Punjab National Bank (PNB), acclaimed as India's foremost Swadeshi Bank, operates a significant banking network with 10,925 branches and 13,914 ATMs nationwide, as well as an international presence in six nations. PNB provides a wide array of fixed deposit schemes offering interest rates from 3.00% p.a. to 5.25% p.a., where funds are secured for a selected tenure without the option for supplemental deposits or withdrawals. The interest rates depend on the chosen term length.

Features and Benefits of PNB Fixed Deposits:

• Tenure Range: 7 months to 120 months (10 years)
• Peak Interest Rate: 6.30% p.a.
• Senior Citizen Incentive: Additional 0.50% interest over standard rates
• Minimum Deposit: Varies as per scheme
• Nomination Facility: Available
• Loan/Overdraft Facility: Accessible via bank
• Term Deposit Options: Includes specialized schemes like Sugam Term, Multi-Benefit, Special, Ordinary, and Anupam Term Deposits

These schemes cater to diverse customer needs, offering tailored financial solutions.

Types of PNB FD Schemes:

PNB provides varied interest rates for its term-wise fixed deposit options, accommodating individual investment goals and financial needs.

Comparing PNB with Other Banks' FD Rates:

Comparing the FD rates across different banks is crucial to achieve optimal returns on your investment.

How to Invest in a PNB Fixed Deposit:

Opening a PNB FD account is possible through various platforms like Mobile App, Internet Banking, or offline.

1. Internet Banking:
   • Log into the PNB NetBanking platform.
   • Select ‘Open Fixed Deposits’.
   • Enter necessary details, nominee data, and maturity preferences.
   • Request a representative for document submission assistance.
   • Post-verification, upon validating application and KYC documents, the FD certificate is dispatched to your address, with confirmation via SMS.
2. Mobile App - PNB Bank App:
   • Download and log into the PNB Bank App.
   • Choose ‘Open FD’ option.
   • Enter deposit and nominee details, and opt for verification assistance.
   • A representative conducts full verification.
   • Following verification, FD is set up with confirmation sent through mail and SMS.
3. Offline PNB FD Opening: Visit a PNB branch to submit the FD application along with required documents and deposit.

Successful application processing results in an FD certificate being sent to your registered address, coupled with SMS notification.

Eligibility to Open a PNB FD Account:

Eligible applicants for a PNB fixed deposit account include:

• Resident individuals
• Non-resident Indians (NRI)
• Hindu Undivided Families (HUFs)
• Sole proprietorships, partnership firms, limited companies
• Registered societies, trusts, and associations

Documents Required to Open a PNB FD:

• Identification Proof: Aadhaar, Voter ID, driver's license
• PAN Card
• Address Proof: KYC documents, utility bills
• Passport-Size Photos
• Bank Account Statements

Tax Implications on Punjab National Bank Fixed Deposit:

PNB offers a tax-saving FD allowing savings up to Rs. 1,50,000 p.a. under Section 80C of the Income Tax Act. However, regular FDs do not offer tax benefits under this section. Interest earned on PNB FDs is taxable according to applicable tax slab rates, with a TDS of 10% for interest exceeding Rs. 40,000 annually (or Rs. 50,000 for senior citizens). Absence of PAN information results in a 20% TDS rate.

Loan Against Punjab National Bank FD:

PNB enables loans up to 90% of the FD amount, with interest rates ranging from 4% to 6.3%.

Premature Closure of Punjab National Bank Fixed Deposit:

Most PNB Fixed Deposits can be withdrawn before maturity, barring tax-saving FDs, with a 1% interest rate penalty contingent on bank conditions.

In summary, PNB Fixed Deposits offer a safe and advantageous method to bolster financial savings. By comprehensively understanding the attributes, benefits, and requisite protocols, investors can make informed choices aligning with their financial objectives.