PNB RD Interest Rates

Punjab National Bank (PNB) RD Interest Rates ranges in between 5.50% to 7.25% per annum for the general citizens, and 6.00 % to 7.75% p.a. for senior. The tenure of PNB RD ranges from 6 months to 10 years, making it a flexible investment option for people with varying investment goals. This is an excellent investment option for those who want to earn good returns by investing small amounts of money regularly.

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PNB RD Interest Rate 2023

As we enter the year 2023, investors are eagerly waiting to know the PNB RD interest rates that will be applicable throughout the year. 

Below is the RD Interest rate table for the Punjab National Bank (as of June 2023):

Period For General Citizen W.E.F. 01.06.2023 For Senior Citizens W.E.F. 01.06.2023
180 days to 270 Days 5.50% 6.00%
271 days to less than 1 year 5.80% 6.30%
1 year 6.75% 7.25%
Above 1 year to 443 days 6.80% 7.30%
444 days 7.25% 7.75%
445 days to 2 years 6.80% 7.30%
above 2 year & upto 3 years 7.00% 7.50%
above 3 year & upto 5 years 6.50% 7.00%
above 5 years & upto 10 years 6.50% 7.30%

Disclaimer: RD Interest rates are subject to change with time. PolicyBazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio. 

Features of PNB Recurring Deposit Schemes 

  • The minimum monthly installment for the PNB RD account is just Rs.100.

  • PNB's RD account is available for overdraft and loan facility.

  • The nomination facility also provides the RD account of the PNB.

  • RD interest earned is also applicable for the TDS as per the rules.

  • Joint accounts can be opened.

Calculation of Maturity

You can easily calculate the interest on your RD with the help of Punjab National Bank's RD calculators. The RD calculator is available on the PNB website. For the calculations, you need to add the details of your RD, the Tenure, amount, and rate of interest. 

This process is simple and easy, but you can also use the following formula to calculate the PNB RD interest.

A= P*(1+R/N)^(Nt) 

A is maturity amount 

P is principal deposited 

N is the number of times interest has been compounded (in months)

R is the rate of interest 

t is applicable tenure (in months)

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Types of PNB RD Account

There are three types of recurring deposits available in Punjab National Bank– 

PNB Recurring Deposit Scheme

This is the regular RD scheme of PNB, starting with a minimum deposit amount of Rs.100/- or any multiples of Rs.100/- thereof. The tenure for the RD is a minimum of six months to a maximum of 120 months. Only 80% of this account's deposit value is applicable for loans and overdraft facilities.

  1. PNB Special Recurring Deposit Scheme

    • The scheme applies to government and private institutions, corporate bodies or companies, PSUs, etc.

    • Companies can open accounts with either 75% of eligible employees or 10 employees, whichever is lower.

    • The RDs are not opened by individual names but by the name of the employee's institution.

    • The RD minimum deposit amount should be Rs.10/- according to the employee's PF deductions.

    • The incremental installment should be in multiples of Rs.1/- thereof.

    • There is no penalty applicable on default installments for this scheme.

    • TDS is applicable as usual, as per the norms.

    • Premature withdrawal facility is not allowed on the Special Recurring Deposit.

  2. PNB Recurring Deposit Scheme (e-RD)

    • The e-RD scheme is available to existing PNB savings or current account holders.

    • Internet banking users can start an e-RD.

    • The tenure of the deposit installment depends on the type of scheme chosen.

    • Nomination is not required separately for the e-RD scheme; the primary account nominee details apply.

    • On maturity, the maturity amount is credited directly to the fund account.

    • Account holders must visit the branch for closure or premature closure of the e-RD and complete all the formalities.

    • Acceptance of Terms & Conditions is mandatory for the issuance of e-RD.

​Eligibility to Open a PNB RD Account

  • Any individual, jointly or singly, can open an RD with PNB.

  • Any minor who has attained the age of 10 years and above can open a Punjab National Bank's RD account in their name. They have to provide age and identification proof.

  • Minors below the age of 10 can begin RD under the guardianship of their parent or legal guardians.

  • The following can open an RD account in PNB:

    • Proprietorship or Partnership Firm, Company or Corporate organization

    • Hindu Undivided Family

    • Associations, Clubs, Societies, Trust or Religious institutes, or Charitable Educational Institutions

    • Quasi-Government or Government bodies, Municipal corporations, or Panchayat.

How to Open an RD at PNB?

  • For existing PNB account holders: there are two ways to open the RD account:

  • Offline: You can easily open an RD account by visiting a local PNB branch with the required documents. A representative from the bank will guide you through the process and help you to open an RD account.

  • Online: Through Net banking.

If you want to open an RD account but don't want to visit the local branch, then you can open one online through net banking.

Follow the steps listed below to open a PNB RD account online:

  • First, visit the official Punjab National Bank website.

  • Then, click on login, net banking, and fill in your credentials.

  • Now, open the menu and click on "Open Recurring Account."

  • A form will pop up, and you can carefully fill in all the details like the period of the RD, the monthly installment amount, etc.

  • After all is done, click on continue. By following these steps, you can easily open an RD account.

  • For non-existing users: If you are not a PNB account holder and want an RD account in the bank, you will have to apply for the bank account first in the nearby bank branch. Once you become a PNB account holder, you can open an RD either by net banking or by applying to a branch. 

Documents Required to Open RD Account

  • Bank Application form

  • Photographs

  • ID Proof, such as:

    • Aadhar card

    • Voter ID

    • Driving license

    • Ration card

    • Passport

    • PAN card

    • Government ID card or

    • Senior citizen card

  • Address proof, such as:

    • Passport

    • Aadhar card

    • Electricity bill

    • Phone bill

    • Bank statements

​​​​Tax Benefits of Having a PNB RD Account

The RD in PNB is not eligible for tax exemptions. The interest earned from RD is taxable according to the tax bracket you fall in, irrespective of the interest rate or other factors. Moreover, in any financial year, if the interest earned on the fixed deposit or recurring deposits is more than Rs.40,000, the bank will deduct TDS at 10%. The TDS deducted can be claimed further while you file your return.

Premature Withdrawal of RD

According to the guidelines, PNB levies a 1% penalty on withdrawing RD before maturity. The exact penalty amount applies when any installment is missed or delayed.

FAQ's

  • What are the limits on the minimum and maximum deposits? 

    Minimum monthly deposit amount: Rs. 100
    Maximum deposit: No Limit 
  • Can I open a RD account for a minor student?

    Similar to savings accounts for students, recurring deposits (RDs) are also available for children and students. This type of RD is initiated by parents or guardians on behalf of the account holder to contribute towards their educational expenses and other future requirements. 
  • How to apply PNB FD Rates? 

    • Go to the official website of Punjab National Bank and access the net banking portal by entering your customer id and password.

    • In the menu section, locate and select the 'Deposits' option.

    • Within the 'Deposits' section, choose 'Fixed Deposit'.

    • Enter the desired deposit amount and specify the duration or tenure of the deposit.

  • Can I renew an RD account? 

    Investors have the option to extend their recurring deposit (RD) for the same period or a different period, based on their investment objectives. The process of renewing an RD is convenient and straightforward, allowing investors to renew it either online or by visiting their bank branch.
  • How is the interest applicable for the PNB Special RD scheme? 

    The interest applicable on Special RD is the same as the regular card rates. The interest is credited to the account every six months, i.e., March and September. For special RD schemes, there is no separate interest chart.
  • Can an RD account be closed online?

    Yes, the RD account open by net banking can be closed online by logging in to your net banking account. However, if you have not opened the RD online, it cannot be closed online.
  • Can I get the interest every month?

    Currently, PNB does not provide a monthly interest payout. The interest is credited to the account once the RD matures.
  • Is it necessary to mention the names of all the employees under the PNB Special RD scheme?

    No, the institutes don't need to mention the names of all employees. The companies can open accounts with either 75% of eligible employees or ten employees, whatever is lower.

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