Paschim Banga Gramin Bank FD Rates

The eligible applicants for the fixed deposits account are - individuals, minors, HUFs, business firms, LLP firms, companies, AOP, BOI, Local authority, Trust, NRI and registered societies. Fixed deposits are one of the best savings instruments that offer guaranteed returns.

Features:

Paschim Banga Gramin bank’s fixed deposit scheme offer benefits like:

• The tenure period for the fixed deposit account can range from 7 days to 10 years with a variable monthly payout option with no cap on the maximum amount to be deposited. 
• There are various schemes for fixed deposit accounts. They are Dhankuber Yojana, FCNR, NRE, NRO, General Fixed Deposit, a Recurring Deposit, Retired staff scheme and Senior citizens schemes.
• The customer gets a tax benefit of Rs.100 to Rs 1.5 lakhs for the tenure of 5 years or more as per the Income TAX Act, section 80C. 
• There are different modes of payout options such as; monthly, quarterly and so on, along with a part withdrawal facility. 
• Nomination facility is applicable.
• Automatic renewal of the term money is provided.

Paschim Banga Gramin Bank Fixed Deposit Rates 2021 

The Paschim Banga Gramin Bank FD Rates with effect from 1.04.2021 are as follows: 

The Paschim Banga Gramin Bank Rates of interest for the Tax Saver Scheme are as follows: 

Things to Know

Few things customers must be aware of the Paschim Banga Gramin Bank FD rates are: 

• For deposit tenure of up to 6 months, a simple interest rate is paid at maturity.
• Cumulative interest is calculated at every quarter, so that interest paid on the principal is earned in the previous quarter too.
• For the monthly payout scheme, the interest is calculated for the quarter and paid monthly at a discounted rate. 

In all the circumstances mentioned above, a penalty fee for premature payout is taken except for certain cases like senior citizen schemes.

Summing it Up

The Fixed deposit schemes by the Bank can be a reasonable investment option. Some risk factors associated with fixed deposits are default repayment, penalty, complications with payout clauses before maturity and change in the interest rates. Nevertheless, before opening a fixed deposit account, the customer must do research and confirm the rates with the bank before investing.