PNB FD rates 2023: PNB is the second largest bank in the country. Recently there has been a change in the FD interest rates of PNB. The bank has recently announced that the customers who have made FD will get the annual interest rate of 7.25 percent on FD of less than Rs 2 crore. Whereas senior citizens are getting interest rates at the rate of 7.75 percent. PNB has also introduced very short term FDs to the customers. Like, you can get FD of PNB for 7 days to 10 years. These interest rates of the bank are applicable from February. If an ordinary customer and an elderly person invests Rs 10 lakh in PNB for 5 years, how much interest will he get?
PNB’s special FD scheme
PNB gives interest at the rate of 6.5 percent per annum to ordinary customers on FD of 5 years. If a customer makes an FD of Rs 10 lakh, he will get Rs 13 lakh 80 thousand 420 on maturity. This means that there will be a profit of Rs 3 lakh 80 thousand 420 from interest only.
Similarly, elderly people get 7 percent annual interest on FD of 5 years. If a customer makes an FD of Rs 10 lakh, he will receive a fund of around Rs 14,14,778 on maturity. This fund earns interest income of Rs 4,14,778.
Whereas PNB is giving interest at the rate of 7.25 percent to its regular customers and 7.75 percent to senior citizens on its 666 days FD scheme, this interest rate is for deposits less than Rs 2 crore.
How much tax will be paid on 5 year FD
At the same time, tax can be claimed on 5 year FD under Section 80C of Income Tax. However, the interest received in FD is taxable. In this, a maximum tax of up to Rs 1.5 lakh can be saved in a financial year. Along with this, there is also a lock-in period of 5 years. This tenure can also be extended for 10 years.
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