PNB FD interest rates: Punjab National Bank has raised its fixed deposit interest rates for the second time within a month. In this instance, the bank has elevated rates by 80 basis points (bps) for a specific tenure. The revised rates came into effect on January 8, 2024. Previously, on January 1, the bank had increased rates by up to 45 basis points (bps) for certain tenures and had reduced them for others.
For which tenure has the bank increased the FD interest rates by 80 basis points?PNB has increased the rates by 80 basis points for a 300-day tenure, changing from 6.25% to 7.05% for general citizens, 7.55% for senior citizens, and 7.85% for super senior citizens.
Latest Punjab National Bank FD ratesAfter revision, the bank offers interest rates between 3.50% to 7.25% for regular citizens. For senior citizens, the bank offers between 4% to 7.75% and for super senior citizens, the bank offers between 4.30% to 8.05%.
Following the update, the bank provides interest rates ranging from 3.50% to 7.25% for regular citizens. Senior citizens are offered rates between 4% to 7.75%, while super senior citizens can avail rates between 4.30% to 8.05%.
Read More: Rupee Gains 3 Paise To Settle At 83.11 Against US Dollar
PNB FD interest rates for general citizens
| Period | Existing Rates For Public W.E.F. 01.01.2024 | Revised Rates For Public W.E.F. 08.01.2024 |
| 7 to 14 days | 3.5 | 3.5 |
| 15 to 29 days | 3.5 | 3.5 |
| 30 to 45 days | 3.5 | 3.5 |
| 46 to 60 days | 4.5 | 4.5 |
| 61 to 90 days | 4.5 | 4.5 |
| 91 to 179 days | 4.5 | 4.5 |
| 180 to 270 days | 6 | 6 |
| 271 days to 299 days | 6.25 | 6.25 |
| 300 days | 6.25 | 7.05 |
| 300 days to <1 year | 6.25 | 6.25 |
| 1 year | 6.75 | 6.75 |
| >1 year to 399 days | 6.8 | 6.8 |
| 400 days | 7.25 | 7.25 |
| 401 days to 2 years | 6.8 | 6.8 |
| above 2 years & upto 3 years | 7 | 7 |
| above 3 years and upto 5 years | 6.5 | 6.5 |
| above 5 years and upto 10 years | 6.5 | 6.5 |
PNB FD interest rates for senior citizens
| Period | Existing Rates For Public W.E.F. 01.01.2024 | Revised Rates For Public W.E.F. 08.01.2024 |
| 7 to 14 days | 4 | 4 |
| 15 to 29 days | 4 | 4 |
| 30 to 45 days | 4 | 4 |
| 46 to 60 days | 5 | 5 |
| 61 to 90 days | 5 | 5 |
| 91 to 179 days | 5 | 5 |
| 180 to 270 days | 6.5 | 6.5 |
| 271 days to 299 days | 6.75 | 6.75 |
| 300 days | 6.75 | 7.55 |
| 300 days to <1 year | 6.75 | 6.75 |
| 1 year | 7.25 | 7.25 |
| >1 year to 399 days | 7.3 | 7.3 |
| 400 days | 7.75 | 7.75 |
| 401 days to 2 years | 7.3 | 7.3 |
| above 2 years & upto 3 years | 7.5 | 7.5 |
| above 3 years and upto 5 years | 7 | 7 |
| above 5 years and upto 10 years | 7.3 | 7.3 |
Read More: Gold vs Equity: What You Should Invest In 2024
PNB FD interest rates for super senior citizens
| Period | Existing Rates For Public W.E.F. 01.01.2024 | Revised Rates For Public W.E.F. 08.01.2024 |
| 7 to 14 days | 4.3 | 4.3 |
| 15 to 29 days | 4.3 | 4.3 |
| 30 to 45 days | 4.3 | 4.3 |
| 46 to 60 days | 5.3 | 5.3 |
| 61 to 90 days | 5.3 | 5.3 |
| 91 to 179 days | 5.3 | 5.3 |
| 180 to 270 days | 6.8 | 6.8 |
| 271 days to 299 days | 7.05 | 7.05 |
| 300 days | 7.05 | 7.85 |
| 300 days to <1 year | 7.05 | 7.05 |
| 1 year | 7.55 | 7.55 |
| >1 year to 399 days | 7.6 | 7.6 |
| 400 days | 8.05 | 8.05 |
| 401 days to 2 years | 7.6 | 7.6 |
| above 2 years & upto 3 years | 7.8 | 7.8 |
| above 3 years and upto 5 years | 7.3 | 7.3 |
| above 5 years and upto 10 years | 7.3 | 7.3 |
Read More: 7th Pay Commission: DA Hike To HRA – Central Govt Employees To Likely To Get These Two Benefits Soon
PNB fixed deposit FAQsWho is eligible to open a term deposit account with PNB?The individuals listed below are eligible to open an FD account with PNB:
- Individual (singly or jointly with others)
- Hindu Undivided Family (HUF)
- Partnership Firms
- Proprietorship Firms
- Company/Corporate Body and Commercial Organisations
- Minors who are 10 years old or above in their own name on giving proof of age
- Educational institutions / Charitable organisations / Trusts / Clubs / Society / Associations
- Blind and illiterate persons can also open an FD account
Is premature withdrawal of PNB FD before its maturity allowed?No, PNB does not permit customers to withdraw from their fixed deposits before the maturity date. Nevertheless, under exceptional circumstances, the bank may grant permission for premature withdrawal, subject to the imposition of a penalty. The specific penalty will be communicated to the customer prior to the FD closure. In such instances, the Punjab National Bank FD rate will be disbursed after deducting the applicable penalty.
Is there a tax on the fixed deposit holdings?
In accordance with the regulations outlined in the Income Tax Act of 1961, if the cumulative interest earned on fixed deposits surpasses Rs 10,000 within a financial year, the bank withholds TDS on such earnings. To prevent TDS deductions, one can submit Form 15G (or Form 15H for senior citizens) to the bank at the beginning of the fiscal year.
