How to Grow your savings with PNB Housing

• Admin Super
• 27 July, 2020

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By: Admin Super

Even the smartest of the investors would find it difficult to strike a balance between savings and investment during unpredictable times. Economic unpredictability can happen from time to time. However, people with a more robust understanding of finance would find better ways to grow their funds. Experts claim that smart investors should get back to traditional methods of investments and balance their portfolio in such a way that there are no short-term financial losses.

How to grow your savings with PNB Housing FD:

Fixed deposits are one of the best traditional methods of investment which has been here for a long time. In the times of uncertainties, a smart investor would rollback to the conventional model of investments and choose a better FD option offered by top financial institutions. That way, you can grow your wealth by investing in a fixed deposit rather than just parking the funds in a savings account. With PNB housing FD, you can get higher returns with relatively no market risk involved. Let’s understand the benefits of PNB housing FD over other fixed deposits:

• With its features and advantages, PNB Housing fixed deposit is listed amongst the top investment resources. Classified as “AA+ / Negative”
• No tax deductions on the amount of interest below Rs. 5,000 per financial year.
• Loan facility is accessible from all PBN housing and PNB branches up to 75% of the deposit amount.
• You get the cheque encashment facility from either of the PNB Housing branches because of interest and redemption of deposits.
• It also offers you premature cancellation facilities after three months, depending on the company’s discretion.
• As per NHB guidelines, you will get the nomination facility.
• The special interest rate for senior citizens is an extra 0.25% interest rate applied to deposits up to a limit of one crore.

 PNB Housing Finance Fixed Deposit Calculator:

PNB Housing Finance provides lucrative Fixed Deposit interest rates upto 7.60% on its fixed deposits. Note that the maturity amount that you get would depend on:

• The deposit amount
• The rate of interest
• The tenure of FD
• The compounding frequency
• TDS rate and its applicability

Required documentation:

• Recently filled out the application form along with the photograph
• Evidence of age, such as valid passport, regulatory authority certificate, driving license, etc.
• Proof of residence such as driving licence, telephone bill, electricity bill, ration card, voter I d, any other statutory authority valid certificate

Who can apply:

The following may apply for a PNB Housing Fixed Deposit: Deposit can be made in joint name(s) with a maximum of three persons.

• Residents & Citizen of India
• Hindu Undivided Family (HUF)
• Ownerships Only
• Partnership enterprises
• Companies which include group companies
• Family trusts
• Minors under the guardian
• Charitable trusts
• Association of persons
• Cooperative societies incorporated in India (other than housing cooperative societies)

Conclusion

Investing in PNB housing FD is a wise decision considering the prevailing uncertainties in the economy.