Earn interest up to 7.50% p.a. by investing in a PNB Housing Finance | FAA+ by CRISIL and AA by CARE

One of the leading registered housing finance companies in India, PNB Housing Finance began its operations in 1988. Today, the company has a wide network of branches across the country and offers a number of financial services and solutions.

 

You can also open a fixed deposit account with the housing finance company and earn guaranteed interest on your deposit. The PNB Housing Finance FD carries an AA/Stable CARE rating and can be a suitable investment option for people looking for low-risk investment options.

PNB Housing Finance FD (Fixed Deposit) Interest Rates

PNB Housing Finance FD rates start at 5.84% per annum and go up to 7.25% per annum. The investment tenure ranges from 12 months to 120 months. The rate of interest on a PNB Housing Finance fixed deposit depends on the tenure of deposit as well as the nature of the FD — whether it is cumulative or non cumulative. 

 

Senior citizens are eligible for an additional 0.25% interest over and above the regular rates for deposits up to Rs. 1 crore. Check out the PNB Housing Finance FD interest rates in the table below.

Tenure in months

Cumulative Option

Rate of Interest (ROI) for Non-cumulative Option

 

ROI per annum

Yield to Maturity

Monthly 

Quarterly

Half Yearly

Annual

12 -23

6.00%

6.00%

5.84%

5.87%

5.91%

6.00%

24 - 35

6.40%

6.60%

6.22%

6.25%

6.30%

6.40%

36 - 47

6.85%

7.33%

6.64%

6.68%

6.74%

6.85%

48 - 59

7.10%

7.89%

6.88%

6.92%

6.98%

7.10%

60 - 71

7.25%

8.38%

7.02%

7.05%

7.12%

7.25%

72 - 84

7.25%

8.70%

7.02%

7.05%

7.12%

7.25%

85 - 120

7.25%

10.14%

7.02%

7.05%

7.12%

7.25%

Disclaimer: The aforementioned PNB Housing Finance interest rates are valid as of 15.06.2022 for deposits of up to Rs. 1 crore and may be subject to change as per bank announcements.

Source: https://www.pnbhousing.com/fixed-deposit/interests-rates/

Eligibility Criteria for Opening an FD in PNB Housing Finance

The following categories of persons or entities can open a fixed deposit with PNB Housing Finance.

 

  • Resident individuals

  • Up to 3 individuals for Joint Fixed Deposits

  • Non-Resident Indians (NRIs) for NRI Fixed Deposit

  • Trusts

  • Associations 

  • Clubs

  • Partnership Firm

  • Co-operative Societies

  • Co-operative Banks

  • Public or Private Limited Companies

PNB Housing Finance FD Interest Rates for Different Deposit Amount 

If you invest in a fixed deposit with the PNB Housing Finance, you can earn guaranteed interest at the rates mentioned above. The amount of interest you earn depends on the amount deposited. You can also choose to have the interest paid out to you at monthly, quarterly, half yearly or annual intervals. 

 

Here is a table showing you the PNB Housing Finance FD interest rates and the interest amount for different deposit amounts. The interest has been calculated for a tenure of 60 months at the monthly interest payout rate of 7.02% per annum.

Investment amount

Monthly interest 

Total interest for 60 months 

Rs. 50,000

Rs. 292

Rs. 17,550

Rs. 1,00,000

Rs. 585

Rs. 35,100

Rs. 5,00,000

Rs. 2,925

Rs. 1,75,500

Rs. 10,00,000

Rs. 5,850

Rs. 3,51,000

Rs. 15,00,000

Rs. 9,375

Rs. 5,26,500

Rs. 20,00,000

Rs. 11,700

Rs. 7,02,000

PNB Housing Finance FD Interest Rates for Different Deposit Amounts - Senior Citizen 

PNB Housing Finance FD offers a higher rate of interest for senior citizens who open an FD account with the company. The rate of interest for senior citizens is higher than the regular rate by 0.25% per annum for deposits up to Rs. 1 crore. 

 

If you are planning to open a PNB Housing Finance FD for senior citizens, Check out the table below to see how the interest amount varies for different deposit amounts. The interest has been calculated for a tenure of 60 months at the monthly interest payout rate of 7.27% per annum.

Investment amount

Monthly interest 

Total interest for 60 months 

Rs. 50,000

Rs. 303

Rs. 18,175

Rs. 1,00,000

Rs. 606

Rs. 36,350

Rs. 5,00,000

Rs. 3,029

Rs. 1,81,750

Rs. 10,00,000

Rs. 6,058

Rs. 3,63,500

Rs. 15,00,000

Rs. 9,087

Rs. 5,45,250

Rs. 20,00,000

Rs. 12,116

Rs. 7,27,000

How to Open an FD in PNB Housing Finance 

You can open a fixed deposit in PNB Housing Finance in any one of the two ways described below. 

Opening a PNB Housing Finance FD Online

Here is how you can open a fixed deposit with PNB Housing Finance from the comfort of your home. 

 

Step 1: Visit the website of PNB Housing Finance. 

Step 2: Head to the ‘Fixed Deposit’ section. 

Step 3: Click on the ‘Contact Us For Deposits’ button at the bottom of the page.

Step 4: Enter your contact details.

Step 5: Fill in the amount that you would like to deposit in the PNB Housing Finance FD scheme.

 

That’s all you need to do. Representatives from PNB Housing Finance will then contact you and collect the documents needed to open the FD. And your fixed deposit will be booked with the company in the next 48 hours.

 

Opening a PNB Housing Finance FD Offline

You can also open your PNB Housing Finance fixed deposit in person at any of the branches of the company, using the steps outlined below. 

 

Step 1: Visit any of the branches of PNB Housing Finance.

Step 2: Ask for the fixed deposit application form and fill in the details required, such as your name, age, contact details and the deposit amount. 

Step 3: Submit the duly filled in application form along with the KYC documents needed and a cheque or DD for the deposit amount.

 

That’s all you need to do to open a fixed deposit with PNB Housing Finance offline.

Features and Benefits of PNB Housing Finance Fixed Deposit 

There are many beneficial features that you can experience by opening a PNB Housing Finance FD. Check out the top benefits and features below.

 

  • Flexible deposit tenures ranging from 12 to 120 months

  • Rate of interest starting from 5.84% per annum

  • Higher interest rates by 0.25% for senior citizens for deposits up to Rs. 1 crore

  • Auto renewal of the fixed deposit at maturity 

  • Doorstep services for fixed deposit customers

  • High level of safety, as indicated by the CRISIL FAA+/Negative rating

  • Nomination facility made available as NHB regulations

  • No TDS on annual interest up to Rs. 5,000

  • Premature cancellation may be permitted after 3 months

  • Option to avail a loan up to 75% of the deposit amount

Documents Required for Opening an FD in PNB Housing Finance 

To open a PNB Housing Finance FD, you need to submit the following documents as a part of your application. The paperwork depends on the category of applicant.

Documents Required for Individual Fixed Deposits

If you are an individual looking to open a fixed deposit with PNB Housing Finance, you need to submit the following documents. 

 

  • One passport size photograph

  • A self- attested copy of your PAN card

  • A self-attested copy of your proof of address (like Aadhar card, Voter ID, passport etc.)

Documents Required for Non-Individual Fixed Deposits

Other entities need to submit the following documents, depending on the category they belong to.

Trusts/Associations/Clubs:

  • The Trust Deed

  • The Registration Certificate

  • A copy of the Resolution of Investment

  • A copy of the trust’s PAN card 

  • Address proof for the trust

  • Specimen signatures of the authorised persons

  • Photograph, PAN card, and proof of address of the signing authorities

Partnership Firm:

  • A declaration of the partnership by the partners

  • The name and address of the partners

  • Specimen signatures of the authorised persons

  • A copy of the firm’s PAN card 

Public/Private Ltd. Company, Co-operative Societies, Co-operative Banks:

  • A copy of the Memorandum of Association and Articles of Association

  • A copy of the Resolution of Investment

  • Specimen signatures of authorised persons

  • Photograph, PAN card, and proof of address of the signing authorities

TDS on PNB Housing Finance Fixed Deposit 

The interest that you earn from your PNB Housing Finance FD is subject to tax at the income tax slab rate applicable to you. Tax will be deducted at source if your interest income during a year exceeds Rs. 5,000, at a specified rate, as follows. 

 

  • 10% if you provide your PAN details

  • 20% in case of non-disclosure of PAN

  • 30% in case of NRIs

Disclaimer: The information regarding PNB Housing Finance FD rates, eligibility criteria, documents required, and other FD related processes are in effect as of 15.06.2022, but may be subject to change based on changes in the bank’s policies.

Frequently Asked Questions (FAQs)

  • ✔️Is premature withdrawal of PNB Housing Finance FD allowed?

    Fixed deposits in PNB Housing Finance come with a minimum lock-in period of 3 months. If you withdraw your FD prematurely after 3 months but before 6 months, a maximum interest of 4% will be paid. If you withdraw your FD prematurely after 6 months but before the end of the FD maturity date, your interest rate will be 1% less than the applicable rate.

  • ✔️ Can I extend my PNB Housing Finance FD?

    The PNB Housing Finance FD facility comes with auto renewal, so your FD is automatically renewed on the maturity date if the balance is not withdrawn.

  • ✔️Can I avail a loan against my PNB Housing Finance fixed deposit?

    Yes, you can avail a loan by pledging your PNB Housing Finance FD. The maximum amount of loan you can avail from the company is 75% of the principal amount.

  • ✔️What happens to the balance in an FD account in case of the death of the account holder?

    In case of the account holder’s demise, the balance in the PNB Housing Finance FD account is paid out to the nominee mentioned in the account.

  • ✔️What are the types of forms used to open a PNB Housing Finance FD account?

    You can use an online application form, or you can fill out an application form for your FD offline, at any of the branch offices of the company.

  • ✔️Does PNB Housing Finance offer any schemes with tax benefits?

    No, PNB Housing Finance does not offer any tax-saving FD schemes.

  • ✔️How to apply for a tax saving scheme in PNB Housing Finance?

    PNB Housing Finance does not offer any fixed deposits that are covered under section 80C of the Income Tax Act, 1961.

  • ✔️Is TDS deducted on the PNB Housing Finance FD?

    Yes, TDS is deducted on all FDs that earn interest of over Rs. 5,000 during a financial year. 

     

  • ✔️How can I claim a TDS refund online?

    You can claim a refund for the tax deducted online via the income tax department’s web portal.

     

  • ✔️How long does the TDS refund process take?

    Typically, it takes around 3 to 6 months for the refund to be made. 

     

  • ✔️Does the PNB Housing Finance FD account come with a nomination facility?

    Yes, nomination facility is available in the fixed deposit scheme offered by PNB Housing Finance.

  • ✔️Is there any loan facility offered under the PNB Housing Finance FD scheme?

    Yes, you can avail a loan against your PNB Housing Finance FD, up to 75% of the principal amount. The rate of interest on this loan will be 2% higher than the maximum FD rate.

  • ✔️Can I avail a credit card if I have opened an account under the PNB Housing Finance FD scheme?

    No, PNB Housing Finance does not currently offer any such facility.

     

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