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PNB RD Scheme: If you’re looking to build a secure fund for your future through small savings, Punjab National Bank’s (PNB) Recurring Deposit (RD) scheme can be a useful option. The unique feature of this scheme is that you can start investing with just ₹100 per month. Besides fostering a habit of regular savings, this scheme can also help you accumulate funds for your children’s education, your daughter’s future, or for a larger financial goal.

Start investing with a minimum of ₹100

An account can be opened under PNB’s RD scheme by depositing a minimum of ₹100 per month. Investors can then increase the monthly installments according to their capacity. The term of the scheme can be set from 6 months to 5 years, making it easy to achieve short- and medium-term savings goals.

Accounts can also be opened in the names of daughters and children

Parents can also open accounts in the names of their daughters or other minor children under this scheme. Additionally, the option to open a joint account is also available. Many institutions, trusts, and other eligible organizations can also benefit from this scheme.

Several Additional Features Available

PNB RD accounts also offer features like standing instructions, nominations, and loan against deposits. This makes it easier for investors to pay installments on time. Interest is calculated according to the bank’s applicable rules and prevailing interest rates, so the maturity amount may change from time to time.

How much investment is required to create a corpus of ₹1 lakh?

If an investor wants to receive a maturity amount of approximately ₹1 lakh based on an annual interest rate of approximately 7% for 5 years, they may need to invest around ₹1,400 per month. At the same time, by depositing just ₹100 per month, the total deposit will be ₹6,000 in 5 years, and the estimated maturity amount could be between ₹7,200 and ₹7,300. The actual return will depend on the bank’s prevailing interest rate at that time.

Keep these things in mind before investing (PNB RD Scheme)

RD schemes are considered a safe savings tool, but before investing, be sure to familiarize yourself with the bank’s current interest rate, tenure, and terms. If your goal is to build a large corpus, the monthly investment amount should be determined accordingly. With proper planning and regular investment, even small savings can become a significant financial asset in the future.