Product Details
Bank Name
Punjab National Bank
Eligibility
Individuals, including illiterate, blind persons and joint accounts.
The joint holder deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor. However, in the case of joint holder deposit, the deduction from income under section 80C of the Act shall be available only to the first holder of the deposit.
Hindu Undivided Family (HUF)
Interest Rate
6.50% per annum.
Tenure
5 years.
Fixed Deposit Type
Tax Saver
PNB TAX SHIELD
Tax Benefits
Yes, tax exemption under Section 80C of the Income Tax Act, 1961.
Credit Ratings
IND AAA, ICRA AAA
Interest Payment Frequency
Interest shall be payable monthly (at a discounted rate), quarterly (at a simple rate), half-yearly and yearly intervals (quarterly compounding). Interest can also be paid at the time of maturity.
Cummulative/Non-Cummulative
Both
Features
Tax exemption under section 80C of the Income Tax Act, 1961.
Flexible interest pay-out options: Monthly, Quarterly or Cumulative.
Minimum deposit of Rs 100 and a maximum of 1,50,000 per financial year for a 5-year lock-in period.
The lock-in period of 5 years.
No loans or advances against these deposits are allowed during the lock-in period.
Premature withdrawal is not allowed.
Minimum Investment Amount
100
Fees and Charges
Pros
Tax saving benefits.
Flexible interest payout options.
Good credit rating.
Cons
The maximum tenure of this scheme is 5 years.
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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