If you are looking for a secure and dependable means of saving money, Punjab National Bank’s Recurring Deposit will be just for you. By investing a fixed amount of money every month, you get wonderful returns at a very low risk. Currently, Punjab National Bank has a really attractive interest rate of 6.5% for its Recurring Deposit scheme; hence, it is the best option a disciplined saver can find.
Before investing in the PNB Recurring Deposit Scheme and its interest rates Before investing, one must know the current interest rates that apply to them. The RD scheme by PNB is giving a 6.5% per annum interest rate, which is just above many other traditional savings avenues. It is a great option for those wanting to become wealthy gradually without being exposed to market risks.
How Much Can You Earn with a 5-Year RD?
Let’s break down the potential returns:
- Monthly Investment: ₹3,000
- Interest Rate: 6.5% per annum
- Tenure: 5 years (60 months)
By consistently investing ₹3,000 every month for five years, your total investment will be ₹1,80,000. At maturity, you will receive approximately ₹2,12,000, which includes ₹32,000 in interest earnings.
| Monthly Investment | Interest Rate | Tenure | Maturity Amount | Interest Earned |
|---|---|---|---|---|
| ₹3,000 | 6.5% | 5 years | ₹2,12,000 | ₹32,000 |
Extra Benefits Available for Senior Citizens
Senior citizens enjoy one more benefit of added interest over the usual rate of 6.5%. This makes PNB’s RD scheme a more attractive investment option for retirees seeking dependable and safe income growth.
Key Benefits of the RD Scheme of PNB
- Attendance Security: An investment assures your money by a reputable government bank.
- Habit of Saving: An amount set aside every month automatically ensures discipline.
- Higher Interest Rates: Better than average savings accounts and most FDs, at 6.5%.
- Lt. Start Investment: Easy from ₹1,000 of investment.
- Benefits for Senior Citizens- An added percentage of interest makes it a highly earning option for retirees.
How to Open a PNB RD Account?
Opening an RD account with PNB is simple and hassle-free. You can:
- Visit a PNB branch with your KYC documents (ID proof, address proof, PAN card).
- Apply online through PNB’s official website for a seamless process.