PNB Increases Fixed Deposit Rates Again: How to Get More Money from Your Savings

What is a fixed deposit?

A fixed deposit is a type of savings account where you deposit a certain amount of money for a fixed period of time. You cannot withdraw the money before the maturity date, unless you pay a penalty. The bank pays you interest on your fixed deposit at a predetermined rate. The interest rate depends on the amount, duration, and type of fixed deposit you choose.

What is PNB?

PNB stands for Punjab National Bank. It is one of the largest and oldest public sector banks in India. It has more than 11,000 branches and 13,000 ATMs across the country. It offers various banking products and services, such as savings accounts, current accounts, loans, credit cards, insurance, and fixed deposits.

What is the latest news about PNB?

PNB has recently announced that it has increased the interest rates on its fixed deposits for the second time in a month. The new rates are effective from January 15, 2024. The bank has increased the rates by up to 0.25% for different tenures and categories of fixed deposits. This means that you can earn more money from your savings if you invest in PNB fixed deposits.

How much interest can you earn from PNB fixed deposits?

The interest rate on PNB fixed deposits depends on the amount, duration, and type of fixed deposit you choose. The bank offers different types of fixed deposits, such as regular fixed deposits, tax saver fixed deposits, senior citizen fixed deposits, and special fixed deposits. The interest rates vary from 3.5% to 6.5% per annum for different tenures and categories of fixed deposits.

Here are some examples of the interest rates on PNB fixed deposits for different tenures and categories:

  • For regular fixed deposits, the interest rate ranges from 3.5% to 6.25% per annum for tenures from 7 days to 10 years.
  • For tax saver fixed deposits, the interest rate is 6.25% per annum for a tenure of 5 years. You can claim tax deduction up to Rs. 1.5 lakh under Section 80C of the Income Tax Act for investing in tax saver fixed deposits.
  • For senior citizen fixed deposits, the interest rate is 0.5% higher than the regular fixed deposits for tenures from 1 year to 10 years. This means that the interest rate ranges from 4% to 6.75% per annum for senior citizen fixed deposits.
  • For special fixed deposits, the interest rate is 6.5% per annum for a tenure of 555 days. This is the highest interest rate offered by PNB for any fixed deposit.

How to open a PNB fixed deposit?

You can open a PNB fixed deposit online or offline. To open a PNB fixed deposit online, you need to have a savings account with PNB and register for internet banking. You can log in to your internet banking account and select the option of opening a fixed deposit. You can choose the amount, tenure, and type of fixed deposit you want to open. You can also opt for auto-renewal or auto-sweep facility. Auto-renewal means that your fixed deposit will be automatically renewed for the same tenure and interest rate at the end of the maturity period. Auto-sweep means that your fixed deposit will be automatically converted into a savings account if you need to withdraw money from it.

To open a PNB fixed deposit offline, you need to visit your nearest PNB branch and fill up an application form. You need to provide your personal details, such as name, address, PAN, and Aadhaar. You also need to provide your savings account number and cheque or cash for the amount you want to deposit. You can choose the amount, tenure, and type of fixed deposit you want to open. You will receive a fixed deposit receipt from the bank as a proof of your investment.

Why should you invest in PNB fixed deposits?

PNB fixed deposits are a safe and secure way of saving your money and earning interest on it. PNB is a trusted and reputed bank that has been serving the customers for more than 125 years. PNB fixed deposits are also insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs. 5 lakh per depositor per bank. This means that even if the bank fails, you will get back your money up to Rs. 5 lakh.

PNB fixed deposits also offer attractive and competitive interest rates that can help you grow your money faster. You can choose from various tenures and types of fixed deposits that suit your needs and goals. You can also enjoy tax benefits, senior citizen benefits, and special benefits from PNB fixed deposits. You can also avail of the facilities of auto-renewal and auto-sweep to make your fixed deposit more convenient and flexible.

Conclusion

PNB fixed deposits are a great option for saving your money and earning interest on it. PNB has increased the interest rates on its fixed deposits for the second time in a month, which means that you can get more money from your savings. You can open a PNB fixed deposit online or offline, and choose from various tenures and types of fixed deposits. You can also enjoy various benefits and facilities from PNB fixed deposits. So, what are you waiting for? Open a PNB fixed deposit today and make your money work for you. 😊

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *