PNB or Punjab National Bank is a public sector undertaking but it is owned by the government of India. Fixed Deposits in itself is a very popular investment avenue that Indians prefer and PNB fixed deposit happens to be one of the most trusted and opted-for choices to open a fixed deposit account. With its legacy dating back to 1894, it has over 7000 branches in India with almost 115 million customers and a large portion of it goes for fixed deposit alongside other avenues.
Step-by-step guide on opening a fixed deposit at Punjab National Bank
A full guide to open a PNB fixed deposit has been laid out for you. It is a very easy process, just follow these closely and you’ll do it in no time. First, let’s familiarise with the pre-requirements for opening a fixed deposit account at PNB.
For an Individual fixed deposit account, the following are required.
- One color passport size photograph that must have been taken recently.
- One copy of your PAN card that should be self-attested.
- A copy of your address proof which should also be self-attested. Voter id card or Aadhar card should do as well.
It is advisable to also carry the original documents of the copies you are carrying.
Non-individual FDs mean trusts, clubs associations, partnership firms, co-operative agencies, etc. Firstly you have to submit all the legal documents related to your institution. These will include the registration, documents of incorporation, and specimen signatures of all the authority figures in your institutions. Other than these, you have to carry the following documents To open a non-individual fixed deposit account.
- A copy of the PAN card of the institution.
- A document stating the address of the institution.
- Copies of the PAN card and passport-sized photographs of all the authority figures in the institution.
Steps to open a Fixed deposit account in PNB
You have to fill out an application form to apply which you can collect from any nearby PNB branch or if you want you can apply online too. For that, you need to keep scanned copies of the relevant documents at hand. Now you need to know the steps involved to start a PNB FD.
Step 1: Fill up the form
- Draw the form and fill out the required details.
- The form will ask for some basic details like name, contact, email id, address. These are simple and you will have no issues while filing these out, be careful while filling the tenure, payments details, deposit option, repayments and taxation instruction and FD certificate dispatching mode.
- The second page of the form will ask for the repayment details and details of the nominee of the account.
- You will have to attach a passport size photograph and finally sign on the application form.
Step 2: Complete KYC
- Next, you have to attach the copies of the above-mentioned documents which are also known as the KYC(Know your customer) documents.
- After this, you have to submit this to the bank or the online portal, whichever you have opted for.
Step 3: Verification and confirmation
- After all your KYC documents have been verified, your FD will be created.
- An FD certificate will be sent to you in the mode that you have chosen in the application form. You will also receive an SMS confirmation of the FD booking and FD certificate dispatch on your mobile phone.
- You can also opt for a doorstep service, in which case a bank representation will visit your house and assist you in filling the application form. He will also collect the KYC documents as well as deliver the dispatch certificate to you.
The very suitable PNB FD interest rates are one of the reasons why people go for a fixed deposit scheme with this bank. They also have flexible tenures ranging from seven days to ten years. Other advantages of PNB include their very nominal minimum balance and initial deposit account. An FD account at PNB can be opened with as less as Rs.100. Also, non-cumulative fixed deposit schemes come with periodic interest withdrawal facilities. Accrued interest dividend can be withdrawn before the maturity for any personal reasons.
PNB is one of the largest public sectors in India that has holdings in other countries as well. The current market capitalisation value of PNB is over Rs. 42,000 crores. The bank and its schemes are well trusted and can be availed of without any hassle.