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
- Passport size Photograph.
- Proof of Address.
- Photocopy of PAN No.
- Proof of age in case of Senior citizen.
- Proof of having secured pass marks in last qualifying examination.
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