Punjab National Bank Saving Schemes: The public sector Punjab National Bank is a major government bank. In terms of customer numbers, it is the second largest government bank in the country. Here, we will learn about Punjab National Bank (PNB) FD schemes. PNB is offering excellent interest rates on FD accounts to its customers. FD accounts at Punjab National Bank offer bumper interest rates ranging from 3.00 percent to 7.40 percent. Let’s find out how much money, including interest, will be deposited into the account if you deposit ₹2 lakh in a 444-day FD scheme at PNB.

Highest interest on the 444-day special FD scheme

The minimum term for opening an FD account with Punjab National Bank is 7 days. The maximum term for opening an FD account with PNB is 10 years. PNB customers can choose from a variety of tenures to open an FD account, depending on their needs and convenience. Punjab National Bank offers the highest interest rates on its 444-day special FD scheme. This public sector bank offers robust returns of 6.60% for general citizens, 7.10% for senior citizens, and 7.40% for very senior citizens on 444-day FDs.

How much interest will you earn if you deposit Rs 2 lakh in a 444-day FD scheme?

If you deposit Rs 2 lakh in a 444-day FD scheme with Punjab National Bank, ordinary citizens will receive a total of Rs 2,16,577 at maturity, including a fixed interest of Rs 16,577. If you are a senior citizen and deposit Rs 2 lakh in a 444-day FD scheme with PNB, you will receive a total of Rs 2,17,876 at maturity, including a fixed interest of Rs 17,876. Similarly, if you are a super senior citizen and deposit Rs 2 lakh in a 444-day FD with Punjab National Bank, you will receive a total of Rs 2,18,659 at maturity, including a fixed interest of Rs 18,659.

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According to the website of India Post, interest on time deposit account is paid on an annual basis, but it is calculated every 3 months. In this, you can open an account with just Rs 1000.

Features of Post Office Time Deposit-

Tenure: Available for 1 year, 2 years, 3 years and 5 years tenure.

Interest rate (rates applicable till March 2025):

• 1 year: 6.9 per cent
• 2 years: 7.0 per cent
• 3 years: 7.1 per cent
• 5 years: 7.5 per cent (tax exemption benefit)
• Minimum investment amount: One can start investing in Post Office Time Deposit with just Rs 1000.
• Maximum investment amount: Any maximum amount can be invested in Post Office Time Deposit.
• Tax benefit: If investors invest in the Post Office Time Deposit Scheme for 5 years, then they will be given the benefit of exemption under section 80C of the IT Act.
• Premature withdrawal: Possible after 6 months, but there may be a penalty on the interest rate.
  Auto-renewal Option: Auto-renewal option available after maturity.
• Nomination Facility: You can add a nominee while opening the account.

Let’s know how much money you will get on maturity.

If investors invest in time deposit for 5 years, they are given 7.5 percent interest. If you deposit Rs 10,00,000 lakh in TD for 5 years, then on maturity, investors will get a fund of Rs 14,49,949. By investing in time deposit in 5 years, you get Rs 4,49,949 as interest.

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FD Premature Withdrawal Rule: With the changing times, many investment options have come nowadays, but even today, a large number of people in the country prefer to invest in the fixed deposit scheme of the bank. While investing in an FD scheme, you have to choose a period in which you invest your money in the bank.

For this period your money gets locked in the bank, but sometimes people suddenly need money. In such a situation, people take FD Premature Withdrawal Rules even before the completion of their FD period. In such a situation, such FD withdrawal is called Premature FD Withdrawal Rule.

You can withdraw money from FD before maturity, if a person keeps his money invested for the entire period of his FD, then he gets full money in return on maturity. If you break the FD on prematurity itself, then in such a situation penalty has to be paid. This penalty depends on the banks on your amount. Generally, most banks charge 0.5 to 1 percent interest rate from their customers on premature FD withdrawal from their customers. This penalty is levied on the interest money.

Know about the penalty of State Bank and HDFC Bank-

Let us tell you that the country’s largest public sector bank i.e. State Bank of India FD charges penalty from its customers on premature withdrawal of FD. If you do premature withdrawal on deposits of less than Rs 5 lakh, then you will have to pay 0.50 percent interest as a penalty. On the other hand, if you make premature withdrawal on deposits of more than Rs 5 lakh, you will have to pay an interest rate of up to 1 percent as a penalty. On the other hand, if you withdraw money before 7 days, you will not get any interest benefit on the deposit.

At the same time, HDFC Bank, the country’s largest private sector bank, also levies penalty interest rate of 1 percent on its customers on premature FD withdrawal. On the other hand, if you withdraw money within 7 to 14 days, then you will not have to pay any kind of penalty. Withdrawal of less than 1 year on ICICI Bank FD of less than 5 crores, you have to pay a penalty of 0.50 percent. At the same time, you will have to pay a penalty of 1 percent on withdrawal after a longer period of more than one year.

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