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CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Save money while enjoying a higher interest rate with Punjab National Bank Recurring Deposits. Punjab National Bank Recurring Deposit Interest Rates differ for resident and NRI customers. Punjab National Bank Senior Citizen RD Interest Rates are higher.
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Punjab National Bank has a significant presence in the northern regions especially in Punjab, Haryana, New Delhi, Chandigarh etc., The bank provides employment for over 70,000 individuals. The bank offers competent products and services, they are customized as per the requirement of the customers. The interest rates are competent, the solutions are extended to urban, semi-urban and rural regions in the northern part of India.
About Punjab National Bank Recurring Deposit Rate
Recurring deposit is a special kind of term deposit offered by most banks in India. The arrangement under this deposit account requires the account holder to invest a fixed amount every month into their recurring deposit account. The investment made will earn interest at a rate applicable to fixed deposits. The recurring deposit account can be initiated with a minimum contribution of Rs. 500 and Rs. 1000. The tenure can be 6 months to 10 years. It is suitable for investors who intend to commit on investing over the short or medium or long term. The short tenure of 6 months especially works well for individuals who do not have a predictable source and quantum of income. An investor opening the recurring deposit account must determine the monthly contribution and tenure. Based on these two aspects the interest rates are determined. The interest rates for the recurring deposit account is like that of fixed deposits. The maturity value is indicated to the customer assuming that the monthly installments will be paid regularly on due dates. If the installment is delayed or missed, a penalty is levied in the form of reduced interest rate. The maturity value which is eventually paid out will be will be lower than the indicated value. The rate of penalty will be indicated upfront. Interest is compounded on a quarterly basis in recurring deposits. Account holder can avail loans against the collateral of recurring deposit up to 90% of the deposit value.
The recurring deposits from Punjab National Bank are designed to encourage account holders to invest regularly. The minimum amount that needs to be deposited as monthly installment is Rs. 100/-, the amount can be incremental in multiples of Rs. 100/- thereof. There is no maximum limit applicable as monthly installment. The tenure can range between 6 months to 120 months, the incremental tenure is 1 month starting with a minimum of 6 months. Loans and overdraft facility is available on recurring deposit with PNB. Nomination facility is also available. The interest rates are updated and published on the official website of PNB from time to time. The latest interest rates are applicable as on the date of deposit. TDS is applicable on interest earned at 10.3%, the bank will provide the TDS certificate at the end of assessment year as applicable.
The types of Recurring deposit available with PNB are –
Eligibility for PNB Recurring Deposit Scheme
Features of PNB Recurring Deposit Scheme
Eligibility for Special Recurring Deposit
Features and benefits of PNB Special Recurring Deposit Scheme
Eligibility for Recurring Deposit Scheme (e-RD)
Features and benefits of Recurring Deposit Scheme (e-RD)
Punjab National Bank offers competitive interest rates on recurring deposit schemes. They also extend special additional interest rate for senior citizens.
Rate Of Interest On Single Domestic Term Deposits (TD) And NRE Term Deposits Of Upto Rs.10 Cr
| Domestic TD Less Than Rs.1 Cr. | Domestic TD Rs.1 Cr. To Rs 10 Cr # | W.E.F. 01.11.2018NRE TD Less Than Rs. 1 Cr | NRE TD Rs. 1 Cr. To Rs. 10 Cr. | |
|---|---|---|---|---|
| Period | ROI (% p.a.) | A.Y.* | For Senior Citizen ROI (% p.a.) | ROI (% p.a.) |
| 7 to 14 days | 5.7 | 5.7 | 6.2 | 6 |
| 15 to 29days | 5.7 | 5.7 | 6.2 | 6.25 |
| 30 to 45 days | 5.7 | 5.7 | 6.2 | 6.25 |
| 46 to 90 days | 6.35 | 6.35 | 6.85 | 6.55 |
| 91 to 179 days | 6.35 | 6.35 | 6.85 | 6.5 |
| 180 days to 270 Days | 6.35 | 6.4 | 6.85 | 6.5 |
| 271 days to less than 1 year | 6.35 | 6.45 | 6.85 | 6.5 |
| 1 year | 6.75 | 6.92 | 7.25 | 6.75 |
| 555 days** | 6.85 | 7.16 | 7.35 | 6.85 |
| above 1 year & up to 3 years | 6.75 | 6.92 | 7.25 | 6.5 |
| above 3 year & up to 5 years | 6.25 | 6.82 | 6.75 | 6.25 |
| above 5 years & up to 10 years | 6.25 | 7.27 | 6.75 | 6.25 |
The Senior citizens shall get an additional rate of interest of 50 bps over applicable card rates for all maturities on domestic deposits of less than Rs. 1 Crore. In case of staff members as well as retired staff members who are also Senior Citizens, maximum rate of interest to be allowed over applicable card rate shall be 150 bps except in case of PNB Tax Saver Fixed Deposit Scheme, where the maximum rate of interest to be allowed over applicable card rate is 100 bps.
These revised interest rates will be applicable to the fresh deposits and renewal of existing Term deposits with effect from 01.11.2018 The above rates shall also be applicable to NRE term deposits.
1. What documents qualify for opening a Punjab National Bank recurring deposit scheme?
Identity Proof:copy of passport, PAN card, Aadhar card, Voter ID, Driving license, Ration card, Government ID card, Senior citizen card. Address Proof: copy of passport, Aadhar card, electricity bill, phone bill, bank statement with cheque
2. How to apply for an RD with Punjab National Bank?
There are multiple means of applying for an RD with PNB. One can visit the official website and sign up giving the bare minimum details including name and contact details and intent to open recurring deposit. A customer representative will get in touch to guide the individual or potential customer through the entire process. Alternatively, the potential customer can walk into the nearest branch and fill out the form applicable for opening recurring deposit account. The documents required for opening the account are identity proof, address proof, initial deposit amount. These documents along with photo and filled application form needs to be submitted for further processing.
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