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PNB Saving Account Interest Formula:
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PNB (Punjab National Bank) saving account interest is calculated quarterly based on the minimum balance maintained in the account and the applicable annual interest rate. The interest is credited to the account every quarter.
The calculator uses the PNB saving account interest formula:
Where:
Explanation: The formula calculates the quarterly interest by taking the minimum balance, applying the annual interest rate (converted to decimal), and dividing by 4 to get the quarterly amount.
Details: Calculating interest helps account holders understand their earnings, plan finances, and compare different saving options. Regular interest calculation ensures transparency in banking operations.
Tips: Enter the quarterly minimum balance in INR and the annual interest rate in percentage. Both values must be positive numbers for accurate calculation.
Q1: How often is interest calculated in PNB saving accounts?
A: Interest is calculated on a quarterly basis and credited to the account at the end of each quarter.
Q2: What is the current interest rate for PNB saving accounts?
A: Interest rates may vary and are subject to change. Please check with PNB for the current rates applicable to your account type.
Q3: Is the minimum balance requirement same for all PNB saving accounts?
A: No, minimum balance requirements vary depending on the type of saving account (regular, premium, etc.) and location.
Q4: How is TDS handled on saving account interest?
A: TDS is deducted if the total interest income exceeds ₹10,000 in a financial year as per current regulations.
Q5: Can I get monthly interest instead of quarterly?
A: Typically, PNB calculates and credits interest quarterly. Some special accounts may have different interest payment frequencies.