Product Details
Bank Name
Punjab National Bank
Eligibility
The accounts can be opened by depositors means an assessee who is eligible to make a deposit under Section 54, 54-B, 54-D, 54-F, 54GB and 54-G of the Income Tax Act.
Interest Rate
3.50 to 7.25% per annum
Tenure
7 days to 36 months.
Fixed Deposit Type
Regular
Capital Gain Account Scheme
Tax Benefits
This scheme is specifically designed to help individuals manage the tax implications of capital gains. When you sell assets like shares, real estate, or mutual funds and earn a profit, you may be subject to capital gains tax. This scheme provides a way to invest the capital gains proceeds and potentially reduce the tax burden. Investing the capital gains proceeds in this scheme can help you claim a tax deduction under Section 112A of the Income Tax Act. This deduction can reduce your overall tax liability.
Credit Ratings
IND AAA, ICRA AAA
Interest Payment Frequency
Quarterly or at maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Cumulative
Features
The payment of interest shall be done through the Saving Bank Capital Gain account.
The maximum tenure of this scheme can be 24 months: If capital gains are u/s 54, 54B, 54F of the IT Act (as declared in form A by the depositor)
The maximum tenure of this scheme can be 36 months: If capital gains are u/s 54, 54D, 54F, 54G & 54GB of the IT Act (as declared in form A by the depositor).
Minimum Investment Amount
1,000
Fees and Charges
Pros
This scheme is specially designed to reduce the tax implications of capital gains.
Interest is compounded quarterly.
No limit on the maximum deposit amount.
Cons
The maximum tenure of deposit is 36 months only.
Pros & Cons
Account Opening and Procedure
How to Open?
Online:
Visit the PNB website: Go to https://www.netpnb.com/
Log in to your PNB account: Enter your user ID and password.
Look for the "Fixed Deposits" section: This is usually under "Deposits" or "Products."
Choose the FD option: Select the type of FD you want to open (e.g., regular, cumulative, step-up).
Enter details: Fill in the required information, such as deposit amount, tenure, interest payout frequency, and nominee details.
Submit the application: Review your details and submit the application online.
In-Branch:
Visit a PNB branch: Find a branch near you using their branch locator.
Gather necessary documents: Bring along your identification proof (Aadhaar card, PAN card), address proof, and income proof (if required).
Fill out the application form: Complete the FD application form provided by the bank.
Submit documents and deposit funds: Hand over the completed form, documents, and the desired deposit amount to the bank representative.
Application Procedure
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