PNB Recurring Deposit: Interest rate, minimum deposit to period of investment; all that you must know
PNB recurring deposit account is one of the most sought after investment schemes that the market currently has to offer.
PNB recurring deposit account is one of the most sought after investment schemes that the market currently has to offer. The term period for a PNB recurring deposit account ranges from 6 months to 10 years. The term periods are divided into short-term, medium-term and long-term tenures. A tenure from 6 months to a year is considered short term, a tenure from more than a year to 5 years is counted as medium term, and a period of more than 5 years to less than 10 years is considered long term.
PNB Recurring Deposit Rates
The PNB Recurring Deposit interest rate ranges from 4.5 per cent to 6.30 per cent, depending upon the tenor of the PNB recurring deposit. PNB Recurring Deposits for the tenors 7 to 14 days, 15 to 29 days and 30 to 45 days interest rate available for the depositors is 4.5 per cent. The PNB Recurring Deposit interest rate for tenors 46 to 90 days and 91 to 179 days is 5 per cent. The PNB Recurring Deposit interest rate for tenors 180 days to 270 Days, 271 days to less than 1 year is 6 per cent. PNB Recurring Deposit interest rate for the tenure of 333 days is 6.10 per cent. However, PNB Recurring Deposit interest rate for one year tenure is 6.3 per cent. PNB Recurring Deposit interest rate for tenors 444 days, 555 days and above 1 year & up to 2 years is 6.3 per cent. PNB Recurring Deposit rate for tenures above 2 year & up to 3 years and above 3 year & up to 5 years is 6.25 per cent. The PNB Recurring Deposit interest rate for the tenure of above 5 years & up to 10 years is 6.30 per cent. For senior citizens, the PNB Recurring Deposit rate is 0.5 per cent additional on all tenors.
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So, one can use these PNB Recurring Deposit interest rates on all tenors and find out the maturity amount they will get using PNB Recurring Deposit calculator.
PNB Recurring Deposit Features
Minimum deposit allowed in PNB Recurring Deposit is Rs 100. The second largest Indian commercial bank gives loan against recurring deposit as well. The TDS deductible in the PNB Recurring Deposit will depend on the income tax slab to which the depositor belongs. Last but not the least, most types of PNB Recurring Deposits have nomination facility.
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