Semi-Urban & Rural Telangana is seeing a rapid increase in the uptake of digital financial services
Published on January 27, 2020
Fixed deposits offered by PNB Housing are among the most secure investment options available today. At the same time, PNB Housing also offers one of the best FD plans in India. PNB Housing FD is a trusted investment option as:
PNB Housing Finance Limited has a long history of customer satisfaction. Founded in 1988, it has now successfully completed over 30 years in the business and built a strong reputation for integrity. The company has won many awards recognizing its excellence in the NBFC sector, including the ‘Housing Finance Company of the Year’ at the 8th Annual Real Estate Summit and Awards. Further, it is promoted by Punjab National Bank founded in 1894 and owned by the Government of India.
PNB Housing’s fixed deposit scheme has been rated FAAA/Negative by CRISIL. This rating indicates that the deposits are highly safe with respect to repayment of both the interest and principal. With PNB Housing, you can be assured that your capital is safe. This makes it one of the best fixed deposit scheme in india.
If you have a pressing need for cash, you can avail a loan against your fixed deposits with PNB Housing. You are eligible for a loan of up to 75% of the total principal deposit. The interest rate on this loan is lower than most other sources as the fixed deposit acts as collateral on the loan.
Further, you also have the option of premature withdrawal from your fixed deposit account any time after three months from the date of deposit. This ensures that you do not face any liquidity problems. That said, it is better to keep your deposit for the agreed term, as a premature withdrawal results in an interest rate penalty. Interest at 4% per annum is paid if the withdrawal is made within six months from the date of deposit. For premature withdrawals made after six months, a 1% deduction on interest rate is applicable.
Nomination facility is available on all PNB Housing fixed deposits as required by the guidelines provided by the National Housing Bank. In the case of a depositor’s unfortunate demise, the nominee will be paid both the principal and the interest due.
The great combination of safety and returns provided by fixed deposits make them an ideal choice for building a corpus at low risk. One of the ways to do this is to choose a cumulative fixed deposit with a 10-year term and let the best FD interest rates in India compound over the years. The magic of compounding will ensure that the funds grow rapidly without taking on any undue risks. This is a great strategy when saving up for a big expense like purchasing a house or the education for your kids.
The combination also makes it a great choice for post-retirement savings. When one is not actively earning anymore, limiting the risk exposure on their investment becomes paramount. At the same time, it is important to generate a decent return as the investments may need to last for a long time given the high life expectancy in India. PNB Housing offers among the best FD interest rates in India and is highly secure at the same time. Non-cumulative fixed deposit can be used to generate a regular income from the retirement corpus you would have already built up.