If you are searching for a safe and reliable way to grow your savings, the Punjab National Bank (PNB) Recurring Deposit (RD) scheme can be a great choice. With a fixed monthly investment and attractive interest rates, this scheme helps you earn good returns without any risk.
Current Interest Rate of PNB RD Scheme
PNB is currently offering a 6.5% interest rate per annum on its RD scheme. This is higher than many traditional savings options. It is a good option for people who want to grow their money slowly and safely over time, without being affected by market ups and downs.
How Much Will You Earn in 5 Years?
Let’s take an example of a monthly investment of ₹3,000 in the RD scheme:
- Monthly Investment: ₹3,000
- Interest Rate: 6.5% per annum
- Tenure: 5 years (60 months)
After 5 years, your total investment would be ₹1,80,000, and you will receive around ₹2,12,000 at maturity. That means you will earn an interest of ₹32,000 over the period.
Extra Benefit for Senior Citizens
Senior citizens get an additional interest rate over the regular 6.5%. This makes the scheme ideal for retired individuals who are looking for a safe and steady return on their savings.
Key Benefits of PNB’s RD Scheme
- Safety of Your Money: Your savings are secure with one of the country’s trusted government banks.
- Disciplined Savings: Monthly contributions help build a habit of saving.
- Better Interest Rates: Higher than regular savings accounts and many fixed deposits.
- Low Start Amount: You can start investing with as little as ₹1,000 per month.
- Senior Citizen Advantage: Additional interest makes it even more rewarding for older investors.
How to Open a PNB RD Account
Opening an RD account with PNB is simple:
- Offline: Visit any PNB branch with your KYC documents such as ID proof, address proof, and PAN card.
- Online: You can also apply easily through PNB’s official website without visiting the bank.
Final Words
The PNB Recurring Deposit scheme is a great way to save regularly and earn a good return. With a 6.5% interest rate, low risk, and added benefits for senior citizens, it is a perfect savings plan for disciplined and long-term investors.