RD: If you’re considering investment options and seeking a secure and rewarding plan, then the Recurring Deposit (RD) scheme offered by Punjab National Bank (PNB) could be an excellent choice for you. This plan is perfect for individuals looking to achieve substantial returns over the long term through small, regular investments.
What makes PNB RD unique?
The unique feature of the PNB RD scheme is that it allows you to deposit a set amount each month, enabling you to build a substantial capital for your future. In this plan, you can invest for a duration of 6 months to 10 years based on your preference. This plan is particularly beneficial for individuals who anticipate favorable returns within a set timeframe, without jeopardizing their hard-earned funds.
How to open an PNB RD account
To open an RD account in PNB, the minimum investment required is just Rs 100 every month. Additionally, there is no upper limit on investments, allowing you total flexibility to invest based on your means. Regardless of whether you begin with Rs 100 monthly or opt for a larger investment, this scheme offers the potential for yielding substantial profits in either case. If you invest for 1 to 2 years, you can earn a 5.00% interest rate, whereas senior citizens may receive up to 5.60%. If you invest for a duration of 2 to 3 years, you’ll receive a 5.25% interest rate, whereas for an investment period exceeding 5 years, this rate may rise to 6.50%, and senior citizens can enjoy an interest rate of up to 7.30%.
Calculation
By this means, substantial gains can be realized over the long run with PNB’s RD plan. If you invest Rs 2500 each month, your yearly total investment will amount to Rs 30,000. If you maintain this investment for 10 years, your overall investment could amount to Rs 30 lakh. In this scenario, with an interest rate of 6.5%, you can expect a return of roughly Rs 4,22,476 upon maturity, from which Rs 1,22,476 will be your earnings solely as interest.
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