Punjab national bank is a leading bank of India. Punjab national bank is currently providing more and better services than other banks. We know that the government of India manages this bank. This bank was established in the early 18th century. However, in this post, we will be giving some more details of this bank like the details about PNB recurring deposit.
This bank is not only famous for providing better services than any other banks but also famous for providing better recurring and fixed deposit rates. You’ll keep getting interest on your savings bank account after opening a recurring deposit account with Punjab national bank.
What is a Recurring Deposit? Is it Different than the Fixed Deposit?
The only difference between the recurring and fixed deposit accounts of PNB is the time of payments. It means, usually in fixed deposits we can only collect and submit the sum of amount for getting fixed to the bank. On the other side, in a recurring deposit, we have to choose the deposit period like a date, and you can also deposit some of your savings every month from your bank account. If you enable this, then the sum of the amount you choose is get automatically debited from your account.
Read More – Learn How to Apply PNB Credit Card Online
What are the Interest Rates?
The interest rate for recurring deposit is starting from 6%. This can be more if you choose the deposit period for a longer time. Let me tell you in details. If you make a recurring deposit for one year, then the interest is something near about 6.60% for the regular citizens and the senior citizens it is 7.10%. On the other side, if the deposit period is above one year and less than three years, then the annual interest rate for regular citizens will be 6.75%, and for the senior citizens, it is 7.25%.
Eligibility Criteria for PNB Recurring Deposit:
There are some points which you have to keep in mind while opening a recurring deposit account with Punjab national bank. You need to be eligible before opening the account with PNB. Here are some points for eligibility criteria:
- Any Individual
- Any minor above than ten year age and have valid proof of name.
- Any corporate, company, proprietorship or commercial organisation.
- Any government organisation.
- Any person who is the illiterate or blind person is also eligible for a PNB RD account.
If you come under the above eligibility criteria, then you can proceed with opening a recurring deposit account with Punjab national bank.
How to Apply for a PNB Recurring Deposit Account?
There are two ways of opening a recurring deposit account with Punjab national bank.
- First, you can use internet banking for opening e-RD and documentation less process.
- Second, you need to visit the bank along with valid documents for opening the RD account.
Most of the people make some savings from their salary every month. If you are one of those people who like to save then, fortunately, the recurring deposit is for you. You can open a recurring deposit account with Punjab national bank and deposit some small amount from your salary every month. In this way, you will be getting interest along as well. In this post, we have mentioned all the details of Punjab national bank recurring deposit. You can have a look, and if anything is not understandable, then you can ask us in the comments section.
Sudha is the senior publisher at Finance Glad. Sudha completed her education in BBA (Bachelor of Business Administration). She lives in Chennai. She is currently heading towards the banking topics. Sudha is an expert in analyzing and writing about most of the banks and credit card reviews. Sudha main hobbies and interests are reading, writing and watching the quality stuff over the internet. She usually wants to learn more productive stuff and share the best information to her readers over the internet via Finance Glad.