Investing in a Punjab National Bank (PNB) Recurring Deposit (RD) is a smart and secure way to grow your savings over time. By investing just ₹3,500 per month, you can accumulate a substantial corpus, potentially amounting to lakhs of rupees in returns. The final maturity amount depends on factors such as the tenure and prevailing interest rates offered by the bank.
PNB RD Scheme
| Feature | Details |
|---|---|
| Investment Amount | ₹3,500 per month |
| Interest Rate | Varies (Currently around 6.5% p.a.) |
| Tenure Options | 6 months to 10 years |
| Compounding Frequency | Quarterly |
| Estimated Returns (5 years) | ~₹2,46,000 |
| Estimated Returns (10 years) | ~₹5,10,000 |
| Risk Level | Low (Backed by a government-regulated bank) |
| Official Website | PNB Official Site |
Investing ₹3,500 per month in a PNB RD can be a reliable way to grow your savings while ensuring financial security. With quarterly compounding interest and flexible tenure options, PNB RD is an ideal choice for individuals looking for safe and steady investment returns.
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Understanding PNB RD Scheme Returns
PNB offers competitive interest rates on Recurring Deposits (RDs), and these rates are compounded quarterly, which significantly boosts the total returns over time. The maturity amount (M) can be determined using the following formula:
Where:
- R = Monthly deposit amount
- i = Quarterly interest rate (Annual Rate/4)
- n = Total number of quarters
PNB RD Scheme: Example Calculations
1. 5-Year RD Investment
- Total Investment: ₹3,500 x 12 months x 5 years = ₹2,10,000
- Estimated Maturity Amount: ~₹2,46,000
2. 10-Year RD Investment
- Total Investment: ₹3,500 x 12 months x 10 years = ₹4,20,000
- Estimated Maturity Amount: ~₹5,10,000
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Benefits of Investing in PNB RD Scheme
1. Safe and Secure Investment
PNB RD is low-risk, making it an excellent option for conservative investors who prioritize security over high-risk returns.
2. Flexible Tenure Options
You can choose a tenure between 6 months to 10 years, allowing you to plan according to your financial goals.
3. Guaranteed Returns
Since interest rates are fixed at the time of investment, you get assured returns with no market volatility risks.
4. Easy to Start
Opening an RD account with PNB is simple. You can do it online via the PNB Internet Banking Portal or visit a branch.
How to Open a PNB RD Scheme Account?
Step 1: Eligibility Check
- Any Indian citizen with a valid PNB savings account is eligible.
- NRIs can also open an RD account through NRE/NRO accounts.
Step 2: Choose Your Investment Amount & Tenure
Decide on your monthly deposit amount and the tenure based on your savings goals.
Step 3: Apply Online or Visit a Branch
- Online Process: Log into PNB Net Banking → Go to Fixed/Recurring Deposit Section → Open RD Account.
- Offline Process: Visit your nearest PNB branch with KYC documents and fill out the RD form.
Step 4: Fund Your RD
Set up an auto-debit mandate from your savings account for hassle-free monthly deposits.
PNB RD Scheme (FAQs)
What happens if I miss an RD installment?
A small penalty may be levied by the bank, but you can continue with your RD investment.
Can I withdraw my RD before maturity?
Yes, but premature withdrawal may result in lower returns due to penalty charges.
Can I change my RD tenure after opening the account?
No, the tenure is fixed at the time of opening the RD account.
How are RD returns taxed?
PNB deducts TDS (Tax Deducted at Source) on interest earned if it exceeds ₹10,000 per year.
Is PNB RD better than FD?
RD is best suited for those who want to invest small amounts regularly, while FD is ideal for lump sum investments.
