PNB RD Scheme
As you all know, Punjab National Bank (PNB) is one of the leading banks in India and has successfully connected millions of people across the country. This bank offers its customers excellent returns on investments. If you want to save and earn good returns by depositing a small amount every month from your salary, then the PNB Recurring Deposit (RD) Scheme is the best option for you.
About PNB RD Scheme
PNB's Recurring Deposit (RD) scheme is a special savings plan that allows you to invest a small amount every month and accumulate a large sum at maturity. This scheme is ideal for people who want to save small amounts each month and build a large corpus over time.
PNB offers you various tenure options ranging from 3 months to 10 years, and the interest rate differs based on the duration. You can choose any tenure as per your convenience and invest every month in the RD scheme to earn interest.
Attractive Interest Rates on PNB RD Scheme
The PNB RD scheme has become quite popular recently, as the bank offers attractive interest rates. For a tenure of 3 months to 6 months, the bank offers 4.40% interest, and for 9 months to 1 year, the interest rate is 5.00%.
For a tenure of 2 to 3 years, the bank offers 5.25% interest for general citizens and 5.75% for senior citizens. For tenures ranging from 5 years to 10 years, general citizens receive 6.50% and senior citizens get 7.30% interest.
PNB RD Interest Rates 2024
| Tenure | General Citizens RD Rate | Senior Citizens RD Rate |
|---|---|---|
| 3 Months to 6 Months | 4.40% | 4.90% |
| 6 Months to 9 Months | 4.40% | 4.90% |
| 9 Months to 1 Year | 5.00% | 5.60% |
| 1 Year to 2 Years | 5.00% | 5.60% |
| 2 Years to 3 Years | 5.25% | 5.75% |
| 3 Years to 5 Years | 5.25% | 5.75% |
| 5 Years to 10 Years | 6.50% | 7.30% |
Tax Benefits
By investing in this scheme, you also get the benefit of loan facilities. Additionally, you are eligible for tax benefits under Section 80C of the Income Tax Act, which helps you save on taxes.
Return on 7000 Rupees per Month for 3 Years
If an investor deposits 7000 rupees every month for 3 years in the PNB RD scheme, they will invest 84,000 rupees annually and 2,52,000 rupees in total over 3 years. The bank offers 5.25% interest, so after 3 years, the investor will earn 21,383 rupees as interest. At maturity, the total return will be 2,73,383 rupees.
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