PNB Housing Finance Ltd. was incorporated in 1988 and operates as a subsidiary of Punjab National Bank. It is based in New Delhi, India with branches in all major cities in India. PNB Housing Finance, Ltd. offers loans for purchase/construction of property, flat, houses, and apartments to resident Indians and NRIs.
Features and Benefits of PNB Housing Finance Ltd Deposit Schemes:
Period (Months) | Interest Rates | Yield for Cumulative Option |
12 and 24 Months | 9.50% | 9.73% & 10.20% respectively |
36, 48 and 60 Months | 9.75% | 11.02%, 11.58% & 12.19% respectively |
72 and 84 Months | 9.50% | 12.42% & 13.07% respectively |
Interest rate for Senior citizens age above 60 years (as on day of deposit) and PNB Housing Staff shall be at 0.50% higher than above rates.
The deposit can be withdrawn prematurely only after completion of 3 months. Below table shows the penalty for withdrawal
Duration | Penalty |
Up to 3 months from date of deposit | Cannot withdraw |
3 – 6 Months | No Interest would be payable |
6 – 12 months | 3% less than the interest rate prescribed |
After 12 months but before maturity | 2% less than the interest rate prescribed |
PNB Housing Finance Ltd is offering competitive interest rates to banks for higher maturity duration of 3 Years or more. As far as banks are concerned they are offering less than 9.3% for FDs of 3 years or more, which is expected to go down further as in case of SBI. On the safety of capital front, being a Government owned organization, its completely safe. It makes sense to look to PNB Housing as an option for higher tenure deposits. The staff of PNB Housing should obviously go for it due to extra 0.5% interest offered.
You can find all further details in the advertisement below:
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