Fixed Deposit – Fixed deposits are an excellent way to get assured returns with almost no risk. They grow your money faster than your savings bank account can. If you are looking for a reliable FD scheme to invest in, there are many options available. Here we are discussing the benefits of depositing your hard-earned money with PNB Housing Finance Ltd., a housing finance company.
PNB housing fixed deposits (FDs) are endorsed by CRISIL and CARE certificates that denote safety. They come with all the benefits that fixed deposits provide. Fortunately, they also offer the highest FD rates for interest payments.
Senior citizens get a higher benefit with PNB housing fixed deposits. They are offered 0.25% higher interest rates for their FDs. In addition, the nominee facility makes it easy to ensure the funds in FD reach the right person after the account holder’s demise.
Simple Process to Open Fixed Deposit
The HFC makes it easy to open a fixed deposit. You can call the customer care number and ask to be contacted or go to the website and choose ‘contact us.’ Either way, a representative will reach out to you within two days. They will discuss to identify the best term to choose for the highest FD rates.
Choose the Right Scheme and Tenure
You also decide what type of fixed deposit you want to sign up for at this stage. There are two types of FDs, cumulative and non-cumulative. The interest amount gets added to your FD in a cumulative FD instead of being paid to you. This results in a higher-end term payment.
On the other hand, your interest is regularly paid out to you in a non-cumulative fixed deposit. Some people prefer this as they get fixed income regularly, especially if their FD amount is significant.
The HFC allows you to have multiple holders jointly owning the FD. There are many common scenarios when people want this. For example, a building society may want to hold its corpus funds in fixed deposits. Another example is business partners wanting to hold a company-related FD.
In a jointly owned fixed deposit, the first applicant is considered first among equals. The interest amount goes to this person. The other applicants are bound by the decisions the first applicant takes regarding the FD. Up to three people can jointly own a fixed deposit.
Specialized Fixed Deposits
If companies want to hold fixed deposits in the name of the business, they can get a specific fixed deposit called corporate FD. Corporate FDs cater specifically to big businesses and provide benefits like no upper limit on how much money to invest.
PNB Housing Finance Ltd. provides specific fixed deposits for up to three years for Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). Like most investments, the interest and principal earned cannot be moved out of the country. They also cannot be converted into forex. This is a great option for Indians who choose to work outside of India for a few years and come back.
Once you take a call on the term, the representative will collect the appropriate documents from you and your account will get opened. It is that simple!