The Reserve Bank of India (RBI) kept the repo rate stable in its recent Monetary Policy Committee (MPC) meeting, but the impact of the earlier cut is continuing. RBI had cut the repo rate by a total of 1.00%, after which banks have also reduced the interest rates of fixed deposits (FD). In such a situation, if you want good returns with a safe investment, then Punjab National Bank (PNB FD) can be a great option. Know the PNB FD interest rate and how much profit you can get on an investment of ₹ 2 lakh.
PNB FD
Punjab National Bank offers FD schemes to its customers with tenures ranging from 7 days to 10 years. The most special thing about PNB Fixed Deposit is that the bank gives different interest rates for general citizens, senior citizens, and super senior citizens above 80 years. You are getting the most benefit on PNB’s 390-day FD, which is currently giving a high interest rate of up to 7.40%.
Interest rates on FD
The interest rates on PNB’s fixed deposits vary according to the investment period and the category of the customer. On 390 days FD, general citizens are getting 6.60%, senior citizens 7.10% and super senior citizens 7.40% interest. Similarly, on a 2-year FD, this rate is 6.40% for general citizens, while senior citizens get 6.90% and super senior citizens get 7.20%.
This is how you will get bumper profit on investing ₹ 2 lakh
If you invest ₹ 2 lakh for 2 years, you can get great returns. PNB is offering high interest rates on its 2-year FD, which will directly benefit you. If you are a normal citizen and invest ₹ 2 lakh, then your total amount on maturity will be ₹ 2,27,080. That is, you will get a fixed profit of ₹ 27,080 on this.
Similarly, if you are a senior citizen and invest ₹ 2 lakh, then after 2 years you will get a total of ₹ 2,29,325, which includes a guaranteed interest of ₹ 29,325. On the other hand, if you are a super senior citizen and invest ₹ 2 lakh, then you will get a total of ₹ 2,30,681 on maturity, that is, you will get a bumper profit of ₹ 30,681.
Why is a Fixed Deposit a safe investment
FD has always been considered one of the safest investments. Unlike the fluctuations of the stock market, the return on your money in an FD is pre-fixed. This lets you know how much money you will get on maturity. This is an excellent option for those who want to create a fixed investment plan while keeping their capital safe.