PNB Fixed Deposit Schemes 2022

Punjab National Bank (PNB) offers a range of Fixed Deposit (FD) schemes with attractive interest rates for the general public and additional interest for senior citizens. For deposits less than Rs.2 crore, the highest rate of interest offered is 5.25% p.a. for deposits ranging from 3 years to 10 years. For senior citizens, the rate of interest paid is 6.00% p.a. for the same tenure.

Key features of PNB Fixed Deposits

Auto-renewal: If the depositor opts for auto-renewal, his/her term deposit will be automatically renewed after maturity except for term deposits under the Recurring Deposit Scheme, Capital Gain Scheme, PNB Tax Saver Scheme, Bulk Term Deposits (above Rs.10 Crore) and Inter-Bank Deposits.

Inclusion of blind and illiterate persons: PNB allows blind and illiterate persons to open a fixed deposit account.

Inclusions of all sections of society: Right from High School girls to beneficiaries of road accident insurance claims, PNB FDs are designed to serve every category of depositors.

PNB FD schemes

PNB FD Scheme Details
FD Scheme for Road Accident Victims
  • For beneficiaries of motor insurance claims
  • Eligible for individual/dependent (singly or jointly with others), minors aged 10 years and above in his own name and below 10 years under guardianship if there are Court orders in support of the claim in his/their names
Annuity Term Deposit Scheme for Victims of Road Accidents
  • Places the funds received from the Motor Tribunals under the Motor Accident Claims Annuity Deposit (MACAD) as per court orders for victims of road accidents
  • The one-time lumpsum claim amount can be deposited as EMIs for a tenure of 36 months to 10 years.
PNB Uttam Non-Callable Term Deposit Scheme
  • For single deposits of Rs.15 lakh
  • Maturity option of 91 days to 10 years
  • Income option of 6 months to 10 years
  • Individuals, minors, HUFs, proprietorships, clubs, societies, as well as blind and illiterate people are eligible
Schemes covered under E-FD
  • Open for existing customers having a savings or current account
  • Applicable only for internet banking users.
PNB Ordinary Term Deposit Scheme
  • Maximum deposit of up to Rs.2 crore
  • Tenure ranging from 7 days to 179 days
PNB Tax Saver Fixed Deposit Scheme
  • Deposit up to Rs.1.5 lakh per financial year
  • Tenure of up to 10 years
  • Lock-in period of 5 years
  • For senior citizens, 1% additional interest over and above the interest rate, inclusive of the additional interest under the scheme.
PNB MIBOR Linked Notice Deposit Scheme
  • Deposits have interest rate linked to the Mumbai Inter Bank Offer Rate (MIBOR) NSE overnight
  • Only applicable in metro city branches
  • Single deposit of above Rs.10 crore
  • Tenure of 7 days to 60 days
  • For companies, PSUs, commercial organisations, and High Net worth Individuals (HNIs)
PNB Floating Rate Fixed Deposit Scheme
  • Minimum deposit of Rs.1,000 and multiples thereof
  • Tenure ranging from 7 days to 10 years
PNB Bulk Fixed Deposit Scheme
  • For deposits of above Rs.10 crore
  • Maturity option between 7 days and 5 years
  • Income option between 6 months to 10 years
PNB Growth Fixed Deposit Scheme
  • For deposits ranging from Rs.2 crore to Rs.10 crore
  • Maturity period from 7 days to 10 years
  • Income option from 6 months to 10 years
PNB Special Term Deposit Scheme
  • Deposit of Rs.100 to Rs.2 crore
  • Tenure of 1 to 10 years
PNB Sugam Fixed Deposits
  • FDs from Rs.10,000 to Rs.10 crore
  • Tenure starting from 46 days
  • No penalty on premature part/full withdrawal
PNB NRE Sugam Term Deposit Scheme
  • For NRIs in single or joint capacity
  • No maximum limit
  • Minimum deposit of Rs.1,000
  • Tenure ranging from 1 year to 10 years
PNB NRO Sugam Term Deposit Scheme
  • For NRIs or Persons of Indian Origin (PIO)
  • Minimum deposit of Rs.10,000
  • Maximum of up to Rs.10 crore
  • Tenure ranging from 46 days up to 10 years
PNB Varshik Aay Yojna
  • FDs from Rs.10,000 to Rs.99.99 lakh
  • From 24 months to 120 months
PNB Anupam Term Deposit Scheme
  • Inbuilt overdraft facility
  • Deposits from Rs. 10,000 to Rs.99,99,000
PNB Balika Shiksha A sum of Rs.3,000 will be deposited in the name of:

  • Girls passing class VIII from Kasturba Gandhi Girls High Schools
  • SC/ST girls who pass class VIII and enrol for class IX in state/UT government aided or local body schools in the academic year 2008-2009 onwards
Capital Gain Account
  • Individuals can open this account for crediting amount from capital gain
  • Joint accounts cannot be opened under this
PNB Dugna Fixed Deposit
  • FDs can be opened for a period up to 99 months
  • Minimum amount of Rs.5,000 and multiples of Re 1/- and up to Rs 1 crore per day.
  • Under the scheme, Non-resident Indians can open NRO accounts
PNB Multi-Benefit Term Deposit Scheme Anything from Rs.100 to Rs. 99.99 lakhs can be deposited with multiple benefits
PNB Pranam Fixed Deposit Scheme
  • For persons aged 55 years up to 60 years Minimum deposit is Rs.100/- and in multiples of Rs.1/- thereafter
  • Maximum amount is Rs.99, 99,999
  • Extra interest rate as applicable on attaining senior citizenship

Eligibility criteria for PNB FD

PNB fixed deposits can be opened by an individual, organization, private company, club, HUF or society. NRIs are eligible for some FD schemes as well.

FAQs on Punjab National Bank FD

  1. What is the minimum / maximum amount required to open a fixed deposit account at PNB?Term Deposits like Balika Shiksha can be opened with a nil balance. Usually the upper limit is Rs.10 crore for most fixed deposits.
  2. What is the minimum / maximum deposit period for FD accounts at PNB?Term Deposits can be opened from as briefly as 7 days to as long as 10 years. There is the option of auto-renewals at the end of term too.
  3. How can a fixed deposit account be opened at PNB (Online or Offline)?Any Indian above 10 years old can walk into any branch of PNB and open an account by providing KYC details. For minors below 10 years, parents consent/signature is required.

    E-FD: Available to internet banking customers with a PAN card. They can open FDs online.

  4. What are the minimum / maximum returns on PNBs FD?Interest rates for fixed deposits depend on the card rate applied by PNB. However, there are deposit schemes like Lakhpati where the interest rate hovers around 9 percent. Senior citizens are eligible to earn 0.50 percent more.
  5. Does Punjab National Bank offer Tax Saver Fixed Deposit schemes?Yes, the PNB Tax Saver Term Deposit. At least Rs 100/- or in multiples thereof, subject to a maximum of Rs.1.50 lakh per financial year is acceptable. Deposits cannot be withdrawn before 5 years.
  6. Are fixed deposit holdings taxable?Currently as per Income Tax Act, if the total interest on deposits, per depositor, per financial year, per branch is more than Rs.10,000/-, the bank deducts tax at source (TDS). Form No.15 H/15G has to be furnished by depositors, preferably at the start of the financial year to receive interest on deposits without deduction of tax.
  7. Do senior citizens get better rates on fixed deposits at PNB?Yes, senior citizens are eligible for an additional interest rate of 75 bps over the prevailing card rates for all deposits of under Rs.2 crore.
  8. Can NRIs open a fixed deposit account with Punjab National Bank?Yes, NRIs can open fixed deposit account with Punjab National Bank. The account can be opened in STG Pound, US Dollars and EURO. Minimum balance required is GBP1000, USD1000 and EURO1000.
  9. Can I withdraw my fixed deposit amount before its maturity?PNB does not allow premature withdrawals. But in exceptional cases it is allowed but a certain penalty will be charged at the time of withdrawal. The penalty will be communicated with the customer prior to the closure. In case of premature closure, the interest applicable will be payable minus the penalty. The interest payable is the rate at which the fixed deposit was decided upon at the time of deposit.
  10. Are loans provided against FDs held with Punjab National Bank?Generally PNB allows overdrafts/loans against deposits except on Certificates of Deposit (CD). Such loans are sanctioned by charging interest as per RBI bank rate or as prescribed by the Bank.