PNB Special Term Deposit Scheme
Punjab National Bank has been catering to the financial needs of customers across the country for over 120 years, offering customized products to meet specific requirements.
The Special Term Deposit Scheme initiated by PNB aims to inculcate a habit of savings in individuals, providing their hard earned money a platform to grow over time. Flexible deposit options and time periods make it ideal for those who wish to be equipped to handle any financial emergency.
Also, Check - Fixed Deposit
Features of PNB Special Term Deposit Scheme
Account Type | Joint/Single |
Amount | Min - Rs.100 Max - Rs.1.99 crore |
Period/Tenure | Min - 1 year Max - 10 years |
TDS | If income from interests exceeds Rs 10,000 in a financial year, TDS should be paid as per rules laid down by the Income Tax Department |
Loan against PNB Special Term Deposit Scheme | Loans can be availed, subject to meeting certain criteria |
Nomination | Yes |
Auto Renewal | Yes, unless specifically mentioned |
Eligibility criteria for PNB Special Term Deposit Scheme
Individuals who wish to open an account under PNB Special Term Deposit Scheme are expected to satisfy the following criteria.
- Individuals - This account can be opened either as a single account or a joint account by individuals
- Age - Account can be opened in the name of a minor by his/her guardian. The age of the minor should be under 10 years. If the minor is over 10 years, age proof should be provided
- Organisations - This account can be opened by firms, associations, clubs, charitable institutions, government bodies, Hindu undivided families, religious trusts, commercial organisations, municipalities, panchayats, quasi government bodies, etc.
- Deposit - A minimum balance of Rs 100 should be maintained in the account for it to be active. The maximum deposit amount can be Rs.1.99 crore.
FAQs on PNB Special Term Deposit Scheme
- How does the auto renewal feature work?
Under this scheme, an account is automatically renewed for the period for which the initial contract was signed. The bank might inform a customer about auto renewal before it is renewed. An account will be renewed only if no prior instructions are given stating the contrary.
- Should one be a literate to open an account under PNB Special Term Deposit Scheme?
No, one needn't be literate to open and handle this account. PNB has provisions for illiterates to open and operate this account.
- Are premature withdrawals permitted under this scheme?
Yes, premature withdrawals are generally permitted, unless specifically stated otherwise. A penalty might be levied by the bank for such premature withdrawals and no interest will be paid if the withdrawal is made within 15 days of opening an account.
- When will interest on this account be paid?
The interest can be paid to an account holder either quarterly or monthly at a discounted value. Interests on deposits which are overdue are paid by the bank according to the policies in place at a particular time.
- What are the documents one should submit to open an account under this scheme?
Individuals who wish to open this account need to submit the following documents.
- Two recent passport size photographs
- Pan details or General Index Number of applicant
- Form 60 or 61
The individual who wishes to open this account should be introduced by a person known and acceptable to the bank.
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