If you want to invest your hard-earned money without any risk and want to get a fixed amount back with guarantee after a fixed period, then the Fixed Deposit (FD) scheme of the leading public sector bank Punjab National Bank (PNB) can be a great option for you.
While the Reserve Bank of India (RBI) has cut the repo rate by 1.00% this year, which has provided relief in loan interest rates, the interest rate on FDs has also come down somewhat. Despite this, PNB is still offering attractive interest rates to its customers, especially for senior and super senior citizens.
PNB FD Schemes – Interest Rates and Tenure
In Punjab National Bank, you can make FDs for a period of just 7 days to 10 years. The interest rates are different based on age and period:
Interest to general citizens: 3.00% to 6.60%
Senior citizens (60+ years): 3.50% to 7.10%
Super senior citizens (80+ years): Maximum 7.40%
The highest interest rate is available in PNB’s special FD scheme of 390 days, where:
General citizens: 6.60%
Senior citizens: 7.10%
Super senior citizens: 7.40% Interest rate is being given.
What will be the return on 3 year FD?
Suppose you make an FD of ₹ 1 lakh in Punjab National Bank for 3 years, then based on your age the return will be something like this:
For General Citizen:
Interest Rate: 6.40%
Interest Amount: ₹20,983
Maturity Amount: ₹1,20,983
For Senior Citizens:
Interest Rate: 6.90%
Interest Amount: ₹22,781
Maturity Amount: ₹1,22,781
For Super Senior Citizen:
Interest Rate: 7.20%
Interest Amount: ₹23,872
Maturity Amount: ₹1,23,872
That is, if your age is 80 years or more and you keep Rs 1 lakh in FD for 3 years, you will get a fixed interest of ₹23,872 on maturity.
Why is this scheme beneficial even after the reduction in interest rates?
Although many banks have reduced their FD rates after the reduction in repo rate, PNB still remains a strong and safe return option in the market. Especially for senior and super senior citizens, this scheme can become an excellent means of tax-saving as well as regular income.
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