Punjab National Bank (PNB) FD: PNB, a government-owned bank operating under the central government, ranks as the third largest government bank in the nation by market capitalization. The bank offers a variety of savings schemes that allow customers to earn substantial returns on their investments. Today, we will discuss one such scheme: PNB’s fixed deposit (FD) program, which promises a fixed and guaranteed interest of Rs 49,943 for a deposit of Rs 2 lakh.
PNB FD interest rates for general customers and senior citizens
Punjab National Bank provides interest rates ranging from 3.50 percent to 7.25 percent for general customers and from 4.00 percent to 7.75 percent for senior citizens on FDs with terms varying from 7 days to 10 years. Specifically, for FDs with durations between 2 years and 1 day to 3 years, the interest rates are set at 7.00 percent for general customers and 7.50 percent for senior citizens.
Now, understand how to get extra around 50 thousands from interest on a investment of Rs 2 lakh
If a general customer invests Rs 2 lakh in a 3-year FD, the total amount upon maturity will be Rs 2,46,287, which includes Rs 46,287 in interest. Conversely, a senior citizen making the same deposit will receive Rs 2,49,943 at maturity, comprising Rs 49,943 in interest.
It is important to note that fixed deposits offer customers a fixed and guaranteed return. In an era dominated by stock markets and mutual funds, many individuals still view FDs as a secure investment option, as they carry no risk unlike stocks or mutual funds, ensuring guaranteed returns.
HDFC, the largest private sector bank in India, has made adjustments to the returns on bulk deposits (Rs 5 crore and above), modifying them by 5 to 10 basis points. The interest rates for these deposits have been updated and will vary depending on the duration of the investment. This adjustment aims to provide improved returns for investors. In a similar move, Punjab National Bank (PNB) has updated its fixed deposit (FD) rates effective January 1, 2025. The bank has launched two new FD schemes for deposits under Rs 3 crore. PNB is offering a 7 percent annual return on a 303-day FD and a 6.7 percent return on a 506-day FD for its general customers. These revised rates will take effect from January 1. You can find the updated FD rates for each bank here.