In a periodic interest payout option, PNB would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a PNB cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator PNB – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of PNB in a year exceeds 10000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the PNB records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your PNB FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
PNB will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
PNB FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
01st Dec 16 Punjab National Bank reduces its MCLR up to 10 bps
Punjab National Bank has reduced its overnight and six months marginal cost of lending rates to 8.90 and 9.10 percent from 9 and 9.20 percent earlier. Minimum MCLR rates for one year and five year tenure are also reduced by 10 basis points to 9.15 and 9.45 percent from 9.25 and 9.50 percent respectively. New rates are effective from 1st December, 2016.
11th Nov 16 PNB to calibrate their 10,000 ATMs by the end of the month to disburse new notes
Punjab National Bank plans to adjust their 10,000 ATM machines to disburse new currency notes of Rs. 500 and Rs. 2,000 by the end of the month. The step is taken after Prime Minister announced the demonetization of Rs. 500 and Rs. 1,000 notes to remove black money from the economy.
07th Nov 16 PNB net profit falls by 11.5 percent in July to September quarter, bad loan rises
Punjab National Bank reported a decline in its net profit by 11.5 percent in July to September quarter due to rise in bad loans. The net profit fell to Rs. 549.36 crores as compared to Rs. 621.03 crores in same quarter of last year. Provision for bad loans increased by 34.6 percent to Rs. 2,534 crores from Rs. 1,882 crores in same period last year.
03rd Nov 16 Punjab National Bank organizes Grahak Sammelan in Bhopal
Punjab National Bank organized Grahak Sammelan programme under its vigilance awareness week. The awareness week is being held from 31st October, 2016 to 5th November, 2016 and aims at promote honesty and eliminate corruption by public support.
02nd Nov 16 Punjab National Bank cuts lending rates from 1st November, 2016
PNB has reduced its marginal cost based lending rates (MCLR) by 0.05 percent. The overnight and three months MCLR is reduced to 9 percent and 9.15 percent. The one year and three years MCLR is reduced to 9.25 percent and 9.40 percent. The five year MCLR is reduced to 9.55 percent respectively. The revised rates will be effective from 1st November, 2016.
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