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About PNB Fixed Deposit Rates In 2023
Punjab National Bank offers many fixed deposit schemes beneficial for all kinds of investors, which can help them achieve their financial goals with competitive interest rates with other banks and institutions. PNB also offers FDs with a minimum tenure of 5 years. Unlike other FDs, these PNB fixed deposits cannot be withdrawn before the completion of the expiry of the FD tenure. Also, these FDs cannot be used as collateral to obtain a loan. PNB Fixed Deposits offer tax benefits up to Rs.1.5 lacs per annum under Section 80C of the Income Tax Act, 1961. You can easily open a PNB fixed deposit account online by logging in to your internet banking account.
PNB Fixed Deposits - FAQs
Can PNB FD interest rates vary from time to time?
Yes, the PNB FD interest rates can change during a financial year without any prior notice. However, you can check with your bank for the details and look for updates online or in news. Also, FD calculator
online tool can be used to analyse the FD returns.
Do you have to pay tax on the interest earned on fixed deposits?
You are liable to pay tax for the interest that you earn on your fixed deposits. It is counted as a part of your total income and tax is deducted as per the tax slabs. While filing your ITR it is shown under the head of Income from other sources. If the interest earned is lesser than 10,000 rupees or doesn't fall in the taxable income, the TDS will not be deducted.
What if I don’t provide my PAN details while opening an FD with PNB Bank?
Firstly, your TDS will be deducted at the rate of 20 percent. Moreover, you will not get the TDS certificate and TDS credit.
How is interest paid to a fixed deposit holder?
The interest earned will be directly credited to your savings bank account.
Is the PNB FD interest rates provided on regular FDs and e-FDs the same?
Yes, PNB FD interest rates provided on both of them are similar.
What is the maximum offered PNB FD interest rate in 2023?
The highest PNB FD interest rate for regular FDs is 7.25 percent for regular investors and 7.75 percent for senior citizens.
What is the PNB FD interest rate for senior citizens' FDs?
Yes, returns on senior citizen FDs are higher. The rate of a regular FD is in the range of 3.5% to 7.25%. Compared to this, the rate of senior citizen FD is in the range of 4.0% to 7.75%.
What is the tenure range for PNB Fixed Deposits?
The tenure ranges from 7 days to 10 years
What is the minimum amount that I need to deposit in my FD?
You need to deposit a minimum of 10,000 rupees to open an FD with PNB.
Can I deposit an additional amount in an ongoing FD?
No, it is not permissible to deposit an extra amount during the FD tenure. The only option is to open a new account and deposit the required amount.
Who all are eligible to open a PNB FD account?
Anyone including HUFs, individuals, NRIs, and Companies can start a fixed deposit account. A minor is eligible to open a joint account with their guardian.
Can I change the term of my existing PNB FD?
No, it is not permissible to do so. You will have to start a new account with the required tenure range.