PNB Tax Saver Fixed Deposit Scheme

Tax Savings Fixed Deposit

I have written posts about the tax savings fixed deposit and why the fixed deposit is good for the monthly income. This will be suitable when the interest rates of the fixed deposit is high. In the recent times, all the banks have reduced the fixed deposit interest rates very low and it is some where between 6% to 7%. Only few banks offering the interest rates above 7%. I am getting the queries from the readers about the good interest rates for the fixed deposit scheme.


Article on Fixed Deposit:

PNB Tax Saver Fixed Deposit

Punjab National Bank(PNB) offer 8% interest rates for the tax savings fixed deposit. (In case of Senior citizen, 8.5%p.a.). Note that tax savings fixed deposit has the lock in period of 5 years. In that period you can not take loan from the fixed deposit. Income Tax will be deducted at the source. Note that, income coming out of this FD taxable as the interest income.

Documents Required for Opening Fixed deposit in PNB

  1. Passport size Photograph.
  2. Proof of Address.
  3. Photocopy of PAN No.
  4. Proof of age in case of Senior citizen.
  5. Proof of having secured pass marks in last qualifying examination.
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  1. Sunil says

    Thanks…it would be great if you post a topic on the “which bank or debt instrument gives higher interest rates”

  2. sunil says

    ICICI BANK,HDFC BANK,BANK OF INDIA,MAHARASHTRA BANK,UNION BANK,SBI….please let us know which bank gives highest interest rates….till date

  3. sunil says

    ICICI BANK,HDFC BANK,BANK OF INDIA,MAHARASHTRA BANK,UNION BANK,SBI….please let us know which bank gives highest interest rates….till date…..

  4. filipe says




  5. sujeet says

    I invest monthly in pnb bank. i want to know what are the dates for depositing the monthly amount so that i get full interest. somebody told me its from between 1st to 10th of each month. is it true? please suggest me

  6. vijay says

    iam vijay , and i want do fix deposit . but i want get my interest every month my amount is 10 lakh how much i can earn pls tell me as soon as possible


  7. vishal says

    Hello sir,
    my father occupation is farming and my mother is a housewife. government has just acquired our land and for that we have been paid Rs 52 lacs. We are planning to invest some amount in FD.i found this post very useful and i thank you from the bottom of my heart for hosting such a wonderful blog.

    I still have some queries regarding fixed deposite scheme:
    1. What is the max. earned interest that can be exempted frm tax deduction in current fiscal? 2. Is there any special tax exemption given to farmers? 3. As i mentioned my father is a farmer. Is he eligible to fill 15g form?
    Please leave a reply to above cited queries..any other personal advice of yours will be highly appreciated. Thanks

  8. says

    Hi Vishal,

    The maximum amount exempt is Rs.10000 per year. More than that you need to pay the tax. That would be deducted by the bank and they will issue a TDS.

    There won’t be any deduction for the farmers. But, you can deposit that amount in different banks to reduce the TDS.

    Please note that, if your father is not submitted the Pan card while creating the FD, TDS will be deducted for 20%. It is new rule imposed by RBI.


  9. tvk chari says

    I am a senior citizen having superannuated in 2004. I have put the entire savings in senior citizens’ saving scheme in your bank for six years with interest payable every month and after that got it renewed for another three years . Now the same facility cannot be extended further, I would like to know is there any fixed deposit scheme with your bank with payment of monthly interest: if it is there what would be the rate of interest. What are the income tax rules applicable in this case.

    kindly advise through mail.

    thanking you.

    T V K chari

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