If you’ve been searching for safe and rewarding ways to grow your savings, HDFC Bank and Punjab National Bank (PNB) have just the news you need. Both banking giants have recently rolled out special Fixed Deposit (FD) schemes, offering attractive interest rates that are sure to make their customers happy. Whether you’re a regular saver, a senior citizen looking for steady income, or a professional seeking risk-free returns, these schemes are worth your attention.
HDFC and PNB Bank Fixed Deposit Schemes
| Feature | HDFC Bank Special Edition FD | PNB Fixed Deposit Schemes |
|---|---|---|
| Interest Rates (Regular Customers) | Up to 7.40% per annum | Up to 7.35% per annum |
| Interest Rates (Senior Citizens) | Up to 7.90% per annum | Up to 7.75% per annum |
| Special Tenures Offered | 35 months (2 years, 11 months) & 55 months (4 years, 7 months) | Various tenures: 7 days to 10 years |
| Minimum Deposit Amount | ₹5,000 | ₹1,000 |
| Maximum Deposit Amount | Less than ₹3 crore | No upper cap (except Tax-saving FD: ₹1.5 lakh) |
| Tax-saving FD Available? | No specific mention | Yes – 5 to 10-year lock-in period |
| Senior Citizen Benefit | Additional 0.50% interest rate | Additional 0.50% interest rate |
If you’re looking to make the most of your hard-earned money with safe, predictable, and high-return options, HDFC Bank’s Special Edition FDs and PNB’s Fixed Deposit offerings are great choices. Whether you’re a young investor, senior citizen, or professional looking to diversify your portfolio, these schemes offer competitive rates, flexible tenures, and assured returns.
Why Are These FD Schemes Special?
What Makes HDFC’s Special Edition FD Stand Out?
HDFC Bank, one of India’s largest private banks, has introduced Special Edition FDs designed specifically for customers seeking better-than-usual interest rates on select tenures:
- 35 months FD (2 years, 11 months) offers:
- 7.35% per annum for regular customers
- 7.85% per annum for senior citizens
- 55 months FD (4 years, 7 months) offers:
- 7.40% per annum for regular customers
- 7.90% per annum for senior citizens
Why does this matter?
These rates are higher than many regular FD offerings in the market today, providing a golden opportunity to lock in higher returns. This FD is available for deposits less than ₹3 crore, making it accessible to a broad range of investors.
Pro Tip: HDFC allows premature withdrawals and loans against these FDs, but you might incur a slight penalty on interest if you withdraw early. Always read the fine print!
see also: How Much Interest Will Be Received on 400 Days FD if ₹1,00,000 is Invested?
What’s Great About PNB’s FD Rates?
Punjab National Bank, one of India’s leading public sector banks, is offering FD interest rates ranging from 3.50% to 7.35% for the general public, and up to 7.75% for senior citizens, depending on the tenure.
Key highlights of PNB FDs:
- Short-term Tenures: Starting as low as 7 days, giving flexibility to those who prefer short locking periods.
- Long-term Tenures: Up to 10 years, suitable for long-term savers.
- Tax-saving FD: Offers a 5-year to 10-year lock-in period with 6.50% interest (7.00% for seniors). Investment limit capped at ₹1.5 lakh per annum for tax benefits under Section 80C.
Why does this matter?
PNB caters to both risk-averse investors and long-term planners. Plus, being a public sector bank, it is often preferred by conservative investors.
Should You Choose HDFC or PNB for Your FD?
Here’s a practical guide to help you decide:
Evaluate Your Investment Horizon
- Short-term (up to 1 year):
PNB offers more flexible short-term FDs starting from just 7 days. - Medium to Long-term (2-5 years):
HDFC’s Special Edition FD (35 & 55 months) offers higher rates, especially beneficial if you want predictable returns for a few years.
Are You a Senior Citizen?
Both banks offer an additional 0.50% interest rate for senior citizens, making FDs an ideal option for retirees.
Tax Saving Needs
If you’re looking for tax-saving under Section 80C, PNB’s Tax-saving FD with a 5-year lock-in period is a solid choice. HDFC’s special FD doesn’t mention specific tax-saving benefits.
Step-by-Step Guide to Open an FD
Here’s how you can quickly open a Fixed Deposit account in either bank:
Opening HDFC Special Edition FD:
- Visit HDFC Bank’s Website:
Go to HDFC Bank FD Page. - Login:
Use NetBanking, Mobile App, or visit the branch. - Choose Special Edition FD Tenure:
Select either 35 months or 55 months. - Enter Deposit Amount:
Minimum ₹5,000. - Select Interest Payout Option:
You can choose quarterly, half-yearly, or at maturity. - Confirm and Deposit Funds.
Opening PNB FD:
- Visit PNB Website:
Refer to their rates at PNB FD Rates. - Login to Internet Banking or Mobile Banking.
- Select FD Tenure:
Choose from 7 days to 10 years, including Tax-saving FD if desired. - Input Deposit Amount:
Minimum ₹1,000. - Choose Payout Option.
- Submit Application and Fund the Deposit.
Benefits of Investing in Fixed Deposits
- Guaranteed Returns:
FDs are one of the safest investment options with predictable returns. - Flexible Tenures:
Choose between short, medium, or long tenures based on your goals. - Loan Facility:
Both HDFC and PNB allow loans against FDs, offering liquidity. - Tax Saving Option:
PNB’s Tax-saving FD offers deductions under Section 80C.
see also: FD Rates: Where Will Senior Citizens Get the Highest Returns on FD in March?
HDFC and PNB Bank Launch Special Fixed Deposit FAQs
1. What is the minimum deposit amount for HDFC’s Special Edition FD?
- ₹5,000 is the minimum deposit required.
2. Is there any penalty for premature withdrawal?
- Yes, both banks may levy a small penalty on the interest if you withdraw before maturity.
3. Can NRIs invest in these FDs?
- HDFC provides NRE/NRO FDs but confirm specific schemes directly with the bank.
4. What is the maximum amount one can deposit?
- HDFC allows up to ₹3 crore for Special Edition FD. PNB does not have a specified upper limit except for Tax-saving FD (₹1.5 lakh cap).
5. Are these FDs safe?
- Yes, both banks are well-regulated under RBI guidelines, ensuring capital safety.
