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PNB Tax-Saver FD & Non-callable FD Offer Higher Interest Rates, W.e.f August 6, 2022
Fixed Deposits or FDs are one type of term deposit, investors can invest an amount for a particular pre-decided period, and they get the principal amount back along with the interest amount after the period. Here, two FD opportunities have been discussed offered by Punjab National Bank (PNB), and those give higher interest rates.
The interest rates for Rs. 2 crore to Rs. 10 crore F investment have been revised after the RBI recently hiked the repo rate this month. Check the details below.
PNB Non-Callable FD for below Rs. 2 crore
PNB Non-Callable FD is known as the Uttam Fixed Deposit Scheme.
For PNB Non-Callable FD, the interest rate for 271 days to less than 1 year FD is 4.55%, the interest rate for 1 year FD is 5.35%, the interest rate for above 1 year & upto 2 years FD is 5.50%, the interest rate for above 2 year & upto 3 years FD is 5.55%, the interest rate for above 3 year & upto 5 years FD is 5.80%, the interest rate for above 5 years & upto 10 years FD is 5.65%. These interest rates are applicable for investments below Rs. 2 crore, which came into effect on July 20, 2022.
PNB Non-Callable FD For Rs. 2 crore to Rs. 10 crore
For PNB Non-Callable FD, the interest rate for 271 days to less than 1 year FD is 5.65%, the interest rate for 1 year FD is 6.30%, the interest rate for above 1 year & upto 2 years FD is 6.30%, the interest rate for above 2 year & upto 3 years FD is 6.30%, the interest rate for above 3 year & upto 5 years FD is 6.05%, the interest rate for above 5 years & upto 10 years FD is 5.65%. These interest rates are applicable for investments for Rs. 2 crore to Rs. 10 crore, which came into effect on August 6, 2022.
PNB Tax Saver FD or Fixed Deposit
For PNB Tax Saver Fixed Deposit, for general public the interest rate is 5.75% for 5 years, and 5.60% for above 5years to 10 years, for general senior citizen 6.25% for 5 years, and 6.10% for above 5 years to 10 years. For PNB staff member the rate is 6.75%for 5 years, and 6.60% for above 5 years to 10 years, and for retired staff who are senior citizen the rate is 6.75% for 5 years, 6.60% for above 5 years to 10 years. These interest rates are applicable for investments below Rs. 2 crore.
Best FD interest rates offered by PNB
| Tenure | Rate for public (P.A.) | FD Amount | FD Option |
|---|---|---|---|
| 5 Years | 5.75% | below Rs. 2 crore. | Tax Saver FD |
| above 3 year & upto 5 years | 5.80% | below Rs. 2 crore. | Non-callable |
| above 1 year & upto 2 years | 6.30% | Rs. 2 crore to Rs. 10 crore | Non-callable |
Although alternative investments like equities and commodities are gaining traction, FDs are not losing their importance, mostly when the markets are volatile. However, investors should be cautious about investment in FDs because the interest rates offered are subject to change depending on the RBI repo rate.
