PNB Recurring Deposit Rates | How To Open RD Account In PNB Online | Punjab National Bank RD Rate | PNB RD Interest Rates Calculator
Through its Recurring Deposit (RD) programmes, Punjab National Bank (PNB) fosters a healthy saving habit for income regularisation. You receive interest on your deposits in addition to saving money. Continue reading to learn about the various PNB Recurring Deposit Rates and how to select the best one for you.
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PNB Recurring Deposit Rates for 2022
The PNB Recurring Deposit Rates in the table below go into effect on January 1, 2021.
|Deposit Tenure||PNB Recurring Deposit Interest Rate for Regular Customers (% p.a.) *||Annualised Yield (% p.a.) *||PNB Recurring Deposit Interest Rate for Senior Citizens (% p.a.) *|
|7 to 14 days||3.00||3.00||3.50|
|15 to 29days||3.00||3.00||3.50|
|30 to 45 days||3.00||3.00||3.50|
|46 to 90 days||3.25||3.25||3.75|
|91 to 179 days||4.00||4.00||4.50|
|180 days up to 270 days||4.40||4.42||4.90|
|271 days up to less than 1 year||4.50||4.55||5.00|
|Above 1 year up to 2 years||5.20||5.30||5.70|
|Above 2 years up to 3 years||5.20||5.44||5.70|
|Above 3 years up to 5 years||5.30||5.70||5.80|
|Above 5 years up to 10 years||5.30||6.02||5.80|
Note: Rates of interest are subject to change at any time.
Punjab National Bank RD Schemes Various Types
- Recurring Deposit Scheme at PNB
This is a regular RD account with a minimum monthly instalment of Rs.100 and subsequent instalments in multiples of Rs.100. The quantity of money you can deposit each month has no upper limit. The duration might be anywhere from six to 120 months in multiples of one month. Based on the account’s term, an appealing interest rate will be assigned.
- PNB Special Recurring Deposit Product
This account is for government, private, public sector, and corporate organisations, among others. The account must be opened in both the institution’s and the employees’ names. According to the employees’ PF deduction, the minimum deposit amount is Rs.10. The duration of the contract might range from 6 to 120 months.
PNB Recurring Deposit Scheme (e-RD)
Only online banking users with savings or current accounts can open this account. Interest rates and nomination policies are identical to those of a traditional RD account. You can only open an e-RD account if you have a valid PAN linked to it. The e-RD account nominee will be the same as the savings/current account nominee.
Punjab National Bank’s RD Special Features and Benefits
- To start an RD account, a minimum monthly deposit of Rs.100 is required.
- In most circumstances, the term can last anywhere from 6 to 120 months.
- TDS is applicable according to the current rules.
- Based on the account’s tenure, a competitive interest rate is assigned.
- On the basis of the deposit, a loan/overdraft facility is offered.
- It is possible to nominate someone.
Punjab National Bank RD Basic Eligibility Criteria
- Individually (or in collaboration with others).
- Minors who have reached the age of ten years and have proof of age in their name.
- Minors under the custody of natural or legal guardians under the age of ten.
- Hindu Undivided Family, Proprietorship/Partnership Firm, Commercial Organization, Company/Corporate Body (HUF).
- Religious/Charitable Educational Institutions, Associations, Clubs, Societies, Trusts
- Government or quasi-government body, such as a municipality or panchayat.
- People who are illiterate or blind.
Recurring Deposit Tax Liabilities at Punjab National Bank
The bank deducts 10% tax at source if the interest earned on your fixed deposit exceeds Rs 40,000 throughout the financial year. From May 2020 to March 2021, this rate was lowered to 7.5 per cent because of the COVID-19 pandemic. Furthermore, regardless of the interest rate or other conditions, the tax paid on the returns is determined by the tax bracket you fall into.
If you miss an instalment payment for a period of time but make it up before the maturity date, you will be assessed a penalty of Rs.1 per Rs.100 each month. If payments are not deposited until the maturity date, the bank will pay interest on a daily product basis compounded half-yearly. The PNB Special RD Product is exempt from this policy.
Only at the end of the term will the interest be paid out. There is presently no facility for disbursing interest on a monthly basis.
The institution needs to open an account with at least 10 employees or 75% of the eligible employees, whichever is lower while using the PNB Special RD plan.