Tuesday, April 16, 2024
HomeBusinessFinancePNB Housing Finance revises fixed deposit interest rates: Now get up to...

PNB Housing Finance revises fixed deposit interest rates: Now get up to 7.55%

[ad_1]

PNB Housing Finance Limited (PNB Housing) a registered housing finance company with National Housing Bank (NHB) has revised its interest rates on fixed deposits of less than 5 Cr. According to the company’s official website, the new charges take effect on October 7, 2022. Following the revision, the corporation is now offering an interest rate on deposits maturing in 12 to 120 months that ranges from 7.00% to 7.40%. PNB HFL is now offering a maximum interest rate of 7.55% on fixed deposits with maturities between 36 and 47 months, much higher than the retail inflation rate of 7% noted in August 2022.

PNB Housing Finance FD Rates

Under the cumulative option, the company is now offering an interest rate of 7.00% on deposits maturing in 12 – 23 months and on deposits maturing in 24 – 35 months, PNB Housing Finance will now offer an interest rate of 6.80%. Cumulative fixed deposits maturing in 36 – 47 months will now offer an interest rate of 7.55% and deposits that mature in 48 – 120 months will now fetch an interest rate of 7.40%. On a non-cumulative fixed deposit, investors can get interest rates every month. PNB Housing allows customers the choice between monthly, quarterly, and yearly payouts; however, with the cumulative option, interest is applied to the fixed deposit annually and is paid out along with the principal at maturity.

PNB Housing Finance FD Rates

View Full Image

PNB Housing Finance FD Rates (pnbhousing.com)

Senior citizens (those over 60 years of age) can deposit up to 1 crore with PNB Housing Finance Ltd. at special senior citizen rates of 0.25% higher rate of interest. Fixed deposits from PNB Housing have been rated FAA+/Negative by CRISIL and AA/Stable by CARE, both of which imply high levels of safety. For monthly income plans, PNB Housing accepts a minimum investment of 25,000; for all other schemes, the minimum deposit is 10,000.

Your Fixed Deposit can be prematurely withdrawn under PNB Housing’s regulations. After a mandatory lock-in period of three months, the fixed deposit can be withdrawn, however, account holders will be charged a penalty and the interest rate will be lower than what was initially pledged. PNB Housing Finance has said on its website that “You have the option of premature withdrawal from your fixed deposit account anytime after three months from the date of deposit. An interest at 4% per annum will be paid to individuals who make a premature withdrawal within six months from the date of deposit. For premature withdrawals made after six months, an interest rate 1% lower than applicable on public fixed deposit for the period for which the deposit has run is offered.”

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

[ad_2]

Source link

RELATED ARTICLES

most popular

Recent Comments