PNB Recurring Deposit Scheme (E-RD)

PNB's Recurring Deposit Scheme (e-RD) is a convenient savings option for existing PNB customers who use internet banking. It lets you set up a fixed monthly deposit electronically, building up a lump sum with interest over time. This scheme is ideal for those who want to build a regular savings habit or reach a specific financial goal in the future.

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Maximum returns Offered by Guaranteed

6.5%**

Fixed Deposits

(by SBI bank)

(5-10 Years)

7.1%***

Public Provident Fund

(other popular options)

(15 Years)

In-built life cover
Get Guaranteed returns upto 7.5%*
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FD Interest Rates of Domestic/NRO (Below Rs. 3 Crore) W.E.F. 10.06.2024

TENUREREGULAR RATES
Current Rates
SENIOR CITIZEN
7 to 14 days3.50%4.00%
15 to 29 days3.50%4.00%
30 to 45 days3.50%4.00%
46 to 90 days4.50%5.00%
91 to 179 days4.50%5.00%
180 to 270 days6.25%6.75%
271 days to 299 days6.50%7.00%
300 days7.05%7.55%
301 days to less than 1 year6.50%7.00%
1 year6.80%7.30%
Above 1 year to 399 days6.80%7.30%
400 days7.25%7.75%
401 days to 2 years6.80%7.30%
Above 2 years to 3 years7.00%7.50%
Above 3 years to 1203 days6.50%7.00%
1204 days6.40%6.90%
1205 days to 5 years6.50%7.00%
Above 5 years to 1894 days6.50%7.30%
1895 days6.35%7.15%
1896 days to 10 years6.50%7.30%

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

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FD Interest Rates of Domestic/NRO (Rs. 3 Crore and Above) W.E.F. 10.06.2024

Period Revised Rates For General Citizen W.E.F. 10.06.2024 (%)
7 days to 14 days 6.00
15 days to 29 days 6.00
30 days to 45 days 6.00
46 days to 60 days 6.40
61 days to 90 days 6.60
91 to 179 days 6.50
180 days to 270 Days 6.65
271 days to 299 Days 6.75
300 Days 6.75
300 Days to < 1 Year 6.75
1 Year 7.25
> 1 Year to 399 Days 6.80
400 days 6.80
401 days to 2 years 6.80
> 2 year to 3 years 6.50
> 3 year to 1203 days 6.25
1204 days** 6.15
1205 days to 5 years 6.25
> 5 years to 1894 days 5.60
1895 days** 5.45
1896 days to 10 years 5.60

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Features of PNB Recurring Deposit Scheme (E-RD)

Here are the key features of the PNB Recurring Deposit Scheme (E-RD):

  • Eligibility: The scheme is available exclusively to Internet Banking users who hold an existing Savings or Current Account with PNB.

  • Operational Consistency: The mode of operation, nomination, and senior citizen preferential rate will remain the same as in the account from which the recurring deposit is funded.

  • Acceptance of Terms: Acceptance of the terms and conditions is mandatory before the issuance of the e-RD.

  • PAN Requirement: The e-RD will only be issued to accounts with a valid PAN document.

  • Deposit Tenor: The deposit tenor will be according to the respective scheme displayed on PNB's website.

  • Nomination: The nomination for the e-RD will continue to be the same as in the funded account.

  • Maturity Proceeds: Upon maturity, the proceeds will be credited to the account from which the term deposit was funded.

  • Account Closure: For closure or premature closure of the e-RD account, customers must visit their parent branch.

  • Interest Rate: The rate of interest applicable will be the card rate as per the tenor of the deposit, as displayed on the PNB website. This rate is subject to change from time to time.

  • Nomination Facility: The scheme offers a nomination facility, ensuring that the nominee benefits from the deposit in the event of the account holder's demise.

  • TDS: Tax Deducted at Source (TDS) is applicable as per rules. PNB will issue a TDS certificate for the tax deducted.

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

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PNB Tax Saver Deposit Scheme W.E.F. 12.04.2024

  Rates For General Citizens (%) Rates For Sr. Citizen (%)
5 Years 6.50 7.00
> 5 Years to 1894 days 6.50 7.00
1895 days 6.35 6.85
1895 days to 10 years 6.50 7.00

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+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
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