Punjab National Bank Fixed Deposit Rates in 2024

Punjab National Bank FD Rates

Certainly, Fixed Deposit (FD) accounts are a dependable choice for those aiming to secure their finances with assured returns. Among the leading banks, Punjab National Bank (PNB) is a prominent option, especially known for its capital guarantee. PNB, one of India’s top government-owned banks, caters to various retail customer needs through its various FD schemes.

PNB’s FD offerings are designed to accommodate a wide spectrum of depositors, with the minimum deposit amount set at INR 100, extending up to INR 10 crores. The interest rates for these FDs vary, starting from 3.5% and can go up to 7.25% for the highest investment slabs. This article aims to delve deep into the specifics of PNB’s FD schemes, including the interest rates and other pertinent details, to provide a comprehensive overview for potential investors. Let’s dive into the details of what PNB offers in fixed deposits.

PNB Fixed Deposit Scheme & Interest Rates 

Deposit your money in a fixed deposit account immediately and feel certain it will earn a competitive interest rate for the specified time frame. The PNB fixed deposit interest rates range from 3.50% to 6.5% for the general citizens. For senior citizens, the rates span from 4.00% p.a. and 7.3% p.a.; for super senior citizens, the interest rates stretch from 4.3% to 7.3% per annum.

Punjab National Bank Fixed Deposit scheme is one of the most vital investment products offered by PNB. In India, it is usually one of the most popular options for fixed deposits. You can choose from a variety of tenure choices provided by the bank. Furthermore, the interest rates on the deposits are fairly attractive.

However, the PNB Fixed Deposit scheme is not limited to Indian residents as NRIs can also avail themselves of the benefits of this scheme. As a Non-Resident Indian, you can put your money in the NRE or NRO FD schemes and earn interest on the deposited amount. The list of NRI FD products includes NRE and FCNR (B). 

The FCNR (B) fixed deposit is accepted in US Dollars, GBP – British Pound Sterling, Euro, Canadian Dollar, Japanese Yen, and Australian Dollar.

PNB FD Rates (p.a.) Highlights 2024

Highest slab rate7.25% p.a. (for 400 days)
For 1 to 2 years 6.75% p.a. To 6.80% p.a. 
For 3 years7.00% p.a.
For 4 years to 5 years6.50% p.a.
Tax-Saving FD6.50% p.a.

Punjab National Bank Domestic FD Interest Rates – Below Rs. 2 Crores

TenureInterest Rates (% p.a.)
Regular CitizensSenior CitizensSuper Senior Citizens
7 to 45 days3.544.3
46 to 179 days4.555.3
180 to 270 days66.56.8
271 days to 299 days6.256.757.05
300 days7.057.557.85
301 days to less than 1 year6.256.757.05
1 year6.757.257.55
Above 1 year to 399 days6.87.37.6
400 days7.257.758.05
401 days to 2 years6.87.37.6
Above 2 years to 3 years77.57.8
Above 3 years to 5 years6.577.3
Above 5 years to 10 years6.57.37.3

PNB Domestic Term Deposit FD Rates Between Rs.2 Crore and Rs.10 Crore

TenureInterest Rates (% p.a.)
7 days to 45 days6
46 days to 60 days6.4
61 days to 90 days6.6
91 days to 179 days6.5
180 days to 270 days6.65
271 days to less than one year6.75
1 year7
Above 1 year to 3 years6.5
Above 3 years to 5 years6.25
Above 5 years to 10 years5.6

Note:- The PNB FD rates came into effect from 8th January 2024 onwards and may change at the bank’s discretion. 

PNB Fixed Deposit Interest Rates for Short-Term

Please note that the PNB FD, with a tenure of 7 days to 1 year (12 months), offers an interest rate from 3% to 4.5% per annum. These short-term deposits usually have a tenure of less than one year (12 months).

PNB Fixed Deposit Interest Rates for Medium Term

The FDs with a tenure of more than one year (12 months) to less than five years are considered medium-term fixed deposits. The banks offer an interest rate of 5.5% to 5.75% on these deposits.

PNB Fixed Deposit Interest Rates For Long-Term

There are certain fixed deposits that have a tenure which ranges from five years to ten years. The banks usually offer an interest rate of around 5.65% on these fixed deposits. 

PNB FD Rates for Senior Citizens

The senior citizens are entitled to an additional interest compared to the general interest rates. For short-term deposits, the rate ranges from 4.3% to 6.75%.

Punjab National Bank Tax Saving FD Rates

DepositorsInterest Rate for Up to 5 years of tenure (p.a.)Interest Rate for 5 to 10 years of tenure (p.a.)
General Public6.50%6.50%
Senior Citizens7.00%7.00%
Staff Member and Retired Staff Members7.50%7.50%

Note: The FD interest rates are effective from September 2023. 

PNB Uttam Term Deposit Rates

Tenure bracketRates for General Public (p.a.)
91 days to 179 days4.55%
180 days to 270 days6.05%
271 days to less than 1 year6.30%
1 year6.80%
Above 1 year and up to 399 days6.85%
400 days7.30%
401 days to 2 years6.85%
Above 2 years and up to 3 years7.05%
Above 3 years and up to 10 years6.55%

Note: The above mentioned FD interest rates are effective from 1 st January 2024. 

Types of PNB Fixed Deposit Schemes

There are several PNB Fixed Deposit schemes to cope with citizen’s versatile requirements: 

PNB FD SchemeDetails
Annuity Term Deposit Scheme for Victims of Road AccidentsThis term deposit keeps the funds from the Motor Tribunals as per the Motor Accident Claims Annuity Deposit (MACAD) according to the court orders for victims of road accidents. This one-time claim amount can be submitted as EMIs for a tenure of 3 years to 10 years.
PNB Uttam Non-Callable Term Deposit SchemeRs.15 lakhs (single deposits)Maturity option of 91 days to 10 yearsIncome option of 0.5 years to 10 yearsIndividuals, minors, HUFs, proprietorships, clubs, societies, blind and illiterate people
Schemes covered under E-FDOpen for existing customersApplicable only for internet banking users.Auto-Renewal facility, for the maturity value.Multi-Benefit Term Deposit Scheme, Special Term Deposit Scheme, Ordinary Term Deposit Scheme (below Rs.1 Crore)PNB Sugam Term Deposit Scheme (up to Rs.10 Crore).
PNB Anupam Term Deposit SchemeInbuilt overdraft facilityRs. 10,000 – Rs.99,99,000
PNB Balika ShikshaVIII class pass out girls from Kasturba Gandhi Girls High SchoolsVIII class pass out SC/ST girls who enrol for class IX 
Capital Gain AccountCredit amount from capital gain to open accountCan’t open Joint accounts
PNB Multi-Benefit Term Deposit SchemeMinimum deposit of Rs.100 Multiples of Rs.1 Maximum Rs.1,99,99,999.
PNB Special Term Deposit SchemeDeposit of Rs.100 to Rs.2 croreTenure of 1 to 10 years
PNB Sugam Fixed DepositsFDs: Rs.10,000 to Rs.10 croreTenure starts from 46 daysNo penalty on premature part/full withdrawal
PNB Systematic Deposit PlanMinimum of Rs.100 or above in its multiples.
PNB Ordinary Term Deposit SchemeCan open Term Deposit Ordinary (TDO) account with a minimum Rs.100.
PNB Varshik Aay YojnaFDs from Rs.10,000 to Rs.99.99 lakhFrom 24 months to 120 months
PNB Tax Saver Fixed Deposit SchemeDeposit up to Rs.1.5 lakh every financial yearTenure of up to 10 yearsLock-in period of 5 yearsSenior citizens: 1% additional interest
PNB Pranam Fixed Deposit Scheme55 years to 60 years: Minimum deposit is Rs.100 Maximum amount: Rs.99, 99,999Extra interest rate on getting senior citizenship
PNB MIBOR Linked Notice Deposit SchemeDeposits have interest rate linked to the Mumbai Inter-Bank Offer Rate (MIBOR) NSE overnightApplicable in metro city branchesSingle deposit of above Rs.10 croreTenure of 7 days to 60 daysFor companies, PSUs, commercial organisations, and High Net worth Individuals (HNIs)
PNB Floating Rate Fixed Deposit SchemeMinimum deposit: Rs.1,000Tenure: 7 days to 10 years
PNB Bulk Fixed Deposit SchemeFor deposits of above Rs.10 croreMaturity option: 7 days to 5 yearsIncome option: 6 months to 10 years
PNB Growth Fixed Deposit SchemeFor deposits: Rs.2 crore to Rs.10 croreMaturity period: 7 days to 10 yearsIncome option: 6 months to 10 years
PNB NRE Sugam Term Deposit SchemeFor NRIs in single or joint capacityNo maximum limitMinimum deposit of Rs.1,000Tenure ranging from 1 year to 10 years
PNB NRO Sugam Term Deposit SchemeFor NRIs or Persons of Indian Origin (PIO)Minimum deposit of Rs.10,000Maximum of up to Rs.10 croreTenure ranging from 46 days up to 10 years

Punjab National Bank FD Special Features & Benefits

PNB customers can save tax up to Rs. 1,50,000 p.a. by investing in Punjab National Bank Tax Saving FD. Besides this, no Punjab National Bank FDs can be used to avail tax benefits under Section 80 C of the Income Tax Act. Please note that the interest income from this fixed deposit is taxable per the income tax slab rates. 10% TDS also levies this interest income if it exceeds Rs 40,000 p.a. If you are a senior citizen. Your limit is Rs 50,000 p.e. Furthermore, if the investor cannot give PAN Card details to the bank, the TDS rate would be 20%. 

Who Should Invest in Punjab National Bank Fixed Deposit Schemes?

You can avail certain benefits by investing in fixed deposits such as tax savings. For saving tax, rely on the PNB Tax Saver Fixed Deposit Scheme. When you deposit a specific amount in this scheme, it gets locked for at least five years. You can claim the invested amount for a tax deduction as per the IT Act, 1961, under Section 80C. At maximum, you can save INR 1.5 lakhs through fixed deposits. For fixed deposits falling in the range of INR 15 lakh to INR 10 crore, you should count on a noncallable PNB Uttam Scheme. Bank offers higher interest rates on this scheme. 

The PNB Balika Shiksha Fixed Deposit scheme is the foremost choice if you are looking for a unique scheme to help generate savings for your girl child’s education. You can deposit an amount as low as INR 3000. However, this scheme will be applicable if your girl child is pursuing 9th standard in a government school. The girl will be the beneficiary of the scheme and will be eligible to withdraw the amount when she is 18. Furthermore, investing in PNB FDs can be helpful when individuals want to save tax on capital gains generated from stocks, real estate, and much more. In such cases, you can stick to the Capital Gain FD scheme.

NRE Deposits: Advance Granted Against Rupee Term Deposit

Loans are provided against FD to the credit of borrowers and/ or third parties. This would be extended at any PNB branch. The margin for advance given against Rupee Term Deposit, including NRE deposits, is shown in this table:-

Maturity Period Remaining when Granting AdvancesMargin %
Advance against Term Deposit standing in the name of the borrower
Up to 2 years5.00%
Above 2 years and up to 3 years7.50%
Above 3 years and up to 4 years10.00%
Above 4 years and up to 5 years12.00%
Above 5 years20.00% (Minimum)
Advance against third party deposits25.00% (Minimum)
Advance up to Rs. 3 Lacs5.00%
Advances Above 3 LacsAs applicable to Public

Advance Against Non-Resident Deposits (FCNR/NRO)

Maturity Period Remaining when Granting AdvancesMargin %
Advance against FCNR(B) Deposit to the Depositor
Up to 1 year10.00%
Above 1 year but up to 2 years20.00%
Above 2 years30.00%
Advance against third party deposits
Up to 2 years20.00%
Above 2 years30.00%
NRO Term Deposits25.00%

Closing your Punjab National Bank Fixed Deposit Account on Maturity

At the time of maturity, you can easily withdraw the amount through the online portal or by visiting the bank. Log in to the official portal through the provided credentials and select the option to close the fixed deposit account. After this, the entire amount accumulated in your FD account will be transferred to the chosen bank account. This amount will be reflected in the chosen account immediately. If you count on the offline procedure, visit the nearest bank branch and ask for closure.

Closing your Punjab National Bank Fixed Deposit Account Before Maturity

It is not advisable to withdraw the amount before maturity. The key reason is you don’t get the expected amount as your FD is not mature enough, and additionally, you will have to pay certain associated charges for the withdrawal. PNB generally charges 1% of the withdrawal amount on every premature and partial withdrawal. This applies to all FD schemes regardless of tenure. 

You will have to follow the depicted steps to close an FD with the Punjab National Bank before maturity. 

Through Online Portal

  • Visit the official website of PNB and log in with your credentials. 
  • Select the  ‘Manage accounts‘ option.
  • Choose the ‘Open/Close accounts and click on the ‘Premature Closure of FD’ option from the drop-down.
  • After this, the FD accounts will be displayed on your screen along with other required details, including the matured sum of the FD. 
  • Finally, click on ‘Submit’.

Visiting PNB Branch

If not through the online portal, visit the nearest bank branch. Request the officials to close the FD account prematurely. Now, fill out and submit the form. Moreover, provide the details of the account to which you want to transfer this amount.

You May Also Read

Fixed Deposit Top PagesFixed Deposit Other Pages
Senior Citizen Fixed DepositMahindra Finance FD Rates
Fixed Deposit Under Section 80CBank of India FD Rates
Loan against Fixed DepositBank of Baroda FD Rates
Flexi Fixed DepositKotak Mahindra Bank FD Rates
Cumulative Vs Non Cumulative Fixed DepositIndian Overseas Bank FD Rate
NRO Fixed DepositCentral Bank of India FD Rates
NRE Fixed DepositCity Union Bank FD Rates
Bank of Maharashtra FD Rates

FAQ’s:-

Q1. Is PNB FD safe?

Ans: Punjab National Bank offers guaranteed returns in interest terms. Additionally, the RBI’s Deposit Insurance Scheme covers the entire range of PNB deposit schemes.

Q2. Can we open FD online in PNB?

Ans: Yes, you can open FD online in PNB through the official portal or their mobile website, whichever suits you the best.

Q3. Is there any minimum amount that I have to give for opening a Fixed Deposit with PNB?

Ans: Yes, PNB has set the minimum investment required as Rs 100 or in multiples of Rs. 1000. However, there are no such limits regarding the maximum amount.

Q4. What is the PNB Fixed Deposit interest rate?

Ans: The FD interest rates with Punjab National Bank under different schemes range between 3.50% to 7.25% annually.

Q5. What is the highest PNB FD rate?

Ans: The highest PNB FD rate is 7.25%.

Q6. Is there any minimum amount that I have to give for opening a Fixed Deposit with PNB?

Ans: A minimum of INR 10,000 is required to open a Fixed Deposit account with PNB.

Chitra Chaudhary A stellar writer with over 3 years of experience, Chitra loves to delve deep into all the nitty-gritty of finance, government and other technical topics people usually dread to attempt. With a masters in Computer Science, Chitra alchemises her analytical and creative prowess to manifest some of the most awesome articles for Square Yards.
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