Fixed Deposit or FD is a good interest rate investment option. Punjab national bank offers a Fixed Deposit Account with a high-interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank. You can visit the official website to get the latest interest rates.
Benefits of Punjab national bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Punjab national bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Punjab national bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Punjab national bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Punjab national bank.
Punjab national bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Punjab national bank Fixed Deposit Interest Rate
| Domestic/NRO $ TD Less Than Rs.2 Cr. W.E.F. 17.02.2020 |
Domestic/NRO $ TD Rs. 2 Cr To Rs. 10 Cr.# W.E.F. 17.02.2020 |
NRE TD $ Less Than Rs.2 Cr. W.E.F. 17.02.2020 |
NRE TD $ Rs.2 Cr. To Rs. 10 Cr. W.E.F. 17.02.2020 |
PNB Tax Saver FD | |||||
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| Sl. No | Period | ROI (% p.a.) | A.Y.* | For Senior Citizen | Interest Rate | A.Y.* | ROI (% p.a.) | Interest Rate | ROI (% p.a.) |
| 1 | 7 to 14 days | 4.50 | 4.50 | 5.00 | 4.00 | 4.00 | |||
| 2 | 15 to 29days | 4.50 | 4.50 | 5.00 | 4.00 | 4.00 | |||
| 3 | 30 to 45 days | 4.50 | 4.50 | 5.00 | 4.00 | 4.00 | |||
| 4 | 46 to 90 days | 5.00 | 5.00 | 5.50 | 4.75 | 4.75 | |||
| 5 | 91 to 179 days | 5.00 | 5.00 | 5.50 | 4.75 | 4.75 | |||
| 6 | 180 days to 270 Days | 5.75 | 5.79 | 6.25 | 4.90 | 4.93 | |||
| 7 | 271 days to less than 1 year | 5.75 | 5.83 | 6.25 | 4.90 | 4.96 | |||
| 8 | 333 days | 5.85 | 5.96 | 6.35 | 5.00 | 5.08 | |||
| 9 | 1 year | 6.05 | 6.19 | 6.55 | 5.15 | 5.25 | 6.05 | 5.15 | |
| 10 | 444 days | 6.05 | 6.23 | 6.55 | 5.15 | 5.28 | 6.05 | 5.15 | |
| 11 | 555 days | 6.05 | 6.29 | 6.55 | 5.15 | 5.32 | 6.05 | 5.15 | |
| 12 | above 1 year & upto 2 years | 6.05 | 6.19 | 6.55 | 5.15 | 5.25 | 6.05 | 5.15 | |
| 13 | above 2 year & upto 3 years | 6.05 | 6.38 | 6.55 | 5.15 | 5.39 | 6.05 | 5.15 | Public (General)- 6.05 (for 5 years) 6.05 ( for above 5years to 10 years)
Sr. Citizen (General)- 6.55 (for 5 years) 6.55 ( for above 5years to 10 years) Staff member- 7.05 (for 5 years) 7.05 ( for above 5years to 10 years) Retired Staff (Sr. Citizen)- 7.05 (for 5 years) 7.05 ( for above 5years to 10 years) |
| 14 | above 3 years & upto 5 years | 6.05 | 6.58 | 6.55 | 5.15 | 5.53 | 6.05 | 5.15 | |
| 15 | above 5 years & upto 10 years | 6.05 | 7.00 | 6.55 | 5.15 | 6.83 | 6.05 | 5.15 | |
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