• 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 interest rate (simple rate) is reset on a daily basis.

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