housing Finance branch.
Yes, tax is deducted on PNB Housing Finance FD returns. If you earn ₹40,000 (₹50,000 for senior citizens) and above in FD interest returns, you are liable to pay tax starting at 10% (PAN holders) or 20% (absence of PAN). However, a tax liability is the least of your worries if your FD returns are less than that of ₹5,000 p.a.
Yes, the PNB Housing Finance FD provides you with a nomination facility. In case of the demise of the FD holder, the company will automatically transfer the ownership of the FD savings and its returns to a nominee assigned at the inception of the fixed deposit.
The minimum tenor of a PNB Housing Finance Fixed Deposit is of 12 months.
Yes, it is safe to invest in a PNB Housing Finance fixed deposit. PNB Housing Finance offers you consistent interest rates which assures you steady returns and wealth generation despite market fluctuations. Additionally, PNB Housing Finance has been rated FAA+ and AA by CRISIL and CARE respectively, making the PNB Housing Finance FD a trustworthy savings tool.
The FD interest rates for senior citizens are 0.25% - 0.50% higher than the regular interest rates for PNB Housing Finance FDs. While others need to pay 10% and above in taxes on ₹40,000 and more in FD returns, senior citizens aren’t required to do so until their interest returns touch ₹50,000 p.a.
Indian-resident individuals, non-resident Indians, associations, firms, co-operative banks, joint investors, trusts, clubs, co-operative societies and public/private limited companies can book a PNB Housing Finance FD.