Fixed Deposit

A Fixed Deposit (FD) is a safe investment option through which you can earn a higher rate of interest in comparison to a regular savings account.

Why Choose Fixed Deposits?

Fixed deposits are one of the safest investment options. When choosing a PNB Housing fixed deposit account, you get many advantages:

• High safety assurance: PNB Housing’s fixed deposits have been given the AA/Stable rating by CRISIL and AA/Stable by CARE which indicates high level of safety.
• Higher interest rate for senior citizens: PNB Housing offers a 0.25% higher fd interest rates for senior citizens.
• Nomination: Nomination facility is available as per the regulatory guidelines . In the case of depositor’s unfortunate demise the repayment will be made in favour of nominee .
• Auto renewal/Auto Maturity Process: A depositor can opt for auto renewal of principal/renew principal and Interest or Auto maturity of Deposit by giving an explicit consent in this regard before his/her signatures on the application form.
• Dedicated Service Managers and Widespread Network: With over 100 branches across 35 cities in India, PNB housing wide spread network is easy to reach out to. We have dedicated customer service managers who will help out in resolving all the customer queries.
• Door Step Services: PNB Housing offers doorstep services for fixed deposit customer. PNB housing representatives will meet the customer & pick up the application from customer premises.
• Premature Withdrawal: You have the option of premature withdrawal from your fixed deposit account anytime after three months from the date of deposit. An interest at 4% per annum will be paid to individuals who make a premature withdrawal within six months from the date of deposit. For premature withdrawals made after six months, an interest rate 1% lower than applicable on public fixed deposit for the period for which the deposit has run is offered.
• TDS deduction: No TDS is deducted at source on interest earned on fixed deposits up to₹ 5,000 in a given financial year.
• Loan facility: A loan against fixed deposits is available for up to 75% of the total principal deposit. This loan attracts an interest rate of 2% higher than the maximum fixed deposit interest rate.
• Acceptance of deposit is subject to the terms and conditions as contained in the application form.

How to get started with your Fixed Deposit?

To open a fixed deposit with PNB Housing:

1. Click on the “contact us for deposits” button below
2. Provide your contact details and the amount you would like to deposit
3. PNB Housing would get in touch with you to collect the documents, with-in next 48 hours your fixed deposit will be booked with PNB housing finance.

You can also submit the duly filled application form with valid KYC and deposit amount at any of the PNB Housing branch.

Types of Fixed Deposit:

1. Cumulative Deposit: the interest earned is credited to the fixed deposit annually, and is paid out at the time of maturity along with the principal. It helps you build a corpus as the interest gets compounded annually. We accept a minimum deposit of₹10,000 for cumulative deposits.
2. Non-cumulative Deposit: the interest earned is paid out to the depositor at an agreed-upon frequency. The frequency of the payment can be monthly, quarterly, half-yearly or annual. The regular interest payments can be used to meet your daily expenses.

PNB Housing accept a minimum deposit of₹ 25,000 for monthly income schemes.

For all other schemes, a minimum deposit of₹ 10,000 is applicable.

Joint Fixed Deposit – Adding Co-applicants in deposits:

1. You can open a joint fixed deposit account with a maximum of three joint holders.
2. The interest for non-cumulative deposits will be paid to the first named applicant, and the discharge given by them will be binding on the joint holders. In case of cumulative deposits, the interest is deemed to be accrued in the name of first applicant.
3. The repayment at maturity would be done as per the instructions provided in the FD application form.

Non-Resident Indians (NRIs) Fixed Deposit:

1. A maximum tenure of three years is available for NRI fixed deposits.
2. Repayment of the amount and payment of any interest earned will be done through a credit to the depositor’s NRO account.
3. As per the RBI regulations, PNB Housing accept fixed deposits from NRIs and Persons of Indian Origin on a non-repatriation basis i.e. the interest earned and the principal cannot be transferred back to the country of residence or converted to foreign currency.
4. Tax will be deducted at source, as applicable.

PNB Housing Corporate Deposit:

PNB Housing offers a Corporate Deposit scheme for Body Corporates, Private/Public Limited Companies, Corporations, Statutory Board, Local Authorities, and other Banks & Financial Institutions. The key features of our corporate deposit are:

1. A minimum deposit of Rs 10,000 with no maximum limit
2. You can make a deposit in the form of an account payee cheque drawn in the favour of PNB Housing Finance Limited.
3. Interest will accrue from the date of receipt of fund.
4. Interest on non-cumulative fixed deposits will be paid according to the below schedule:

If the first interest due date falls within a week from the deposit date, then the interest for the first broken period will be paid in the next interest cycle. If any of the above dates fall on a Sunday or a holiday, the interest will be paid on the next working day.

1. Interest on cumulative deposits will be compounded annually on March 31^st after deducting any applicable tax.
2. For premature withdrawal, closure request should be raised at least 7 days in advance.

FAQs:

Contact us for Deposits