PNB FD: Earn Competitive Interest Rates and Enjoy Tax Benefits as a Senior Citizen
The return on PNB FD is calculated on the basis of compound interest. This means that interest gets added to the interest earned on your investment.
PNB FD
Do you want to grow your savings safely and profitably? Punjab National Bank (PNB) Fixed Deposit (FD) can be an ideal option for you.
PNB FD is a safe and profitable investment option, which offers you a good return after a fixed period.
Benefits of PNB FD
Safe investment: PNB FD is a safe investment option, as it is run by a government bank.
Attractive interest rate: You get an attractive interest rate on PNB FD, which can be higher than other investment options.
Flexibility: You can choose the investment period and amount as per your needs in PNB FD.
Tax benefits: You can get tax exemption benefits on PNB FD.The interest rate of the PNB FD scheme
The interest rate of PNB FD is determined based on the amount deposited and the period.
Some examples are given below
- Investment of ₹1 lakh for 399 days: 6.80% interest rate
- Investment of ₹1 lakh for 401 days to 2 years: 6.80% interest rate
- Investment of ₹1 lakh for 3 years to 1205 days: 6.50% interest rate
- Investment of ₹1 lakh for 2 years to 3 years: 7.00% interest rate
How to apply for PNB FD
To invest in PNB FD, you have to visit your nearest PNB branch. You have to submit the required documents along with the application form. You will get the application form from the bank.
Calculation of returns on PNB FD
The return on PNB FD is calculated on the basis of compound interest. This means that interest gets added to the interest earned on your investment.
Example
If you make a 3-year FD of ₹1 lakh, you will get a total return of ₹1,23,144 at an interest rate of 7%.
Important Information
- The minimum investment amount of PNB FD is ₹1,000.
- There is no limit on the maximum investment amount of PNB FD.
- The maturity period of PNB FD can be from 6 months to 10 years.
- The interest received on PNB FD can be tax-exempt, but it depends on your tax status.
PNB FD scheme can be a great investment option for you. By investing in this scheme, you can get high returns while keeping your money safe.