Punjab National Bank (PNB) is a government-owned bank that offers fixed deposit (FD) schemes to its customers. FDs are a type of savings scheme that provides a fixed and guaranteed rate of return on investment. PNB FD rates vary depending on the duration of the investment, ranging from 3.50% to 7.25% for general customers and 4.00% to 7.75% for senior citizens. For example, for a 3-year FD, general customers can earn an interest rate of 7.00%, while senior citizens can earn 7.50%.
One of the benefits of PNB FDs is that they offer guaranteed returns with no risk, making them a secure investment option. To illustrate this, if a general customer invests Rs 2 lakh in a 3-year FD, they can expect to receive Rs 2,46,287 at maturity, including Rs 46,287 in interest. For senior citizens, the interest earned would be Rs 49,943.
Recently, PNB updated its FD rates and introduced two new schemes for deposits under Rs 3 crore. The bank is offering a 7% annual return on a 303-day FD and a 6.7% return on a 506-day FD for general customers. These revised rates will take effect from January 1, 2025.
In comparison, HDFC, the largest private sector bank in India, has also updated its fixed deposit rates for bulk deposits (Rs 5 crore and above). The updated rates aim to provide improved returns for investors.
Overall, PNB FDs offer customers a fixed and guaranteed rate of return on investment, making them a secure and attractive option for those looking to save and grow their wealth.