PNB Recurring Deposit : Nowadays, people prefer investing their savings in options that not only keep their money safe but also provide good returns. In such cases, the PNB Recurring Deposit (RD) scheme proves to be a great option. This scheme allows you to save regularly while earning better returns. Let’s dive into the details of this scheme.

What is the PNB Recurring Deposit Scheme?

The PNB Recurring Deposit (RD) scheme is an ideal plan for people who want to save small amounts regularly and earn a good return. The interest rates offered in this scheme are typically higher compared to other banks, and these rates are set by the government, which changes every three months.

Start Investing with Just ₹100

The best thing about the PNB Recurring Deposit scheme is that you can start investing with as little as ₹100 per month. Additionally, there is no maximum limit on how much you can invest. You can invest as much as you want based on your capacity.

You can open an RD account by visiting the nearest PNB branch or through the online portal. This process is simple and secure.

Get Big Returns with Monthly ₹2500 Investment

Let’s say you invest ₹2500 every month in the RD scheme. In a year, your total investment will be ₹30,000. If you continue this investment for 10 years, the total amount will become ₹3,00,000. With an interest rate of 6.5%, by maturity, you will receive ₹4,22,476, which includes a ₹1,22,476 profit from the interest.

Benefits of the PNB Recurring Deposit Scheme

• Start with a low investment: You can begin investing with just ₹100, making it accessible for everyone.
• No maximum limit on investment: There is no upper limit for investing in this scheme, so you can invest as much as you like.
• Better returns than FD: You get higher returns compared to a regular fixed deposit (FD) in other banks.
• Tax benefits: If you invest for 5 years, you can get tax deductions under Section 80C.
• Joint Account Option: You can also open a joint account with someone, allowing two people to invest together.

How to Open an RD Account in PNB?

Visit your nearest PNB branch and apply to open an RD account. Bring essential documents like Aadhaar card, PAN card, and bank account details. Alternatively, you can open an RD account online, saving you time and effort.

Loan Option in the PNB RD Scheme

One of the additional benefits of this scheme is that you can take a loan against your RD account. This loan will be based on the amount you have invested in your RD, providing you with the flexibility to access funds when needed.

Important Points to Keep in Mind

1. You cannot withdraw your money before 6 months in this scheme. If you do, you will only receive interest at the rate provided for a savings account.
2. You can choose to invest for 1 to 5 years. You can also extend the duration if needed.
3. If you close your account before the term ends, you will receive 2% less interest on the deposited amount.

Conclusion

The PNB Recurring Deposit Scheme is a great and secure investment option that helps you save money regularly while earning good returns. It is an excellent choice for those looking to build a savings habit with the benefit of compound interest. The ability to open an account with a low investment amount and the flexibility to take loans against it makes this scheme an attractive option. If you want a safe and profitable investment, this scheme is worth considering.

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