PNB MIBOR Linked Notice Deposit Scheme
Punjab National Bank (PNB) offers the Notice Deposit Scheme, where the interest rates are linked to the Mumbai Inter Bank Offer Rate (MIBOR) NSE Overnight. The scheme is provided only at METRO cities at CBS branches.
PNB MIBOR Linked Notice Deposit Scheme Eligibility Criteria
The below-mentioned individuals can avail the benefits of the Notice Deposit Scheme:
- High Net worth Individuals (HNIs)
- Corporate/ Company Body
- Public Sector Undertakings
- Commercial Organisations
Features of PNB MIBOR Linked Notice Deposit Scheme
The main features of the scheme are mentioned below:
- Initially, a deposit of Rs.1 crore must be made.
- No deposits can be made on Friday.
- The minimum and maximum tenure of the scheme are 7 days and 60 days, respectively.
- No penalty is levied in the case of part or premature withdrawal. However, you must inform the bank one day in advance regarding premature or part withdrawal.
- You cannot avail a loan against the scheme.
- On maturity, the scheme renews automatically by the system. The customer will not be provided instructions regarding the same.
PNB MIBOR Linked Notice Deposit Scheme Interest Rate
The Treasury Division-HO that is linked to the MIBOR decides the interest rate of the scheme. However, the interest rate is provided by an upper cap. The fd interest rate (simple rate) is reset on a daily basis.
FAQs on PNB MIBOR Linked Notice Deposit Scheme
- What is the deposit period for Punjab National Bank MIBOR Linked Notice deposit scheme?
The minimum deposit period for the scheme is 7 days while the maximum deposit period is 60 days.
- Does the bank employees receive an additional interest rate?
Yes, senior bank employees and former employees receive an additional 1.5% per year in interest on top of the standard rates. The same only applies to deposits under Rs.2 crore, though. Senior bank employees and ex-employees would not receive an increased interest rate for deposits between Rs.2 crore and Rs.10 crore. The maximum additional interest rate for PNB Tax Saver FDs is 1% p.a.
- Does Punjab National Bank MIBOR Linked Notice deposit scheme offer loan against deposit?
No, Punjab National Bank MIBOR Linked Notice deposit scheme doesn’t offer any loan against deposit.
- Is auto renewal facility available for Punjab National Bank MIBOR Linked Notice deposit scheme?
Yes, auto renewal facility is available for Punjab National Bank MIBOR Linked Notice deposit scheme. If the customer has not given any instructions to the contrary, the system will automatically renew the fixed deposit upon maturity under this scheme. FDR will automatically renew for only 14 days.
- Will I be charged any penalty for premature withdrawal for Punjab National Bank MIBOR Linked Notice deposit scheme?
No, you will not be charged any penalty for premature withdrawal for Punjab National Bank MIBOR Linked Notice deposit scheme.
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