If you want fixed returns along with safe investment, then Fixed Deposit (FD) is still considered one of the most reliable options. Especially when the big government banks of the country are offering better interest rates. These days, Punjab National Bank (PNB) is offering attractive interest on its FD scheme, in which investors can get big and assured returns on lakhs of rupees.
Interest rate up to 7.20% on FD
PNB is offering interest ranging from 3.00% to 7.20% on its FD schemes. Customers can open FD for a period ranging from 7 days to 10 years. The highest interest is being given on the bank’s 390 days special FD scheme. In this scheme, general citizens are getting 6.40% interest, senior citizens are getting 6.90% interest and very senior citizens are getting 7.20% interest. At the same time, on 5 year FD, interest of 6.10% is being offered to general customers, 6.60% to senior citizens and 6.90% to very senior citizens.
How much return will you get on Rs 1 lakh?
- If an ordinary citizen makes an FD of Rs 1,00,000 for 5 years, then on maturity he will get a total of Rs 1,37,364. That means fixed interest of Rs 37,364.
- The returns are even better for senior citizens. By depositing Rs 1 lakh, he will get a total of Rs 1,40,784 in 5 years, which will include interest of Rs 40,784.
- Very senior citizens will get the most benefit. The maturity amount on a 5 year FD of Rs 1 lakh will be Rs 1,42,875. That means fixed and assured interest of Rs 42,875.
Secure and fixed return option
FD is suitable for those who want stable and fixed returns while staying away from the stock market risk. Since PNB is a government bank, depositing money in it is generally considered safe. However, before investing it is important to understand that interest rates can change from time to time. Also, the provisions related to tax rules and TDS should also be kept in mind.
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