Punjab National Bank’s Annuity Term Deposit Scheme for Victims of Road Accidents intends to make it easier for claimants of road accident victims to deposit cash received from Motor Tribunals according to court rulings under the maximum interest category. The scheme comprises a fixed deposit product called Motor Accident Claims Annuity Deposit (MACAD) and a savings bank account called MACT Claims SB Account.
The main features of the PNB Annuity Term Deposit Scheme are mentioned below:
|Account Type||Single or jointly with others|
Minimum amount: Rs.1,000
Maximum amount: No limit
|Tenure||36 months to 10 years (Deposits for more than 10 years shall be held according to court orders)|
|Rate of Interest||Interest rate that is currently in effect for the duration|
|Nomination||Nomination facility available as per court orders|
|Auto-Renewals||Auto-renewals for the duration specified by the court|
|TDS||As per income tax rules, interest payments are subjected to TDS|
The basic eligibility criteria to open an Annuity Term Deposit scheme with the Punjab National Bank are:
To open a PNB Annuity Term Deposit account, visit your nearest Punjab National Bank branch. A representative of the bank will assist you in opening an annuity term deposit account.
No, there are no loans or advances provided with the PNB Annuity Term Deposit scheme.
No, you cannot prematurely withdraw or cancel your PNB Annuity Term Deposit account. Only a court order will allow premature closure of the account.
Yes, the bank provides the option to nominate a person for your account under the PNB Annuity Term Deposit Scheme.
Interest rate is paid on a monthly basis with PNB Annuity Term Deposit Scheme.
Yes, you will need a PAN card to open an account under the PNB Annuity Term Deposit Scheme.
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