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** Disclaimer: Punjab National Bank has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.

 

One of the most reputed banks in India, Punjab National Bank offers highly competitive interest rates on its fixed deposit plans. Thanks to the high PNB FD interest rates and flexible tenors, you can ensure that all your financial needs are met. The bank even offers an additional interest rate incentive for senior citizens and super senior citizens on all of its fixed deposit plans. And if you’re interested in getting to know the maturity amount of your FD beforehand, the PNB FD calculator can help you instantly calculate your returns.

 

The interest rates are dependent on various factors such as the tenor, your age, and the investment amount, among other things. For more information on the prevailing rates of interest on PNB fixed deposits, check out the table below. 

Tenor

PNB Non-Senior Citizen FD Interest Rates

PNB Senior Citizen FD Interest Rates

PNB Super Senior Citizen FD Interest Rates

7 days to 14 days

3.50% per annum

4.00% per annum

4.30% per annum

15 days to 29 days

3.50% per annum

4.00% per annum

4.30% per annum

30 days to 45 days

3.50% per annum

4.00% per annum

4.30% per annum

46 days to 90 days 

4.50% per annum

5.00% per annum

5.30% per annum

91 days to 179 days

4.50% per annum

5.00% per annum

5.30% per annum

180 days to 270 days

5.50% per annum

6.00% per annum

6.30% per annum

271 days to less than 1 year

5.50% per annum

6.00% per annum

6.30% per annum

1 year 

6.30% per annum

6.80% per annum

7.10% per annum

1 year and 1 day to 599 days

6.30% per annum

6.80% per annum

7.10% per annum

600 days

7.00% per annum

7.50% per annum

7.80% per annum

601 days to 2 years

6.30% per annum

6.80% per annum

7.10% per annum

2 years and 1 day to 3 years

6.25% per annum

6.75% per annum

7.05% per annum

3 years and 1 day to 5 years

6.10% per annum

6.60% per annum

6.90% per annum

5 years and 1 day to 10 years

6.10% per annum

6.90% per annum

6.90% per annum

Note: The above interest rates are with effect from October 26, 2022 and are applicable for retail domestic fixed deposits of less than ₹2 Crores. The rates are subject to change from time to time depending on the bank’s policies. Individuals at the age of 80 or more are categorised as super senior citizens.

PNB Fixed Deposit Calculator

Getting to know just how much you’re likely to earn from a fixed deposit with Punjab National Bank can help you make a more informed decision. Here’s where a PNB FD calculator comes into the picture. It allows you to estimate the returns on your fixed deposit almost instantly.

Deposit Amount
Tenure
Months
Interest Rate
%
Interest Payout
Your Total Maturity Amount is
Your Total Maturity Amount is
Total Investment
Total Interest Earned

Features and Benefits of a PNB Fixed Deposit

PNB fixed deposit plans come with a plethora of different benefits and features. Here’s an overview of the key features and advantages that you get to enjoy by opting for an FD plan with the bank.

  • Loan or Overdraft Facility

In case you require funds urgently, you can get a loan against your PNB fixed deposit. Alternatively, with the FD as a collateral, you can also get an overdraft facility for your savings account. 

  • Highly Attractive PNB FD Interest Rates

The interest rates offered by Punjab National Bank is very competitive and is higher than what many other banks and NBFCs offer. 

  • Auto-Renewal Facility 

Your fixed deposit can be automatically renewed upon maturity, eliminating the need to manually book an FD once again. 

  • Nomination Facility 

You can register a nominee for your FD at any point in time during its tenor. In addition to registering, you can also change the nominee as well. 

  • Additional PNB FD Interest Rates for Older Individuals

Individuals above 60 years old and 80 years old stand to gain an additional interest rate over and above the base rate offered by the bank. The additional Punjab National Bank fixed deposit interest rate for such individuals can range anywhere from 0.5% per annum to 0.8% per annum.  

  • Customisable Tenors 

The tenor of the PNB fixed deposit is flexible and starts from as low as 7 days and goes all the way up to 120 months.

PNB FD Interest Rates for Senior Citizens and Others for up to 5 Years

The interest rates on PNB FD may vary depending on the tenor and whether you’re a non-senior citizen, a senior citizen or a super senior citizen. The table below outlines the interest and the maturity amount that various categories of investors get to earn on an investment of ₹1 Lakh over different tenors. 

Tenor

Non-Senior Citizen

Senior Citizen

Interest Rate (p.a)

Interest Earned

Maturity Amount

Interest Rate (p.a)

Interest Earned

Maturity Amount

1 year

6.30%

₹6,450

₹1,06,450

6.80%

₹6,975

₹ 1,06,975

2 years

6.30%

₹13,317

₹1,13,317

6.80%

₹14,437

₹1,14,437

3 years

6.25%

₹20,448

₹1,20,448

6.75%

₹22,239

₹1,22,239

4 years

6.10%

₹27,400

₹1,27,400

6.60%

₹29,933

₹1,29,933

5 years

6.10%

₹35,351

₹1,35,351

6.60%

₹38,723

₹1,38,723

Note: The above interest rates are with effect from October 26, 2022 and are applicable for retail domestic fixed deposits of less than ₹2 Crores. The rates are subject to change from time to time depending on the bank’s policies.

 

If you’re a super senior citizen who is 80 years of age or more, the following table outlines the maturity amount and interest earned on your investment of ₹1 Lakh over different tenors.

Tenor

Super Senior Citizens 

Interest Rate (p.a)

Interest Earned

Maturity Amount

1 year

7.10%

₹7,291

₹1,07,291

2 years

7.10%

₹15,114

₹1,15,114

3 years

7.05%

₹23,326

₹1,23,326

4 years

6.90%

₹31,475

₹1,31,475

5 years

6.90%

₹40,784

₹1,40,784

Note: The above interest rates are with effect from October 26, 2022 and are applicable for retail domestic fixed deposits of less than ₹2 Crores. The rates are subject to change from time to time depending on the bank’s policies.

Eligibility Criteria and Documents Required for Opening an FD in PNB 

Punjab National Bank has listed out certain specific eligibility criteria that needs to be met to be able to open an FD with it. In addition to that, there’s also a list of documents that you will have to submit as part of the application process. Here’s a closer look at what they are.

Eligibility Criteria

The list of individuals and entities that can open a fixed deposit with PNB are listed below. 

 

  • Individuals, both residents and non-residents 

  • Minor individuals along with a guardian

  • Persons of Indian Origin

  • Hindu Undivided Families (HUFs) 

  • Associations and clubs 

  • Partnership firms

  • Public and Private Limited companies

  • Societies

  • Government or quasi-government bodies like municipalities and panchayats

Documents Required

The following list of documents will have to be submitted along with the fixed deposit application form to open the FD account. 

 

  • Latest passport size photograph

  • A self-attested copy of your PAN card 

  • Self-attested copies of address proof documents like Aadhaar card, Voter ID card, driving licence, etc.

How to Open an FD in PNB 

There are three different ways through which you can open an FD account with PNB - through internet banking, through the mobile app, and through a bank branch. Let’s take a brief look at each of these methods. 

1. Through Internet Banking 

If you have an active internet banking account with Punjab National Bank, you can use it to quickly book a fixed deposit at your convenience. The steps that you would have to follow in this case would be as follows. 

 

  • Step 1: Visit the internet banking portal of PNB. 

  • Step 2: Log into the portal using your user credentials. 

  • Step 3: Click ‘Deposits’ in the menu section of the webpage. 

  • Step 4: Click ‘Fixed Deposits’. 

  • Step 5: Proceed to enter details like the investment amount, the tenor, interest payout frequency, among other things. Keep in mind that the PNB FD interest rate may vary depending on the details you enter.

  • Step 6: Submit the application to create a fixed deposit. 

Note: Since the funds for the FD will be debited from your PNB savings account, ensure that the account is well-funded before proceeding to open a fixed deposit. 

2. Through the Mobile Application 

If you have a smartphone, you can download the PNB mobile application and use it to create an FD. Here’s what you would have to do in this case. 

 

  • Step 1: Download PNB mobile banking app on your smartphone.

  • Step 2: Log in to the app with your credentials.

  • Step 3: Tap on ‘Deposits’ in the main menu.

  • Step 4: Tap on ‘Fixed Deposit’ under the deposits sub-menu.

  • Step 5: Enter details like deposit amount, tenor, and other required information. As soon as you enter the tenor, the PNB FD interest rate applicable to you will be displayed. 

  • Step 6: Complete the process to create the fixed deposit. 

Note: Since the funds for the FD will be debited from your PNB savings account, ensure that the account is well-funded before proceeding to open a fixed deposit. 

3. Through a Bank Branch 

If you’re not comfortable with any of the above two online methods of opening an FD, you can still do it by visiting your nearest PNB bank branch. Once you’re there, request for an FD account opening form, fill it and attach all the necessary documents to it. Meanwhile, make sure to enquire about the prevailing PNB FD rates since they’re prone to change from time to time. 

 

Submit the filled form with the bank’s representative and make the payment. Your fixed deposit will be created within a few days and you will receive a receipt acknowledging the same. 

How to Use a PNB Fixed Deposit Calculator?

A PNB FD calculator can help you instantly determine the maturity amount of a fixed deposit. If you’re interested in getting to know how to use one, here’s the process that you would have to follow. 

  • Step 1: Enter the Principal Amount 

Enter the principal amount in the PNB FD calculator. This is the amount that you wish to invest in the fixed deposit. 

  • Step 2: Choose the Investment Tenor

The next step is to enter the tenor in the PNB FD calculator. The tenor is the period of time for which you would like to invest. Punjab National Bank’s FD tenors range from 7 days to 120 months. 

  • Step 3: Specify the Interest Rate 

Enter the rate of interest applicable to you for the tenor you selected. Keep in mind that senior citizens and super senior citizens get additional PNB FD interest rates over and above the base rate. 

  • Step 4: Choose the Interest Payout Method 

The PNB FD calculator will let you select the interest payout method. If you wish to get periodic interest from your FD, choose either of the following options - monthly, quarterly, half-yearly or annually. On the other hand, if you wish to get the interest along with the principal investment amount on maturity, choose the reinvestment option. 

  • Step 5: Submit the Information 

Once you’ve entered all the above information on the PNB FD calculator, click on the calculate button to get the maturity amount for the fixed deposit.

How is the PNB FD Maturity Amount Calculated?

There’s a simple mathematical formula that you can use to determine the maturity amount of a fixed deposit. Here’s a glimpse of the formula that’s used. 

Maturity amount = P (1 + r/n)nt

Here, P represents the principal investment amount, r represents the Punjab National Bank FD rates, n represents the frequency of compounding in a year and t represents the tenor (in years) of the investment.

 

Now that you’re aware of the formula, here’s an example to help you understand the concept of maturity amount calculation. 

 

Say that you invest ₹7 Lakhs in a fixed deposit with PNB for a period of 5 years. Since you’re a senior citizen, the prevailing PNB fixed deposit interest rate in this case would be 6.60% per annum. Also, the interest on the deposit is compounded on a quarterly basis. 

 

By entering these values in the above-mentioned formula, you should get the final maturity amount for your deposit. 

 

Maturity Amount: 

 

= ₹7,00,000 x (1 + 0.066/4)4x5

= ₹7,00,000 x (1 + 0.0165)20

= ₹7,00,000 x (1.0165)20

= ₹7,00,000 x (1.38722740396)

= ₹9,71,059

 

While manually calculating the maturity amount for an FD is possible, it is advisable to use a dedicated PNB FD calculator to determine your returns. Doing so can eliminate errors or calculation mistakes and ensure that you get accurate results every single time. 

 

With this, it is clear that opening a fixed deposit with Punjab National Bank is beneficial in more ways than one. Thanks to the high PNB FD rates, you can ensure that you meet your financial goals in no time. That said, before you go out and open an FD account, remember to use the PNB FD calculator to get an idea of what the return on your investment is likely to be.

Latest Bank FD News

PNB Hikes FD Interest Rates

PNB hiked the interest rates on fixed deposits up to Rs. 2 Crore with effect from 19 December 2022. The rates have been raised by over 95 bps from 6.30% to 7.25% for the tenor of 666 days and by 40 bps from 6.1% to 6.5% for repayment tenure 3-10 years. While, senior citizens are eligible for an additional 50 bps or 0.50% for fixed deposits less than Rs. 2 Crore, super senior citizens will receive an extra 80 bps or 0.80% across all tenors.

 

- Dec 22 , 2022

FAQs

  • ✔️Is there an option for premature withdrawal of a Punjab National Bank FD?

    Yes, there is an option for premature withdrawal. However, the bank would charge a penalty of about 1%.

  • ✔️Can the tenor of PNB FD be extended?

    No. You cannot extend the tenor of a PNB FD. However, you can opt for automatic renewal of your deposit, which will renew the investment upon maturity for the same tenor that you initially opted for.

  • ✔️What are the PNB FD interest rates for Senior Citizens?

    Depending on the tenor, individuals above 60 years of age get to enjoy an additional PNB FD interest rate of 0.5% to 0.8% per annum. This PNB fixed deposit interest rate is over and above the base rate applicable for the selected tenor.

  • ✔️Can we get a loan against a PNB FD?

    Yes. You can get a loan against your fixed deposit with PNB. However, the maximum amount of loan that you can get is dictated by the bank’s policies. 

  • ✔️What forms do I have to fill out to open a PNB FD?

    You will have to fill the fixed deposit account opening form to open a PNB FD. You can find the form on PNB’s website or you can get it from the nearest PNB bank branch.

  • ✔️What are the PNB fixed deposits for tax exemption?

    The PNB Tax Saver fixed deposit, with a tenor of 5 years, would qualify for deductions under section 80C of the Income Tax Act, 1961. The maximum amount of tax exemption that you can claim under this section is ₹1.5 Lakhs in a financial year.

  • ✔️How to apply for a tax-saving fixed deposit in PNB?

    You can apply for the PNB tax saving fixed deposit by selecting the relevant field in the fixed deposit account opening form.

  • ✔️Is TDS deductible on PNB FD?

    Yes, TDS would be deducted if your interest income in a financial year exceeds ₹40,000. However, if you’re a senior citizen, TDS would only be deducted if total interest in a financial year exceeds ₹50,000. You can use a PNB FD calculator to estimate the returns of your fixed deposit and use it to determine whether you qualify for TDS deduction or not. 

  • ✔️Is PNB fixed deposit safe?

    Yes. Being a scheduled commercial bank, all deposits in PNB qualify for DICGC insurance coverage of up to ₹5 Lakhs. Therefore, your fixed deposit with the bank should be safe and secure. Also, the bank is highly rated by credit rating agencies in India too. 

  • ✔️Can I open a fixed deposit account online with PNB?

    Yes. If you have an internet banking account with PNB, you can quickly open an FD by simply logging into your account and completing the FD account opening process.

  • ✔️What is the highest FD rate for PNB?

    The highest PNB FD interest rate applicable to non-senior citizen individuals is 7.00% per annum for a tenor of 600 days. In the case of senior and super senior citizens, the maximum PNB FD interest rate applicable is 7.50% per annum and 7.80% per annum respectively for a tenor of 600 days.

  • ✔️Who is eligible to open an account for a PNB fixed deposit?

    The following list of individuals and entities are eligible to open a fixed deposit with Punjab National Bank. 

    • Individuals, both residents and non-residents 

    • Minor individuals along with a guardian

    • Persons of Indian Origin

    • Hindu Undivided Families (HUFs) 

    • Associations and clubs 

    • Partnership firms

    • Public and Private Limited companies

    • Societies

    • Government or quasi-government bodies like municipalities and panchayats

  • ✔️Is there a minimum amount required to open a fixed deposit with PNB?

    Yes. Depending on the kind of fixed deposit plan that you opt for, the minimum amount required to open the FD will vary. Some plans have a minimum deposit requirement of just ₹100, whereas the others have a minimum requirement of ₹10,000.