Punjab and Sind Bank FD Premature Withdrawal Penalty Calculator

What is the Punjab and Sind Bank FD Premature Withdrawal Calculator?

Punjab and Sind Bank FD Premature Withdrawal Penalty Calculator helps you calculate the revised payout if you close your fixed deposit before maturity. While Punjab and Sind Bank FD premature withdrawal during emergencies, the interest is recalculated based on the actual tenure, and a penalty is applied. This can lower your final returns. 

Benefits of Punjab and Sind Bank FD Premature Withdrawal Penalty Calculator 

Punjab and Sind Bank FD premature withdrawal penalty calculator comes up with the following key benefits:

• Quick Estimates: Check your revised FD interest rates using the Punjab and Sind Bank FD premature withdrawal penalty calculator. Thus, save time and effort.
• Transparent Interest and Penalty Details: See how much interest you will earn after applying the penalty and compare it with your original return.
• Easy-to-Use Interface: Simply enter the deposit amount, actual tenure held, and original booking rate to get instant results with no complex steps.
• Customised Calculations for Every Customer: The tool provides tailored results based on your age group, as senior citizens usually receive higher FD rates from Punjab and Sind Bank.

How Does the Punjab and Sind Bank FD Premature Withdrawal Penalty Calculator Work?

Punjab and Sind Bank FD Premature Withdrawal Calculator uses the compound interest formula to calculate the revised payout.

The following are illustrations of the calculation process for both general and senior citizens:

1. For General Citizens

   Let’s say a general citizen withdraws their fixed deposit before maturity. Here's how the revised interest would be calculated based on the completed tenure.

   • Investment Amount: ₹1,00,000
   • Original Tenure: 1 year at a booked rate of 6.30%
   • Premature Withdrawal: After 6 months (180 days)

   Punjab and Sindh Bank FD Rates were 5.25% for FDs held between 180-364 Days when booking. 

   Interest calculation:

   • Applicable Rate: 5.25%
   • Penalty Deduction: 1.00%
   • Final Applicable Rate: 5.25% – 1.00% = 4.25%

   Outcome: The investor will receive interest at 4.25% for 6months, based on the applicable Punjab and Sind Bank FD rates for that period, instead of the originally booked 6.30% for 1 year.

2. For Senior Citizens

   Now, consider a senior citizen under similar conditions.

   • Investment Amount: ₹1,00,000
   • Original Tenure: 1 year at a booked rate of 6.80%
   • Premature Withdrawal: After 6 months (180 days)

   When booking, Punjab and Sindh Bank FD Rates were 5.75% for FDs held between 180-364 Days.

   • Applicable Senior Citizen Rate on Booking Date: 5.75%
   • Penalty Deduction: 1.00%
   • Final Rate: 5.75% – 1.00% = 4.75%

   Outcome: The senior citizen earns interest at 4.75% for the actual holding period, based on the applicable Punjab and Sind Bank senior citizens FD rates, instead of the originally booked 6.80% for 1 year.

Punjab and Sind Bank FD Premature Withdrawal Penalty Charges

Punjab and Sind Bank charges a 1% penalty on the applicable FD interest rate if you withdraw your fixed deposit before maturity. This means your final interest earnings will be lower than expected. The bank may set its penalty rate in some cases. For bulk deposits of ₹2 crore and above, premature withdrawal may not be allowed. No interest is paid if the FD is closed within 7 days of opening. Also, Tax Saving FDs cannot be closed early unless in special cases like the account holder’s demise or as directed by a court.

Key Takeaways

The Punjab and Sind Bank FD Premature Withdrawal Penalty Calculator helps accurately estimate your revised FD payout. It shows the reduced FD interest rates applicable for the actual tenure and provides a clear, transparent breakdown. This enables better decision-making in case you need to access your fixed deposit before maturity for emergencies or financial needs.