Risk-free and guaranteed returns in terms of investment, fixed deposits are now the first choice of customers for these two. And the most popular state-owned bank in that list is Punjab National Bank. Because this bank’s FD (PNB Fixed Deposit) offers a very high interest rate. The biggest thing is, this bank can be a great option for those who want to invest for a short period. Yes, now more than Rs 6700 interest is available in just 91 days FD scheme. You must be wondering how? Read the report to know the details.
Best returns in PNB’s FD
Being one of the largest state-owned banks in the country, experts believe that investing in PNB is generally safe and stable. And after the Reserve Bank of India reduced the repo rate recently, some banks revised their interest rates, but Punjab National Bank did not change anything. Yes, currently PNB has fixed deposits with a tenure of 7 days to 10 years. And here the interest rate ranges from a minimum of 3% to a maximum of 7.30%.
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Bumper interest is available in 91-day FDs
You will be really surprised to hear the interest rate on Punjab National Bank’s 91-day short-term FD. Yes, in this period, 4.90% interest is being given to general citizens, 5.40% to senior citizens, and 5.70% to super senior citizens. And according to this rate, it goes without saying that a small investment is getting good returns.
How to earn interest of Rs 6,700 in 91 days?
Suppose you put Rs 5 lakh in PNB’s 91-day FD. Then at the end of the period, the return will be Rs 5,05,998 for general citizens, Rs 5,06,599 for senior citizens and Rs 5,06,958 for super senior citizens. That is, by saving Rs 4 lakh in just 3 months, you can earn interest of about Rs 6,000 to more than Rs 6,700, which is a great option for sthe hort term.
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This scheme can be a great option, especially for those who want safe returns in the short term and do not have much time on their hands and have extra money lying around at home. Moreover, this scheme can be said to be absolutely amazing for senior or super senior citizens.