PNB RD Calculator
The PNB RD Calculator is an online tool designed to estimate the maturity amount and interest earned on your Recurring Deposit with Punjab National Bank. It provides a clear projection of your savings growth, helping you plan your finances effectively.
What is a PNB Recurring Deposit?
A Recurring Deposit (RD) with PNB allows customers to deposit a fixed sum every month for a specific period. At the end of the term, you receive the total invested amount along with the interest earned. PNB RDs offer steady returns and are suitable for risk-averse savers and goal-based financial planning.
How the PNB RD Calculator Works
The calculator uses the compound interest formula applied quarterly. You need to enter:
- Monthly Investment Amount
- Tenure (in months)
- Interest Rate offered by PNB
It instantly calculates:
- Total Investment
- Interest Earned
- Maturity Amount
PNB RD Interest Rates
Punjab National Bank offers competitive interest rates on RDs, generally between 6.25% to 7.25% per annum depending on tenure. Senior citizens get an additional 0.50% on standard rates, making RDs even more attractive for them.
Sample RD Calculation
If you invest ₹2,000 per month for 2 years at an interest rate of 7% p.a. compounded quarterly:
- Total Investment: ₹48,000
- Interest Earned: ₹3,600 (approx.)
- Maturity Amount: ₹51,600 (approx.)
Benefits of PNB RD Calculator
- Instant and accurate results
- No manual calculations required
- Helps in comparing tenures and deposit amounts
- Assists in financial goal setting and budgeting
Features of PNB Recurring Deposits
- Tenure: 6 months to 10 years
- Minimum deposit: ₹100 per month
- Interest compounded quarterly
- Premature withdrawal facility (with penalty)
- Loan/Overdraft facility available against RD
Taxation on RD Interest
The interest earned on PNB RDs is taxable as per your income tax slab. TDS is applicable if interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
How to Open a PNB RD Account
- Visit your nearest PNB branch or log in to PNB net banking
- Select the ‘Recurring Deposit’ option under ‘Deposits’
- Enter the deposit amount, tenure, and nominee details
- Confirm the details to open your RD account
Conclusion
The PNB RD Calculator is a smart financial tool that helps you estimate your savings and make informed decisions. Whether you’re saving for a future purchase, education, or emergency fund, a Punjab National Bank RD offers security and consistent growth. Use the calculator to plan better and reach your financial goals.
Visit Punjab National Bank to explore RD options and open your account today.