If you’re looking for a safe investment option that helps your money grow, the PNB Recurring Deposit (RD) scheme is an excellent choice. With this scheme, you can earn 6.5% annual interest by depositing a fixed amount every month. It allows you to secure your money while earning good returns. In this article, we will explore the PNB Recurring Deposit scheme in detail and see the benefits of investing in it.
How Does the PNB RD Scheme Work?
The Recurring Deposit (RD) scheme is a small savings plan where you deposit a fixed amount every month. Upon maturity, you receive both the principal and interest. The maturity period for this scheme is 5 years, and you receive interest every quarter.
The interest rate for the PNB RD scheme is 6.5% annually, and it compounds every quarter. The best part of this scheme is that your investment remains fully secure, and you get regular returns over time.
Investment Limit and Interest Rate
You can start investing in the PNB RD scheme with a minimum amount of ₹1,000. There is no upper limit, so you can invest more according to your convenience. The interest rate is 6.5% per annum, and it compounds quarterly. This means that you earn interest every quarter, and it gets added to your principal for the next quarter. This compound interest works in favor of the investor, as your returns grow faster.
What Return Will You Get by Investing ₹3,000 Per Month?
If you invest ₹3,000 per month, your total investment over 5 years will be ₹1.80 lakh. After 5 years, you will receive a total of ₹2.12 lakh, where ₹1.80 lakh is your invested amount, and the remaining ₹32,000 is your interest. This way, you can earn a good return on your investment in just 5 years, making it a strong financial safety net for your future.
| Monthly Investment (₹) | Total Investment (₹) | Interest Rate (%) | Total Amount at Maturity (₹) | Interest (₹) |
|---|---|---|---|---|
| 3,000 | 1,80,000 | 6.5 | 2,12,000 | 32,000 |
By investing in this PNB Recurring Deposit, you will receive a safe and regular return, helping you grow your money steadily.
Additional Interest for Senior Citizens
PNB offers extra interest on its RD scheme for senior citizens. If you are a senior citizen, you can get a higher interest rate, making this scheme an even more attractive investment option. This benefit allows seniors to earn better returns and increase their regular income.
Premature Withdrawal
If you wish to make a premature withdrawal from this RD scheme, you will need to follow certain rules. If you withdraw before completing one year, a penalty will apply. The penalty for withdrawing between 1 to 3 years is 2%, and for withdrawals between 3 to 5 years, the penalty is 1%. Therefore, it’s essential to carefully plan your investment and understand the terms before investing in this scheme.
Conclusion
The PNB Recurring Deposit (RD) scheme is a safe and profitable investment option. You can earn 6.5% annual interest and receive steady returns over a long period. For senior citizens, the extra interest makes this scheme even more beneficial. If you want a secure investment that provides regular returns, the PNB RD scheme can be a great choice for you.
