PNB Housing Finance hikes AA-rated FD rates, now earn as high as 7.70%
2 min read . Updated: 19 Feb 2023, 04:08 PM IST
Premium- PNB Housing Finance Limited (PNB Housing), a registered housing finance company with National Housing Bank (NHB) has announced interest rates on fixed deposits of less than ₹5 Cr.
PNB Housing Finance Limited (PNB Housing), a registered housing finance company with National Housing Bank (NHB) has announced interest rates on fixed deposits of less than ₹5 Cr. Following the change, PNB Housing is now providing interest rates on deposits maturing in 12 to 120 months that range from 7.35% to 7.40%. Adjustments to PNB Housing FD interest rates take effect on February 17, 2023.
PNB Housing FD Rates
Under the cumulative option, PNB Housing Finance is offering an interest rate of 7.35% on deposits maturing in 12 – 23 months and on those maturing in 24 – 35 months, the housing finance company is now paying an interest rate of 7.00%. Deposits maturing in 36 – 47 months will now pay an interest rate of 7.70% and those maturing in 48 – 59 months will now fetch an interest rate of 7.40%. On fixed deposits maturing in 60 -71 months, PNB Housing Finance is now offering an interest rate of 7.50% and on those maturing in 72 to 120 months, the housing finance company is now promising an interest rate of 7.40%.
For deposits up to ₹1 crore at PNB Housing Finance, senior citizens (over 60 years old) would be entitled to a 0.25% additional rate of interest. PNB Housing gives you the choice of receiving interest payouts on a monthly, quarterly, or annual basis, enabling you to have a reliable stream of income that is not market-based and carries a high degree of safety. PNB Housing’s fixed deposits carry AA/Stable rating by CRISIL and AA/Stable by CARE.
With more than 100 branches spread across 35 Indian cities, PNB Housing's extensive network also provides doorstep services for customers with fixed deposit accounts. For interest paid on fixed deposits up to ₹5,000 in a particular fiscal year, there is no TDS deducted at source, and loans against fixed deposits are available for up to 75% of the total principal deposit.
In addition, PNB Housing Finance enables premature withdrawals from fixed deposits after a three-month lock-in period. Premature withdrawals are subject to an interest rate of 4% per year if made within six months of the deposit date, and 1% less than the FD interest rate that was in effect on fixed deposits during the time the deposit was maintained if made after six months.
For monthly income plans, PNB Housing accepts a minimum investment of ₹25,000; for all other schemes, the minimum deposit is ₹10,000. A joint fixed deposit account may be opened with a maximum of three joint holders, and contributions can be made via check, net banking, or cheque management system (CMS).