PNB Tax Saver Fixed Deposit Scheme with Dual Benefits - Wishfin

PNB Tax Saver Fixed Deposit Scheme

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.

Minimum Investment Amount₹100
Maximum Investment Amount₹1,50,000
Lock-In-Period5 years
Minimum Investment Period5 years
Maximum Investment Period10 years
Nomination FacilityAvailable after 5 years lock in period
Loan FacilityApplicable

PNB Tax Saver Fixed Deposit Interest Rate Table

5 years7.20%p.a7.70%p.a
Above 5 years up to 10 years7.00%p.a7.50%p.a


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

Personal Loan Interest Rates February 2024
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates February 2024
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.70%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%