Punjab National Bank FD Premature Withdrawal Penalty Calculator

What is the Punjab National Bank FD Premature Withdrawal Calculator?

Punjab National Bank FD Premature Withdrawal Penalty Calculator estimates the revised payout for your FD closed before maturity. While Punjab National Bank FD premature withdrawal can be useful during emergencies, it often results in reduced interest earnings due to recalculated rates and penalties. The calculator provides a clear view of your final returns, helping you make an informed financial decision.

Benefits of the Punjab National Bank FD Premature Withdrawal Calculator

Here are the key advantages of using the PNB FD premature withdrawal penalty calculator:

• Instant Estimates: You can quickly check your revised FD maturity value using the FD premature withdrawal penalty calculator without visiting a PNB branch.
• Transparent Deductions: It clearly shows how much interest you will earn and how much will be deducted as a penalty.
• Easy to Use: Enter basic details, such as the deposit amount, tenure, and booking date. The rest of the calculation happens automatically.
• Customised Results: The calculator shows accurate results for the effective FD interest rates and applicable penalties for general and senior citizens.

How Does the Punjab National Bank FD Premature Withdrawal Calculator Work?

The PNB FD premature withdrawal penalty calculator uses the compound interest formula for accurate computation:

1. For General Citizens

   Suppose a general citizen invested ₹1,00,000 in a PNB FD:

   • Investment amount: ₹1,00,000
   • Original Tenure: 2 years at 6.40%
   • Withdrawal After: 11 months (approx. 334 days)

   Applicable FD rate for 11 months on booking date: 6.00%

   Interest Calculation:

   • Applicable Rate: 6.00%
   • Penalty: 1.00%
   • Final Interest Rate: 5.00%

   Revised Outcome: Interest is calculated at 5.00% for 334 days instead of 6.40% for 2 years, based on the applicable Punjab National Bank FD rates for the shorter tenure.

2. For Senior Citizens

   Now, consider a senior citizen invested ₹1,00,000:

   • Original Tenure: 2 years at 6.90%
   • Withdrawal After: 11 months (approx. 334 days)

   Applicable FD rate for 11 months on booking date: 6.50%

   Interest calculation:

   • Applicable Rate for Period Held: 6.50%
   • Penalty Deduction: 1.00%
   • Final Interest Rate: 6.50% – 1.00% = 5.50%

   Revised Outcome: Returns are computed using 5.50% for the actual holding period, based on the applicable Punjab National Bank senior citizen FD rates for an 11-month tenure.

Punjab National Bank FD Premature Withdrawal Penalty Charges

If you close your FD before maturity, Punjab National Bank deducts a 1% penalty from the interest rate applicable for the period your deposit was held. No interest is given if you close the FD within 7 days of opening. Also, tax-saving FDs cannot be withdrawn early unless there is a special case, like the depositor’s demise or a court order.

Key Takeaways

The PNB FD Premature Withdrawal Penalty Calculator gives you a reliable estimate of your revised FD payout by adjusting for the shorter tenure and applying a 1% penalty as per bank norms. It helps you understand how your returns will change based on the actual holding period and the applicable FD interest rates, making planning easier and avoiding last-minute financial surprises.