PNB Housing Financing revises interest rate on fixed deposits: Now it rises to 7.55%

PNB Housing Finance Limited (PNB Housing), a housing finance company registered with the National Housing Bank (NHB), revised its interest rates on fixed deposits of less than $5 Cr. According to the company’s official website, the new charges will take effect on October 7, 2022. Following the review, the corporation now offers an interest rate for deposits maturing from 12 to 120 months ranging from 7 .00% and 7.40%. PNB HFL now offers a maximum interest rate of 7.55% on fixed deposits with maturities between 36 and 47 months, much higher than the 7% retail inflation rate seen in August 2022.

GNP Rates Housing FD Financing

Under the cumulative option, the company now offers an interest rate of 7.00% on deposits maturing between 12 and 23 months and on deposits maturing between 24 and 35 months, PNB Housing Finance will now offer an interest rate of 6.80%. Cumulative time deposits maturing between 36 and 47 months will now offer an interest rate of 7.55% and deposits maturing between 48 and 120 months will now carry an interest rate of 7.40%. In a non-cumulative fixed deposit, investors can earn interest rates every month. PNB Housing allows clients to choose between monthly, quarterly and annual payments; however, with the accrual option, interest is applied annually to the time deposit and is paid along with the principal at maturity.

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GNP Rates Housing FD Financing (pnbhousing.com)

Senior citizens (over 60 years of age) can deposit up to $1 crore with PNB Housing Finance Ltd. at special rates for seniors with 0.25% higher interest rate. PNB Vivienda’s time deposits have been rated FAA+/Negative by CRISIL and AA/Stable by CARE, which implies high levels of security. For monthly income plans, PNB Vivienda accepts a minimum investment of $25,000; for all other schemes, the minimum deposit is $10,000.

Your Fixed Deposit can be withdrawn early under the rules of PNB Vivienda. After a mandatory lock-in period of three months, the fixed-term deposit can be withdrawn; however, account holders will be charged a penalty and the interest rate will be lower than what was initially committed. PNB Housing Finance has said on its website that “You have the option to make an early withdrawal from your fixed deposit account at any time after three months from the date of the deposit. An interest of 4% per annum will be paid to persons who make an early withdrawal within six months from the date of deposit. For early withdrawals made after six months, an interest rate is offered that is 1% lower than the one applicable on the public term deposit for the period for which the deposit has been made.”

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