PNB Tax Saver Fixed Deposit Scheme
Last Updated : May 24, 2017, 4:10 p.m.
About Tax saver fixed deposit
If you are looking for some good options to invest your money and save income tax as well, then Punjab National Bank’s five years fixed deposit is good option to get higher returns on your invested money. PNB’s five years tax saver deposit offers dual benefits to the investor. It helps you in saving income tax deductions and at the same time offers you higher returns. You can save your money and gain more profit on your invested money. PNB is a trusted name in the banking sector and because of its most friendly investment options, it is very popular among people. It not only offers you banking solution but offers various investment solutions in form of fixed deposit, term deposits, recurring deposit etc. You can open this five years fixed deposit with minimum Rs. 100 and the maximum limit of the amount to invest in fixed deposit in a financial year are Rs. 1.5 lakhs per annum.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹100 |
| Maximum Investment Amount | ₹1,50,000 |
| Lock-In-Period | 5 years |
| Minimum Investment Period | 5 years |
| Maximum Investment Period | 10 years |
| Nomination Facility | Available after 5 years lock in period |
| Loan Facility | Applicable |
PNB Tax Saver Fixed Deposit Interest Rate Table
| 5 years | 7.20%p.a | 7.70%p.a |
|---|---|---|
| Above 5 years up to 10 years | 7.00%p.a | 7.50%p.a |
Eligibility
Individuals (including illiterate, blind persons), singly or jointly, and HUF
Documents required for fixed deposit
- Identity proof such as voter ID, Aadhar Card, driving license, PAN card
- Address proof as electricity bill, telephone bill, any other authorized letter or documents as proof
- PAN card copy
Important features and benefits of 5 years fixed deposit
- Minimum amount to open FD is Rs. 100
- Maximum amount to invest in Fixed deposit is Rs. 1.5 lakhs per annum
- It offers 7.25% rate of interest on five years fixed deposit
- Senior citizens will get 0.50% additional rate of interest
- Individuals can open single or joint account with PNB
- Minimum deposit period is 5 years and maximum is 10 years
- Minimum lock-in period for fixed deposit is 5 years
- You can claim tax benefits under section 80C of Income Tax Act
- Nomination facility is available for customers
- You can also avail loan after lock-in period of 5 years against deposit
- Premature withdrawals are allowed after the completion of 5 years of deposit
- Interest on deposits is payable either monthly at discounted value or quarterly or compounded quarterly or on the date of maturity at the option of the depositor as applicable under particular deposit scheme
- Interest on overdue deposit is paid if the deposit is renewed
- Interest on bank deposit is exempted from income tax up to a limit specified by IT authorities
- PNB will issue TDS certificates for the tax deductions