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Fixed deposits are great investment options for the ones with a traditional point of view of saving, but then there’s a constraint of not having liquidity options when financial needs suddenly crop up. Punjab National Bank (PNB) offers its customers an option to open a fixed deposit account that allows them to benefit from preferential interest rates and also allows premature cancellation of the deposit at any given point of time. This specific scheme is known as PNB Anupam Term Deposit.
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The basic eligibility criteria for opening an Anupam Term Deposit with Punjab National Bank are as follows –
Apart from the above mentioned basic criteria, the bank might require additional conditions to be fulfilled, based on its discretion.
Know more here: Term Deposits
|
Account Type |
Both individuals and non-individuals can apply. Hindu Undivided Families allowed. Accounts can be jointly held |
|
Deposit Amount |
Minimum starting deposit is INR 10000 Minimum subsequent deposit is in multiples of INR 1000 Maximum deposit will be INR 99,99,000 |
|
Rate of Interest |
Anywhere between 7.25% per annum to 8.00% per annum |
|
Period |
Minimum duration – 6 months Maximum duration – 10 years |
|
TDS |
TDS Certificate will be issued by the Bank |
|
Lock-in Period |
N/A |
|
Tax Rebate Applicability |
N/A |
|
Loan against PNB Anupam Term Deposit Scheme |
N/A (subject to change based on bank’s discretion) |
|
Nomination |
Nomination facility is available |
|
Auto Renewals |
The scheme is valid only for the period selected at initiation. Renewal for another year happens only if the deposit is continued |
The interest rates offered on PNB Anupam Term Deposits are linked to the base rate of the bank. As of December 2015, the rates could be anywhere from 7.25% per annum to 7.50% per annum for the general populace. Senior citizens might get an additional rate over and above the advertised rates.
Interest on the deposit made is payable at a discounted monthly value or quarterly. It could also be compounded quarterly (reinvested) or on the date of maturity, based upon the choice of the depositor during the initiation of the scheme. In case a deposit is overdue, interest might be payable but will be based on the discretion of the bank.
All the above mentioned rates are dependent on the bank’s discretion and are liable to change anytime.
One can apply for an Anupam Term Deposit with PNB through any of its official branches by furnishing the required documents and the minimum deposit amount.
One would require an introduction to the bank or should be an existing customer. Apart from that, two recent passport size photographs of the person(s) opening the account will be required. Government attested ID proof and declaration through Form 60 or 61 or PAN (Permanent Account Number) or GIR (General Index Register) needs to be provided.
The interest rate could range from 7.25% per annum to 8.00% per annum. That would include any additional interest provided for senior citizens too.
The minimum maturity period of an Anupam Term Deposit will be 6 months and the maximum would be 10 years.
There are no applicable lock-in periods for this deposit and it can be prematurely cancelled at any time to obtain the principal and accrued interest.
Useful Information on PNB Fixed Deposit
Other Fixed Deposit Schemes Offered by PNB
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