The Punjab National Bank provides a unique deposit product called the PNB Lakhpati Scheme, in this scheme the products has a special feature of being a recurring deposit account as well as a fixed deposit.
The fixed deposit works on a maturity basis, in which the recurring deposit on maturity becomes a fixed deposit, and will earn interest on the remaining tenure.
Applicant who want to take up the PNB Lakhpati Scheme should meet the below mentioned criteria.
Account Type | Joint/Single/Organisation |
Amount | The minimum amount for the recurring deposit can be from Rs. 1000, Rs. 1200, Rs. 1500, and Rs. 2100. |
Rate of Interest | The rate of interest will be 9% per annum |
Period | The tenure can be from a minimum of 57 months to 120 months |
TDS | The bank will issue a TDS certificate for the tax deducted |
Loan against Punjab National Bank - PNB Lakhpati Scheme | The Punjab National Bank - PNB Lakhpati Scheme offers the facility of a loan or overdraft facility available under this scheme. |
Nomination (if any) | NA |
Auto Renewals | This scheme will remain active until the amount is withdrawn from the bank. |
Period of Deposit | The total periods for which this deposit is available under this scheme is a maximum of 120 months. You can choose the recurring deposit to be a period of 24, 36, 48, or 60 months. |
Amount | Tenure in Months | Rate of Interest |
Rs. 1070 | 72 | 9.00% |
Rs. 880 | 84 | 9.00% |
Rs. 730 | 96 | 9.00% |
Rs. 620 | 108 | 9.00% |
Rs. 530 | 120 | 9.00% |
* The interest rates mentioned are at the discretion of the Bank and are subject to change
Yes, premature withdrawals are permitted under the PNB Lakhpati Scheme, unless specified otherwise
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