PNB just launched a New FD Scheme. Here’s everything you need to know about it!

Punjab National Bank (PNB), the top public sector bank in the country, has unveiled a unique 600 Days FD Scheme. The program is accessible for single deposit term deposits under Rs. 2 crores for senior people 60 years of age and older, as well as super senior citizens 80 years of age and older. There are callable and non-callable alternatives available in PNB’s unique 600-day FD program.

PNB offers a callable option with a regular interest rate of 7.00% p.a., 7.50% p.a. for senior citizens, and 7.80% p.a. for super senior citizens. A standard interest rate of 7.05% per year is guaranteed by the bank under the non-callable option, 7.55% per year for senior citizens, and 7.85% for super senior citizens. As a result, PNB is currently giving a maximum interest rate on its unique FD scheme of 7.85%.

What is a callable and non-callable deposit?

A callable fixed deposit is one that enables the depositor to withdraw money prior to the fixed deposit’s maturity date. Banks typically impose a fee on fixed depositors who withdraw money too soon. Simply explained, callable fixed deposits do not have a lock-in period.

An investor is not permitted to take money out of a non-callable fixed deposit before it matures. Therefore, depositors should be aware that non-callable fixed-term deposits have a lock-in period.

Recently, a number of banks released unique fixed deposit (FD) plans for particular tenures. On these unique FD programs, the lenders typically provide an alluring interest rate. These deals typically only last for a short time. Investors should not, however, just base their decisions on the enormous interest rate on fixed deposits. According to an expert, the duration you select must be dependent on your needs.

Atul Kumar Goel, MD, and CEO of Punjab National Bank commented on the offer: “Our aim is to offer the best-in-class schemes to our valuable customers and we are pleased to offer a higher interest rate to consumers so that they earn more on their saving. For further ease, our existing customers can avail this scheme online also through PNB ONE app and internet banking.”

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