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 FAAA/Negative rating by CRISIL which indicates highest 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 on all PNB Housing fixed deposits as per guidelines provided by the National Housing Bank. In the case of a depositor’s unfortunate demise, the repayment of the deposit and payment of any interest would be made to the nominee; without reference to either heirs or legal representatives of the deceased.
  • Auto renewal/Auto Maturity Process: Auto renewal of fixed deposit alongside easy process of maturity withdrawal is available for the customer.
  • 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.

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 age and address proof and the deposit amount at any of the PNB Housing branches.

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 lakhs 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. The payment can also be made through RTGS; after intimation from the depositor. Please note that the intimation must reach PNB Housing by 11.00 am on any working day for interest to accrue from that date.
  4. Interest on non-cumulative fixed deposits will be paid according to the below schedule:
SchemeInterest Payment Date
Monthly Income PlanLast day of Each Month
Quarterly Income PlanJune 30th, September 30th, December 31st, and March 31st.
Half Yearly PlanDecember 30th and March 31st
Annual PlanMarch 31st

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 31st after deducting any applicable tax.
  2. For premature withdrawal, closure request should be raised at least 7 days in advance.
FAQs:

What is a Company Fixed Deposit?

A Company or Corporate Fixed Deposit is safe investment option provided for corporate customers. Under this scheme, a minimum deposit accepted is₹10 lakh.

How can I invest in FD?

You can make the payment through a cheque, net banking or Cheque management system (CMS).

What is the minimum period for PNB Housing Fixed Deposit?

The minimum period for PNB Housing Fixed Deposit is twelve months.

What is the Interest Rate of FD in PNB Housing?

The FD interest rate varies with the tenure and the type of deposit selected. The latest applicable interest rates can be found at Fixed Deposit Interest Rates.

What documents are required to open Fixed Deposit?

Basic KYC documents like PAN and Aadhaar are needed to open a fixed deposit with PNB Housing.

How to avoid TDS on Fixed Deposits?

TDS will not be deducted if the interest earned is less than or equal to₹5,000 in a given financial year.

Is PNB Housing Fixed Deposit covered under 80C?

No, only Tax Saving FDs provided by banks can be used for tax deduction under Section 80C. There is a lock- in for 5 years in such tax saving fixed deposits

Who can invest in fixed deposit schemes?

Any individual, HUF or Corporate can invest in a fixed deposit scheme.

Contact us for Deposits