PNB Fixed Deposit Scheme: PNB’s FD scheme is a great option for investors with a safe investment. Currently, the bank offers interest rates ranging from 3% to 7.20%. An investment of ₹2 lakh can earn up to ₹81,568 in fixed interest. Let’s understand the calculations.
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PNB Fixed Deposit Scheme: Punjab National Bank (PNB), one of the country’s largest public sector banks, has once again gained popularity with its Fixed Deposit (FD) scheme. Nowadays, most investors are looking for options with safe and fixed returns, so PNB’s FD schemes are emerging as a reliable option. The key point is that after the Reserve Bank’s repo rate cut, PNB is offering its customers the best interest rates on FDs. This is why this scheme is considered beneficial for everyone, from small investors to senior citizens.
How much interest will you earn on PNB FDs?
PNB’s FD scheme is especially suitable for those who want a safe and fixed return on their deposits while staying away from market fluctuations. In fact, you can open FDs with the bank for tenures ranging from just 7 days to 10 years. Actually, interest rates vary according to the period and category of the investor. However, currently PNB is giving interest ranging from 3.00 percent to 7.20 percent on FD, which is considered quite high for a government bank in today’s time.
A 5-Year FD Gift for Senior Citizens
PNB’s 390-day special FD scheme is the most popular, offering interest rates of 6.40 percent for general citizens, 6.90 percent for senior citizens, and up to 7.20 percent for super senior citizens. Furthermore, a 5-year FD is also a good option for investors looking to deposit money for a longer tenure.
Actually, this scheme offers interest rates of approximately 6.10 percent for general citizens, 6.60 percent for senior citizens, and 6.90 percent for super senior citizens.
Calculation of a 5-Year FD
Now, if we’re talking about returns, depositing ₹2,00,000 in a 5-year FD is going to yield significant benefits. In fact, if a normal citizen deposits ₹2 lakh for 5 years, they will receive approximately ₹2,70,701 upon maturity, of which ₹70,701 will be interest only. However, for a senior citizen, the same investment reaches ₹2,77,445, meaning they will receive a fixed interest of approximately ₹77,445. Super senior citizens receive the greatest benefit. If they make an FD of ₹2,00,000 for 5 years, they will receive a total of ₹2,81,568 upon maturity, which includes a fixed interest of ₹81,568.
5-year FD calculation (for ₹2,00,000 investment)
| Category of investor | investment amount | Duration | Maturity Amount | Total Interest |
|---|---|---|---|---|
| ordinary citizens | ₹2,00,000 | 5 years | ₹2,70,701 | ₹70,701 |
| Senior Citizen | ₹2,00,000 | 5 years | ₹2,77,445 | ₹77,445 |
| Super Senior Citizen | ₹2,00,000 | 5 years | ₹2,81,568 | ₹81,568 |
Note: Interest rates are based on the bank’s current FD rates and may change over time.
Best for retirement planning
PNB’s FD scheme is unique and perfect for investors planning for retirement or looking to grow their savings without risk. Being a government-owned bank, it offers complete security. Overall, if you want a safe investment with fixed and reliable returns, PNB’s FD scheme can be a strong option for you.
(Note: This news is based on general information; for more details, consult a financial advisor.)
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