pnb Senior Citizen FD: People are increasingly exploring various ways to earn money. Did you know that you can earn substantial returns by investing in bank Fixed Deposits (FDs) while keeping your capital safe? If you are looking for excellent returns on your money, FDs offer a hassle-free solution. They are a particularly popular investment choice for senior citizens, presenting a lucrative opportunity.
Banks offer them higher interest rates compared to regular customers. PNB, one of the country’s major public sector banks, is also offering attractive FD interest rates to its customers. If you are planning to invest in an FD for a specific tenure, there is no need to worry; you can easily earn significant returns by investing in the bank’s one-year FD scheme.
Find out the interest rates offered on one-year FDs
According to the latest interest rates for June, PNB offers varying interest rates on one-year FDs based on customer categories. Super senior citizens receive the highest benefits among them. The bank offers an interest rate of 7.05% to super senior citizens, 6.75% to senior citizens, and 6.25% to general citizens on one-year FDs.
The objective behind banks offering additional interest to senior citizens is to strengthen their regular income. Super senior citizens receive not only higher interest than general customers but also additional benefits compared to regular senior citizens.
Under PNB’s interest rate policy, senior citizens aged 60 years and above but under 80 years receive an additional 0.50% (50 basis points) interest over the standard rate (card rate) on FDs of less than ₹3 crore. Meanwhile, super senior citizens aged 80 years and above receive an additional 0.80% interest over the card rate on FDs across all tenures.
How much will you receive after one year on an investment of ₹7 lakh?
Consider this: if an investor deposits the same amount in a Fixed Deposit (FD) for one year, the maturity amount will vary solely due to the difference in interest rates. Let us assume a ‘Super Senior Citizen’ invests ₹7 lakh in a one-year FD.
Based on current interest rates, they would receive ₹7,50,670 upon maturity. In contrast, if the same ₹7 lakh were invested under the ‘Senior Citizen’ category, the maturity amount would be ₹7,48,460. Meanwhile, general citizens would receive ₹7,44,786 upon maturity for the same investment.
