Punjab National Bank has been a very well known bank in the public sector. They offer a huge range of Fixed Deposit schemes. For a deposit one year, Punjab National Bank offers an interest of 6.6 percent. The rate of interest is much higher for senior citizens. For the same amount of time. Besides, you can also opt for floating and bulk FD schemes or e-FDs, Sugam Term Deposits, Anupam Term Deposit Schemes, Multi-Benefit, Special, and Ordinary. The interest rate offered by the banks is highly competitive and for the special interest rates, senior citizens are eligible as well.
Punjab National Bank FD Eligibility criteria
Any individual, organization, a private company, club, HUF or society can open these Fixed or Term Deposit accounts. Some deposits schemes are open for NRIs too.
Any person, company, individual, organization or society can open the fixed deposit account. Also, a few of the fixed deposit schemes are open for NRI’s as well.
Punjab National Bank Fixed Deposits Key features
- Auto-renew: In case the depositor asks for an auto-renewal, they will automatically renew their term deposit after the tenure. They can’t include the Term deposits that are under the Capital Gain Scheme, Bulk Term Deposits (above Rs.10 Crore), Inter-Bank Deposits Capital Gain Scheme.
- Blind and illiterate person’s inclusion: The bank allows illiterate and blind people as well to open a fixed deposit account.
- All sections of society included: Punjab National Bank Fixed deposits can be availed by girls studying in high schools, to road accident beneficiaries and insurance claims. The fixed deposit schemes are designed in such a way that every category can take benefit from the bank.
Fixed Deposit Interest Rates Punjab National Bank
Being one of the leading financial organizations in the public sector, the bank is offering the clients with fixed deposit schemes that are flexible. You can opt for any of these according to the tenure. The rate of interest can change according to the market condition of the bank.
Short-Term FD Rates Punjab National Bank:
If you are investing in a bank scheme for 29 days, you get the rate of interest at about 4.25% per annum. For a period of 46 days to 3 months, they calculate the interest rate at 6 percent per year. This also increases to 6.25 percent on the holding period between 3 to 6 months. It also increased more by 0.25 percent to 6.5 percent for the deposit tenure of six to nine months.
Medium and Long-Term FD Rates Punjab National Bank:
The medium and long-term fixed deposit period ranges between one and five years. Thus, the rate of interest is 6.7 percent to 6.9 percent per year. For the holding period of 1 to 2 years, the interest rate drops by 1.10 % to 6.8 % per annum.
Senior Citizen FD Rates Punjab National Bank:
The bank offers an additional 0.5 % to all the existing rates for all senior citizens. For people searching for the right investment that offers a profitable return, they also can go for Punjab National Bank FD scheme.