PNB FD – Interest Rates, Features, Types of FDs and FAQs

Introduction

Punjab National Bank PNB provides a range of fixed deposit schemes to meet different customer requirements. The interest rates for the FDs vary with different tenures and schemes. The minimum tenure for Punjab National Bank FD is seven days. And the maximum is ten years. Also, the bank levies a penalty for premature withdrawals of 1% on the interest rate. Additionally, the bank allows loans against FD up to 95% of the deposit amount.

PNB FD Interest Rates 2020

Punjab National Bank FD rates are given below.

Tenure	Fixed Deposit Interest Rates	Senior Citizen Fixed Deposit Interest Rates
7 days to 14 days	3.00%	3.50%
15 days to 29 days	3.00%	3.50%
30 days to 45 days	3.00%	3.50%
46 days to 90 days	3.25%	3.75%
91 days to 179 days	4.00%	4.50%
180 days to 270 days	4.40%	4.90%
271 days to 364 days	4.50%	5.00%
333 days	4.50%	5.00%
444 days	5.25%	5.75%
555 days	5.25%	5.75%
1 year	5.25%	5.75%
1 year 1 day to 2 years	5.25%	5.75%
2 years 1 day to 3 years	5.25%	5.75%
3 years 1 day to 5 years	5.30%	5.80%
5 years 1 day to 10 years	5.30%	5.80%

Note: Punjab National Bank revises fixed deposit rates periodically 

Punjab National Bank PNB has a minimum interest rate of 3%. The maximum is 5.3% for regular citizens. For senior citizens, the interest rates are higher by 0.5% across all tenures. Also, the interest on Punjab National Bank fixed deposits are payable at the choice of the investor. It can either be regular interest payments or directly at the time of maturity.

Any investment made in Tax Savings FDs of PNB qualifies for tax saving under section 80C of the Income Tax Act. However, any investment made in other PNB FDs does not qualify for tax savings.

TDS  is deducted at a rate of 10% on interest paid or payable by the banks or financial institutions. Also, from the AY 20-21, the limit for TDS has been increased from INR 10000 to INR 40000 interest income. Hence, the TDS is applicable on interest income above INR 40,000 per annum (INR 50,000 for senior citizens) from AY 20-21. 

Furthermore, in the case where the investor doesn’t provide PAN details, the TDS deduction would be 20%. In the case of FDs, the interest income is taxable at the applicable income tax slabs. Also, no surcharge, education cess or SHEC is added to the above rates. Hence, the TDS is deducted at the basic rate.

Key Features of PNB Fixed Deposit

Following are the key features of PNB Fixed Deposits:

• PNB fixed deposit scheme offers guaranteed income at a fixed interest rate.
• Tenure: The tenure ranges between 7 days to 120 months
• Minimum Deposit Amount: The minimum amount to open an FD with PNB Bank is INR 100.
• Maximum Amount: No upper limit on the deposit amount.
• Interest Rate: PNB FD offers interest rates in the range of 3.00% p.a to 5.30% p.a.
• Preferential Interest Rates: PNB bank also offers preferential interest rates to senior citizens for deposits below INR 2 crore. Additionally, PNB offers extra interest rates to its employees on FDs.
• Special FD: PNB Bank has special FD accounts for 333, 444, and 555 days and these accounts have special FD rates.
• Safety: PNB Bank provides insurance cover for deposits up to INR 5,00,000 to all its investors.
• Loan against FD: Depositors can avail loan on some of the PNB Bank FDs at interest rates fixed by the bank. Furthermore, without having to break the FD, depositors can avail loan facility against their deposit to meet financial requirements.
• Premature Withdrawal: Most FD schemes allow premature withdrawals, however with a penalty.
• Nomination Facility: PNB Bank also allows depositors to nominate beneficiaries for the deposits.
• Auto-Renewal: Additionally, Punjab National Bank provides the auto-renewal facility of the FD account.
• Convenience: Depositors can open FD investment anywhere at any time at their convenience. FD can be opened through Internet Banking or also by visiting the nearest bank branch.

Types of Fixed Deposits FD offered by Punjab National Bank

Following are the types of PNB FD schemes:

• Sugam Plus – 333 Deposit Scheme
• PNB Sugam Plus and PNB Uttam – 444 Deposit Scheme
• Sugam Plus – 555 Deposit Scheme
• FD Scheme for Road Accident Victims
• Anupam Term Deposit Scheme
• Multi Capital Gain Account Scheme
• Multi-Benefit Term Deposit Scheme
• Special Term Deposit Scheme
• Sugam Term Deposit Scheme
• Ordinary Term Deposit Scheme
• Varshik Aay Yojana (VAY) Deposit Scheme
• PNB Tax Saver Fixed Deposit Scheme
• Pranam Fixed Deposit Scheme
• Floating Rate Fixed Deposit Scheme
• Bulk Fixed Deposit Scheme (ABOVE Rs.10 CRORE)
• Uttam Term Deposit Scheme 555 days
• Uttam Plus Triple OneTwoThree Deposit Scheme
• Growth Fixed Deposit Scheme
• NRE Rupee Sugam Term Deposit Scheme
• NRO Sugam Term Deposit Scheme

Types of PNB FD schemes: In Detail

PNB Sugam Plus – 333 Deposit Scheme

• Tenure: 333 days
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: INR 10 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme.
• Premature withdrawal: Allowed with a penalty of 1%
• Eligibility: Individuals, minors, HUF, partnership firms, companies, and also other associations can open an account. However, NREs are not allowed to invest in this scheme.

PNB Sugam Plus and PNB Uttam – 444 Deposit Scheme

• Tenure: 444 days
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: INR 10 Cr
• Premature withdrawal: Not allowed
• Eligibility: Individuals, minors, HUF, partnership firms, companies, and also other associations can open an account.

PNB Sugam Plus – 555 Deposit Scheme

• Tenure: 555 days
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: INR 10 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme.
• Premature withdrawal: Allowed with a penalty of 1%
• Eligibility: Individuals, minors, HUF, partnership firms, companies, and also other associations can open an account.

FD Scheme for Road Accident Victims

• Purpose: To facilitate the claimants of victims of road accidents to invest the funds from Motor Tribunal under the maximum interest category of FD.
• Tenure: 1 year to 10 years
• Interest: Paid monthly at a discounted rate. Also, interest will be 1% above the CARD rate as applicable for normal Fixed Deposit schemes.
• Loan: Depositors cannot obtain a loan against their fixed deposit scheme.
• Premature withdrawal: Not allowed
• Eligibility: Individuals and minors

PNB Anupam Term Deposit Scheme

• Tenure: 6 months to 120 months
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: INR 1.99 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme.
• Eligibility: Individuals, partnership firms, companies, other associations. However, minor, blind and illiterate persons are not allowed to invest in this scheme.

PNB Capital Gain Account Scheme

• Purpose: Individuals can credit their capital gains into this account.
• Tenure: 7 days to 10 years
• Premature withdrawal: Allowed with a penalty

PNB Multi-Benefit Term Deposit Scheme

• Tenure: 6 months to 120 months
• Interest: Compounded quarterly and paid at maturity.
• Minimum Deposit Amount: INR 100
• Maximum Deposit Amount: INR 1.99 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme only if the deposit amount is above INR 10,000.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Special Term Deposit Scheme

• Tenure: 1-10 years
• Minimum Deposit Amount: INR 100
• Maximum Deposit Amount: INR 1.99 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme only if the deposit amount is above INR 10,000.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Sugam Term Deposit Scheme

• Tenure: 46 days to 120 months
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: INR 10 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme only if the deposit amount is above INR 10,000.
• Premature withdrawal: Partial withdrawal of a minimum amount of INR 10,000 is allowed. No penalty on partial and full withdrawal before the term ends.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Ordinary Term Deposit Scheme

• Tenure: 7 days to 179 days
• Minimum Deposit Amount: INR 100
• Maximum Deposit Amount: INR 1.99 Cr
• Loan: Depositors can obtain a loan against their fixed deposit scheme only if the deposit amount is above INR 10,000.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Varshik Aay Yojana (VAY) Deposit Scheme

• Tenure: Depositors can open VAY Deposit schemes for 24, 36, 48, 60, 72, 84, 96, 108, and 120 months.
• Minimum Deposit Amount: INR 10,000, and in multiples of INR 1,000 thereafter.
• Maximum Deposit Amount: INR 1.99 crore
• Loan and Overdraft: For deposits above INR 10,000 depositors can avail loan and overdraft facility against their deposits in Varshik Aay Yojana.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Tax Saver Fixed Deposit Scheme

• Tenure: The Tax saver fixed deposit scheme has a lock-in period of 5 years. However, the scheme can be extended up to ten years.
• Minimum Deposit Amount: INR 100
• Maximum Deposit Amount: INR 1,50,000 per financial year.
• Loan: Depositors cannot obtain a loan against their tax saver fixed deposit scheme.
• Premature withdrawal: Not allowed
• Tax: Deposits in the Tax Saver Fixed Deposit Scheme are eligible for tax exemption under Section 80C of the Income Tax Act.
• Eligibility: Individuals and HUF.

PNB Pranam Fixed Deposit Scheme

• Tenure: The deposit tenure ranges between 1 year to 10 years.
• Minimum Deposit Amount: INR 100, and in multiples of INR 1 thereafter.
• Maximum Deposit Amount: INR 1.99 crore
• Loan: For deposits above INR 10,000, the scheme allows loan facility.
• Premature withdrawal: The bank allows premature withdrawals. However, there is no penalty if the depositor attains Senior Citizen status.
• Eligibility: Individuals of the age 55 and above can open the Pranam Fixed Deposit Scheme. 

PNB Floating Rate Fixed Deposit Scheme

• Tenure: The deposit tenure ranges between 7 days to 10 years.
• Minimum Deposit Amount: INR 1,000, and in multiples after that. Also, for FDRs above INR 10 crore, it is mandatory to get approval from the Treasury Division, HO.
• Loan and Overdraft: Depositors can avail loan and overdraft facility against their deposits in Floating Rate Fixed Deposit Scheme. However, for deposits above INR 10,000, the scheme allows overdraft facility.
• Premature withdrawal: The bank allows premature withdrawals, however, with a penalty.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Bulk Fixed Deposit Scheme (Above Rs.10 crore)

• Tenure: The deposit tenure ranges between 7 days to 120 months for Maturity Option. For Income option, the tenure ranges between 6 months to 120 months.
• Minimum Deposit Amount: INR 10 crore, and in multiples after that.
• Loan and Overdraft: Depositors can get loans and overdraft facility against their deposits.
• Premature withdrawal: The bank doesn’t allow premature withdrawals. Also, the bank doesn’t provide an auto-renewal option.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Uttam Term Deposit Scheme 555 days

• Tenure: 555 days
• Minimum Deposit Amount: INR 15 lakhs, and in multiples of INR 1,000 after that.
• Maximum Deposit Amount: INR 10 crore
• Premature withdrawal/closure: Not available
• Renewal: Default renewal period is 12 months. 
• Eligibility: Individuals, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality and minors can also open the account.

PNB Uttam Plus Triple One Two Three Deposit Scheme

• Tenure: 333 days
• Minimum Deposit Amount: INR 15 lakhs, and in multiples of INR 1,000 after that.
• Maximum Deposit Amount: INR 10 crore
• Premature withdrawal/closure: Not available
• Renewal: Default renewal period is 12 months. 
• Eligibility: Individuals, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality and minors can also open the account.

PNB Growth Fixed Deposit Scheme

• Tenure: The deposit tenure ranges between 7 days to 120 months for Maturity Option. For Income option, the tenure ranges between 6 months to 120 months.
• Minimum Deposit Amount: INR 2 crore, and in multiples of INR 1 after that.
• Maximum Deposit Amount: INR 10 crore.
• Loan and Overdraft: Available as per the guidelines by HO: IRMD.
• Premature withdrawal: Available only in the FD maturity option. 
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB Bulk Fixed Deposit Scheme

• Tenure: The deposit tenure ranges between 7 days to 120 months for Maturity Option. For Income option, the tenure ranges between 6 months to 120 months.
• Minimum Deposit Amount:
  • A single deposit of above INR.10 crores, and in multiples of INR 1 after that.
  • Interbank Deposit of INR 2 crore & above
  • NRE & NRO Term Deposits of above INR 10 crore
  • FCNR (B) deposit of 1 Mio and above for USD, GBP & EUR currency
• Loan and Overdraft: Depositors can get loans and also an overdraft facility against their deposits.
• Premature withdrawal: The bank doesn’t allow premature withdrawals.
• Eligibility: Individuals, Minors, Firm, Company, Partnership, Proprietorship, HUF, Club Society, Educational institutions, government or quasi-government body, panchayat or municipality, a blind and illiterate person can also open the account.

PNB NRE Rupee Sugam Term Deposit Scheme

• Tenure: The deposit tenure ranges between one year to 10 years.
• Minimum Deposit Amount: INR 10,000
• Maximum Deposit Amount: No limit
• Premature withdrawal: Available. Also, the depositor can only withdraw in multiples of INR 1,000. However, the scheme will continue to earn interest on the remaining amount.
• Auto-Renewal: Available, as per depositor’s mandate.
• Eligibility: NRIs can open the NRE Sugam Term Deposit Scheme. It can be either a single or joint account.

PNB NRO Sugam Term Deposit Scheme

• Tenure: The deposit tenure ranges between 46 days to 120 months.
• Minimum Deposit Amount: INR 10,000 and in multiples of INR 1 after that.
• Maximum Deposit Amount: INR 10 crore
• Premature withdrawal: Available. Also, the depositor can only withdraw in multiples of INR 1,000.
• Eligibility: NRIs and POI can open the NRO Sugam Term Deposit Scheme. However, the account can be held jointly with residents or with non-residents.

FD account opening process

One can invest in a PNB FD through online mode and offline mode. For online mode, one has to go to the PNB website and invest in the FD by filling the application form and submitting the necessary documents. For offline mode, the process is the same, but the investor has to go to the bank personally to invest in the FD. Additionally, the bank provides a nomination facility.

Following are the documents required to open an FD in PNB.

• FD account opening form
• Identity Proof as per KYC norms. (PAN Card, Aadhar Card, Voter ID Card, Passport, Driving License)
• 2 passport size photographs
• Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
• Address proof as per KYC norms. (PAN Card, Aadhar Card, Voter ID Card, Passport, Driving License)
• Bank Saving Account details like account number, IFSC code and branch
• Also, any other documents as applicable for partnership, proprietorship, company, HUF, association or institution.

Also, only eligible investors can invest in PNB Bank FD. Following is the eligibility criteria to invest in PNB Bank FD.

• Resident Individuals
• Joint account of a minor with a guardian
• Partnership Firms
• Public and Private Limited companies
• Associations or Institutes
• NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)

Loan against FD account

PNB offers loans against fixed deposits in any of its branches. Both domestic and NRE fixed deposits can be eligible for a loan. PNB bank offers loans up to 95% of the FD amount. The rate at which PNB offers loans on FD is 4-6.3%. Also, the percentage of loans can vary with the maturity period remaining at the time of loan application.

Loans such as business loan, loan against property (home loan), an education loan, etc., can be taken against an FD. The loan interest rate varies based on the bank and type of loan. Also, one can always calculate their loan EMI using Scripbox’s online loan EMI calculator. Furthermore, the loan EMI calculator works as a home loan calculator, personal loan EMI calculator and car loan calculator. The investor can also use this EMI calculator in multiple scenarios by changing the car loan interest rate, personal loan interest rate, and home loan interest rate. 

Premature withdrawal

PNB allows premature withdrawal of FDs, however, with a penalty. The bank deducts 1% interest from the FD interest before paying the complete interest to the investor.

What is the tenure range for PNB Fixed Deposit?

The tenure range for PNB fixed deposits (FD) for is seven days to 10 years. Moreover, the FD rates for each of the tenures offered by PNB is different. Following is the tenure breakdown.

Tenure

7 days to 14 days

15 days to 29 days

30 days to 45 days

46 days to 90 days

91 days to 179 days

180 days to 270 days

271 days to 364 days

333 days

444 days

555 days

1 year

1 year 1 day to 2 years

2 years 1 day to 3 years

3 years 1 day to 5 years

5 years 1 day to 10 years

Who is eligible for opening an FD account in PNB?

Only eligible investors can invest in PNB Bank FD. Following is the eligibility criteria to invest in PNB Bank FD.

• Resident Individuals
• Joint account of a minor with a guardian
• Partnership Firms
• Public and Private Limited companies
• Associations or Institutes
• NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)

What are the documents required to open a Fixed Deposit account in PNB Bank?

The following are the documents required to open an FD in PNB:

• FD account opening form
• Identity Proof as per KYC norms. (PAN Card, Aadhar Card, Voter ID Card, Passport, Driving License)
• 2 passport size photographs
• Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
• Address proof as per KYC norms. (PAN Card, Aadhar Card, Voter ID Card, Passport, Driving License)
• Bank Saving Account details like account number, IFSC code and branch
• Also, any other documents as applicable for partnership, proprietorship, company, HUF, association, or institution.

What is the current interest rate on a fixed deposit (FD) account in PNB?

The interest rates on Punjab National Bank fixed deposits (FD) is higher than its savings accounts. The rate of interest for PNB FDs is calculated quarterly. However, the interest pay-out is as per the investor’s choice. They can choose to get paid at regular intervals for regular income. Or they can take it all at the time of maturity. Also, the interest income is taxable at the rate of an individual’s income tax slabs.

Punjab National Bank FD rates are given below.

PNB Fixed Deposit Rates (FD) for regular citizens:

• For a tenure of 7-45 days, it is 3%
• 46-90 days the FD rate is 3.25%
• For 91-179 days it is 4%
• The FD rate for 180-270 days is 4.4%
• 271-364 days it 4.5%
• For 1 year to 3 years, it is 5.25%
• Any FD with a tenure of 3-10 years is 5.3%

PNB Fixed Deposit Rates (FD rates) for senior citizens is higher than the interest rates for regular citizens.

The PNB FD interest rates for senior citizens are:

• For a tenure of 7-45 days, it is 3.5%
• 46-90 days the FD rate is 3.75%
• For 91-179 days it is 4.5%
• The FD rate for 180-270 days is 4.9%
• 271-364 days it 5%
• For 1 year to 3 years, it is 5.75%
• Any FD with a tenure of 3-10 years is 5.8%

Also, to calculate the maturity amount of an FD investment, one can use a fixed deposit calculator. Scripbox’s fixed deposit calculator is available online and is easy to use.

Is PAN mandatory to open a PNB FD account?

A PAN card isn’t mandatory to open a PNB FD account. However, there are a few implications for the same.

• Under section 206AA, TDS will be deducted at the rate of 20% instead of TDS at a rate of  10% u/s 194A
• The bank will not issue any TDS certificate.
• Also, the income tax department will not credit TDS
• Furthermore, form 15G/H and other exemption certificates will be invalid and penal TDS will apply.

Can I open an FD account without holding a bank account with PNB?

One can invest in a PNB FD through online mode and offline mode. For online mode, one has to go to the PNB website and invest in the FD by filling the application form and submitting the necessary documents. For offline mode, the process is the same, but the investor has to go to the bank personally to invest in the FD.

• FD account opening form
• Identity Proof as per KYC norms. (PAN Card, Aadhar Card, Voter ID Card, Passport, Driving License)
• 2 passport size photographs
• Pan Card or a declaration in Form No. 60 or 61 of the Income Tax Act
• Address proof as per KYC norms. (PAN Card, Aadhar Card, Voter ID Card, Passport, Driving License)
• Bank Saving Account details like account number, IFSC code and branch
• Any other documents as applicable for partnership, proprietorship, company, HUF, association or institution.

Does PNB Bank offer Recurring Deposits?

Yes, PNB offers recurring deposits for its depositors. The recurring deposits have a minimum tenure of 180 days and a maximum tenure of ten years. Depositors can open an RD account either by going to the bank branch or online using net banking. Following are the PNB RD interest rates for different tenures.

Tenure	General Rates	Senior Citizen Rates
180 days to 270 days	5.50%	6.00%
271 days to 364 days	5.60%	6.10%
1 year	5.80%	6.30%
1 year 1 day to 3 years	5.80%	6.30%
3 years 1 day to 5 years	5.80%	6.30%
5 years 1 day to 10 years	5.80%	6.30%

Note: Punjab National Bank revises RD interest rates periodically

Can I take a loan against a fixed deposit?

PNB offers loans against fixed deposits in any of its branches. Both domestic and NRE fixed deposits can be eligible for a loan. PNB bank offers loans up to 95% of the FD amount. Also, the rate at which PNB offers loans is 4-6.3%. Moreover, the percentage of loan can vary with the maturity period remaining at the time of loan application.

Loans such as business loan, loan against property (home loan), an education loan, etc., can be taken against an FD. The loan interest rate varies based on the bank and type of loan. One can always calculate their loan EMI using Scripbox’s online loan EMI calculator. Also, the loan EMI calculator works as a home loan calculator, personal loan EMI calculator and car loan calculator. The investor can also use this EMI calculator in multiple scenarios by changing the car loan interest rate, personal loan interest rate, and home loan interest rate. 

What are the tax implications of fixed deposits?

The only two FDs that qualify for tax saving are the 5-year tax saving FDs and FCNR FDs (NRI FD). However, all the FDs are subject to TDS of 10%. From AY 2020-2021 TDS limit has been increased from INR 10,000 to INR 40,000. TDS is charged only if the interest earned is above INR 40,000 and (INR 50,000 for senior citizens).  To know the interest earned is above or below the TDS threshold limit, one can use the PNB Bank FD calculator that is available online.

Also, one can use the Income Tax Calculator to calculate their tax liability. Scripbox’s Income Tax Calculator is online and easy to use.

What is cumulative FD and traditional FD?

In cumulative FD the interest is compounded monthly and paid at the time of maturity. Also, the interest earns interest in cumulative FD. Traditional FD or non-cumulative FD pays interest at regular intervals as per the investor’s choice.

Is the penalty changed for early withdrawal?

PNB allows premature withdrawal of FDs with a penalty. The bank deducts 1% interest from the FD interest before paying the complete interest to the investor.

What is the average interest rate of FDs across Indian Banks?

The average interest rate of fixed deposits across all Indian Banks is around 5%. Also, this average is only for banks across India. The post office fixed deposit (POFD) is not considered for the same. The interest rate for the post office fixed deposit (POFD) is 6.7%.

How can I change the tenure of my existing fixed deposit scheme with PNB?

Changing the tenure of an existing PNB FD is not possible. However, one can close the existing PNB FD and start a new FD with the desired tenure.