PNB Special Recurring Deposit Product

The PNB Special Recurring Deposit (RD) product is designed specifically for institutions like government bodies, companies, and PSUs (Public Sector Undertakings) to manage employee savings. Unlike a regular RD account for individuals, this scheme allows for deposits on behalf of employees.

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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 Special Recurring Deposit Product

  • Minimum Deposit: Rs. 10 (or multiples of Rs. 1 thereafter) - similar to employee PF deductions.

  • Deposit Period: 6 months to 120 months (longer terms require opening a new account at prevailing rates).

  • No Penalty for missed Installments.

  • Interest:

    • CARD rate for deposits below Rs. 1 crore.

    • Calculated daily, credited half-yearly (March/September).

  • Premature Withdrawal: Requires permission from the institution.

  • Loan/Advance: Available as per bank's lending guidelines.

  • Nomination: Available.

  • TDS: Applicable as per government regulations. Bank will provide a TDS certificate.

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

People also read: Which Bank is Best for Fixed Deposit

Eligibility of PNB Special Recurring Deposit Product

  • For Institutions Only: This account is not available for individuals.

  • Eligible Institutions:

    • Government Institutions

    • Private Institutions

    • Public Sector Undertakings (PSUs)

    • Corporate Bodies

  • Minimum Employee Participation:

    • Institutions must open the account for a minimum of 10 employees.

    • OR

    • At least 75% of eligible employees (whichever is lower).

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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₹500 ₹30L
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