If you open an FD of Rs 2,00,000 in Punjab National Bank for 10 years, then this question definitely comes to your mind that how much money will you get on maturity and how much will be the benefit from interest.
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PNB FD schemes: Even today, fixed deposits (FDs) are considered the most reliable and safest investment option for Indian families. If you’re looking to grow your hard-earned money without any risk, Punjab National Bank (PNB) has a great opportunity for you. The bank is offering attractive interest rates on its long-term FD schemes, allowing you to earn fixed returns of lakhs of rupees. Let’s understand how much money you’ll receive upon maturity if you open a ₹2,00,000 FD with PNB for 10 years.
Punjab National Bank offers its customers fixed deposits ranging from 7 days to 10 years. The bank’s interest rates start from 3% and go up to 7.40%. However, for investors looking to save money for their future or their children’s education, the 10-year maturity scheme is the most popular. It offers the benefit of compounding (interest on interest), which helps your small amount grow into a larger fund.
Calculation for ordinary citizens
If you are an ordinary citizen (under 60 years of age) and deposit ₹2,00,000 with PNB, the bank offers you 6% annual interest.
Total Investment: ₹2,00,000
Interest Rate: 6%
Total Interest: ₹1,62,804
Total Amount at Maturity: ₹3,62,804 This means that in 10 years, you will get a return of approximately 81% on your deposit in the form of interest alone.
Calculation for Senior Citizens and Very Senior Citizens
PNB takes special care of its senior citizens (above 60 years) and very senior citizens (above 80 years). Interest rates for them are higher than normal. Senior citizens are offered 6.80% interest on a 10-year FD.
Total Investment: ₹2,00,000
Interest Rate: 6.80%
Total Interest: ₹1,92,526
Total Amount at Maturity: ₹3,92,526 This scheme is nothing less than a jackpot for senior citizens, as an investment of ₹2 lakh grows to nearly ₹4 lakh.
Why choose a 10-year FD?
Interest rates on special FDs like 444 days may be slightly higher in the market, but financial experts recommend longer-term FDs. The main reason for this is that you lock in your interest rate for 10 years. Even if banks reduce interest rates in the future, you will continue to receive the higher interest rate.
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