PNB Housing Finance FD Interest Rates in 2024

Discover the latest fixed deposit rates from PNB Housing Finance Ltd. As of March 6, 2024, normal citizens can earn rates between 7% to 8% depending on tenure, while senior citizens benefit from slightly higher rates ranging from 7.3% to 8.3%.

PNB Housing Finance Limited (PNB HFL) is a registered housing finance company with the National Housing Bank and is promoted by Punjab National Bank (PNB). It offers housing loans for various purposes such as purchase, construction, and renovation. With a headquarters in New Delhi, PNB HFL held deposits of INR 17,648.98 crores as of March 2022. Its fixed deposits have a AA Credit Rating.

Key Features of PNB HFL Fixed Deposits

• Interest rates: 7% - 8% for regular deposits and 7.3% - 8.3% for senior citizens.
• Minimum deposit required: ₹10,000.
• Maximum deposit: ₹5 Crores.
• CRISIL Rating: AA+ (Negative).
• Flexible tenure options with the ability to partially withdraw funds.

Calculate Your Returns

Use an FD interest calculator to simulate potential returns from various banks. For instance, investing ₹1,00,000 for three years at an interest rate of 7.85% will yield a maturity amount of ₹1,07,763.

Types of PNB HFL Fixed Deposits

1. Non-Cumulative Deposit: Offers regular income through monthly, quarterly, half-yearly, or annual interest payouts.

2. Cumulative Deposit: Accumulates interest, paid at maturity, benefiting from compounding effects.

3. Corporate Deposit: Suitable for institutional investors like companies and trusts, requiring a minimum deposit of Rs 10 lakhs.

Additionally, prepayment facilities are available with nominal penalties. For cumulative deposits, interest compounds annually, and loans up to 75% of the deposit can be availed.

Eligibility and Application Process

The deposits can be made by residents, Hindu Undivided Families, companies, trusts, and minors with a lawful guardian. Opening a PNBHFL FD account is convenient via the online portal or mobile app, or offline by visiting a branch.

Standard documents include proof of identity and address, along with PAN details. Non-individual depositors like companies need to provide additional documentation such as Memorandum & Articles of Association.

Premature Withdrawal Options

Withdrawals are allowed post a 3-month lock-in period. Interest on such withdrawals may be lower than the standard rate and will vary based on when the withdrawal is made. For withdrawals within six months, interest is paid at 4% per annum; beyond that, it is 1% less than the applicable FD rate.

Overall, PNB Housing Finance offers diverse and secure fixed deposit options, appealing to individual savers and corporate investors alike. Consider these details to make an informed investment choice.