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PNB Housing Finance hikes FD interest rates. Full details here

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PNB Housing Finance FD rates: Following the interest rate hike announced by various Indian banks on term deposits, PNB Housing Finance has raised fixed deposit (FD) interest rates by 10 bps to 25 bps on various tenors. New PNB Housing Finance FD rates will be effective from 15th June 2022 on all term deposits up to 5 crore. After change in PNB Housing Finance FD interest rates, the housing finance company’s FD interest rate would range from 6 per cent to 7.25 per cent across tenors.

In new PNB Housing Finance FD interest rates applicable from 15th June 2022, PN B Housing Finance is offering 6 per cent return on deposits for 112 to 23 months period whereas fixed deposit interest rate offered on 24 to 35 months deposits will be given 6.40 per cent per annum. For 36 to 47 months deposits, PNB Housing Finance is offering 6.85 per cent annual return whereas deposits for 48 to 59 months will attract 7.10 per cent annual return. So, PNB Housing Finance is offering 6 per cent to 7.10 per cent annual return on non-tax saving fixed deposits.

Tax saving fixed deposits

In revised FD interest rates, tax saving fixed deposits would get 7.25 per cent return per annum. After the implementation of these revised FD interest rates, tentative maturity yield on tax saving band fixed deposits would be from 8.38 per cent to 10.14 per cent.

PNB Housing Finance FD interest rate

Senior citizens (above 60 years) will be eligible for 0.25 per cent additional Rate of Interest (ROI) across tenors.

See full list of ONB Housing Finance FD rates below:

Photo courtesy PNB Housing Finance website

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Photo courtesy PNB Housing Finance website

The yield mentioned is calculated using the first month of each tenure grid.

Premature withdrawal

As per the information available on PNB Housing Finance website, “PNB Housing provides for the provision of premature cancellation of your Fixed deposit. There is a compulsory lock-in for 3 months, after which the fixed deposit can be withdrawn. However, the interest rate charged would be lower than the initial agreed about FD interest rate.”

The interest rate for premature withdrawals, applicable:

1] Made within six months from the date of deposit, interest paid is at 4 per cent per annum; and

2] Made after six months, interest will be paid at 1 per cent less than the FD interest rate applicable on public fixed deposit of the period for which the deposit was held.

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