A fixed deposit (FD) is a secure investment alternative through which you can receive a higher interest rate compared to a regular savings account. With constant returns over a set period, fixed deposits advance security with greater returns. When you pick a fixed deposit with a higher interest rate, you can increase your returns easily. To present banking assistance to clients and ensure that there is no interest loss to the client, PNB Housing Finance is rendering the Fixed deposit auto-renewal facility on maturity as per the client’s order.
Why Choose PNB Housing for your Fixed Deposits?
Fixed deposits have proven to be one of the most reliable investment alternatives. When picking a PNB Housing fixed deposit account, you receive many benefits:
Great Safety Assurance
PNB Housing’s fixed deposits have been granted the FAA+/Negative rating by CRISIL and AA/Stable by CARE which symbolises a high-security level.
Higher Interest Rate for Senior Citizens
PNB Housing grants a 0.25% higher current FD rate of interest for elderly citizens, making it a great option to consider while opting for a fixed deposit scheme.
As per guidelines presented by the National Housing Bank, Nomination facility is available on all PNB Housing fixed deposits. In the case of a depositor’s unfortunate death, the repayment of the deposit and payment of any interest would be presented to the nominee.
Auto-renewal/Auto Maturity Process
PNB extends an auto-renewal facility, so you can decide to renew your deposits, while you’re making them. Auto-renewal of fixed deposit is an effortless process of maturity withdrawal that is available for the clients.
Committed Service Administrators and Comprehensive Network
PNB housing comprehensive interface is easy to reach. With more than 100 branches over 35 cities in India, they have committed client service managers who will assist in determining all the patron inquiries.
PNB Housing grants doorstep assistance for clients investing in FD schemes. PNB housing delegates will attend the client and pick up the application from client premises.
Users hold the alternative of early withdrawal anytime after three months from the date of deposit in their fixed deposit account. Annual Interest of 4% will be given to people who make an early withdrawal within six months from the deposit date. For early withdrawals made post six months, an interest rate 1% lower will be applicable on public fixed deposit for the period for which the deposit has run.
No TDS is deducted at source for interest earned on fixed deposits up to₹ 5,000 in a given fiscal year.
A credit against fixed deposits is possible for up to 75% of the total principal deposit amount. This credit draws an interest rate of 2% higher than the maximum fixed deposit interest rate.
To maximise returns on fixed deposits, here are some steps you can undertake:
Devise your Investment Strategy.
Investing in FD solely is not sufficient to earn more returns, as you must understand how to handle your deposit properly. Once your deposit approaches the maturity date, you can consider re-investing as many fiscal institutions allow higher FD interest rates on reviving investments.
File your IT returns timely.
It is necessary to file your Income-tax returns on time and be informed of the newest additions or alterations in the tax laws for FD returns. You can further avail tax exclusions if you file your returns with Forms 15H or 15G. If you befall in a low-income bracket, you can also obtain the tax exclusion.
Ladder your FDs for Tax Benefits and Liquidity.
Make the best utilisation of your funds by distributing a single corpus over various FDs for diverse tenures. This can assist you to look at your fixed deposits as a financial backup, which helps you fulfil your financial requirements easily. It also enables you to attain tax benefits, as you hold multiple maturity terms.
Pick Cumulative FD for supporting Long-term Goals.
Cumulative FD allows you to improve your funds over the tenure, as you get extended advantages of cumulation. However, non-cumulative FD helps you obtain consistent payments, making them most suitable for retired senior citizens looking for periodic income.
For better returns that assist you in growing your funds, you can invest in PNB fixed deposits. You can pick your duration, avail recurrent payments and receive more returns when you restore your investment. If you intend to assess your maturity amount before you invest, contemplate using an FD return calculator and schedule your FD today, with an end-to-end online system.