Have you ever understood the importance of fixed deposit and what it means to you in the long run? If not, then the information sketched in this article is for you. A fixed deposit is an account that gives you a high rate of interest when compared with that of the traditional savings account. For every beginner, who do not know about the deposits, choosing fixed deposit is a great way to begin the journey.
Choosing fixed deposit of PNB
The Punjab National Bank is providing an attractive rate of interest on fixed deposits. It is suitable for any individual, including NRI’s. Furthermore, the interest rate is a little high for senior citizens. To begin with, opening a fixed deposit account requires the individual to deposit the necessary amount and state the tenure/number of days, months, or years.
Opening the account
If you are already holding an account with the bank, they have your information, and it becomes a quick process to open a fixed deposit account. All they need is filling a form available at the branch, state the amount, fill in the name of the holder, phone number, PAN card number, and sign the same. Before filling the application, if you are unaware of the interest rates, you can seek it from the officer. Depending on it, you can choose the tenure and the amount that you wish to fix. Remember that you cannot withdraw money after opening a fixed deposit account.
Opening it online
PNB is providing the easiest method for users to open a fixed deposit online. It is probable with the help of internet banking and transaction password supplied by the bank. If you do not own an online banking account, visit your home branch and apply for the same. You will receive the details of the login to the registered communication address.
Once you receive the details, you can then log in to the account using the provided ID and password. Do change the password after the first login. From the primary interface, which displays all the information related to your account, choose “Manage accounts” from the options. Do remember to check netpnb for more updates.
Clicking the option will open several services offered online by the bank. From the available options choose “Open fixed deposit.” It will open a new page, where you will see all the terms and conditions. If you are new to the fixed deposit, then it is advisable to read them and understand the same before agreeing to the same. After completion, click “I Agree” button to continue.
The next page consists of information related to the fixed deposit. You can choose between regular and tax saving account. Tax saving account is suitable for those with high income and wishes to save tax. Remember that this account has a minimum tenure of five years.
You can select the savings account for withdrawing money. Enter the required payment, and choose the maturity date. You can further look to renew the same after maturity or select the option to credit the amount to the savings account.
Now that you have understood about opening a fixed deposit account, it is time to pick the right option. Choose the maturity date cautiously and select according to your needs but not based on the interest offered by the bank.