Punjab National Bank (PNB) Recurring Deposit (RD) account offers a monthly investment option with a handsome return at the end of specified years with an option to extend the accounting period. PNB RD interest rates are quite competitive and are higher than the rates on their savings deposits.
It is similar to making FDs of a certain amount in monthly installments. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
RD Interest Rate of PNB:
RD interest rates of PNB bank are determined by changes in RBI monetary policy such as repo rate, base rate, etc, the internal liquidity position of banks, economic conditions, and the level of credit demand.
What is the current PNB RD Interest Rate?
Current RD interest rates in Punjab National Bank (PNB) are tabulated below. Here RD rates range is given for different deposit tenure from 06 months – 10 years:
Revision in Interest Rates On Retail Domestic Recurring Deposits interest rates revised: (All figures in % per annum)
| Bank Name | Tenors | Rates For Public | Rates for Senior Citizens | As on Date |
|---|---|---|---|---|
| PNB | 180 days to 270 Days | 4.4 | 4.9 | 2021-11-25 |
| PNB | 271 days to less than 1 year | 4.4 | 4.9 | 2021-11-25 |
| PNB | 1 year | 5 | 5.5 | 2021-11-25 |
| PNB | above 1 year & upto 2 years | 5 | 5.5 | 2021-11-25 |
| PNB | above 2 year & upto 3 years | 5.1 | 5.6 | 2021-11-25 |
| PNB | above 3 year & upto 5 years | 5.25 | 5.75 | 2021-11-25 |
| PNB | above 5 years & upto 10 years | 5.25 | 5.75 | 2021-11-25 |
The proposed rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits.
You may check the updated PNB Interest rate on RD at Punjab National Bank (PNB) official website here.
How is the PNB RD rate of interest calculated?
RD interest rates of PNB are determined by changes in RBI monetary policy such as repo rate, base rate, etc, the internal liquidity position of banks, economic conditions, and the level of credit demand.
The interest you earn on your deposited amount in RD depends on a lot of factors such as the invested amount, tenure for the deposit, rate of interest, and compounding frequency.
One of the best ways to calculate the interest earned on your Punjab National Bank (PNB) RD is by using the PNB RD calculator available over the internet. It is the most hassle-free way of calculating interest.
You may Calculate the PNB RD Interest rate by using: PNB RD Calculator
This RD Calculator for PNB requires some data like – Your Monthly Deposit Amount, Rate of Interest of your bank, Period (in No. of Months), interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
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Information about PNB RD Interest Rates:
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Table of Contents |
What is the PNB RD Account?
A Punjab National Bank (PNB) Recurring Deposit (RD) account offers a monthly investment option with a handsome return at the end of specified years with an option to extend the accounting period. It gives you a higher rate of interest than a savings bank account.
Recurring Deposits are a special kind of Term Deposits offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
It is similar to making FDs of a certain amount in monthly installments. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
PNB RD interest rates are quite competitive and are higher than the rates on their savings deposits.
Punjab National Bank (PNB) RD Features:
- Individual (singly or jointly) with others.
- Minor who have attained the age of 10 years and above in his/her own name on giving proof of age.
- Minors below the age of 10 years under the guardianship of Natural/legal guardian.
- Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body
- Hindu Undivided Family
- Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
- Municipality or Panchayat, Government, or Quasi-Government body.
- Illiterate and blind persons can also open accounts.
- 100/- and in multiples thereof
Terms & Conditions of PNB RD Schemes:
- Period of RD – 6 months to 120 months in multiple of 1 month
- Payment of RD will be due on maturity or one month after the deposit of the last installment, whichever is later. Irregular/Discontinued RD Account
- Non-deposit of pending installments till maturity date, interest will be paid on daily products basis compounded half-yearly.
- Depositing of pending installments before the maturity date, a penalty will be charged @ Rs.1.00 for Rs.100/- p.m.
- Loan/ Overdraft against deposit is available. For detail, please refer to loan against term Deposit
- The rate of interest would be Card rate as applicable to the tenor of deposit as displayed on the website, subject to change from time to time.
- Nomination facility is available.
- TDS is applicable as per rules. The Bank will issue a TDS Certificate for the tax deducted.
Eligibility for PNB Recurring Deposit (RD):
You are eligible if you are one of the following:
- Resident individuals
- Hindu Undivided Families
- Private & Public Limited Companies
- Trust & Societies
Types of PNB Recurring Deposits:
Punjab National Bank provides various types of recurring deposit accounts. Some of the popular ones include:
PNB E-RD scheme:
This type of RD account is only operated by internet banking users of Punjab National bank. Upon attaining maturity, the benefits will be credited to the same online account.
Punjab National Bank RD account:
This RD account can be opened by any individuals who have attained 10 years of age or above by paying as nominal as Rs. 100 and in multiples after that. Applicants below 10 years of age can open an RD account with the help of legal guardians.
PNB Special RD account:
This type of recurring deposit account can be opened by private or corporate bodies and government institutions. Any organization can open such accounts with at least 10 of its employees or 75% of the eligible employees, whichever is lower.
How to check PNB RD maturity value?
Recurring Deposits are a special kind of Term Deposits offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
The maturity amount of Recurring Deposit (RD) invested in Punjab National Bank (PNB) for a specified period can be calculated by using the PNB RD calculator available over the internet.
The PNB RD Calculator for Punjab National Bank (PNB) RD available here requires some data like – Your Monthly Deposit Amount, Rate of Interest of your bank, Period (in No. of Months), interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
FAQs about PNB RD rate of interest:
What is the Tenure Range for PNB RD Account?
The tenure for PNB RD ranges from 06 months to 10 years.
Is there any minimum amount required to open an RD account?
The minimum amount needed to open an RD in PNB Bank is Rs. 100.
How to open an RD account in PNB Bank?
If you are an existing customer of PNB and have an active internet banking, you can just log in to your account and open one RD account. New customers can either visit the nearest PNB branch or apply on PNB’s website and get an RD account opened.
You are here to calculate the PNB RD interest rate on your money in PNB’s Recurring Deposit (RD) account. Explore the current PNB RD interest rate here.
