Punjab National Bank has been catering to the financial needs of customers across the country for over 120 years, offering customised 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.
Individuals who wish to open an account under PNB Special Term Deposit Scheme are expected to satisfy the following criteria.
Min – Rs 100
Max – Rs 99.99 lakh
|Rate of Interest||
Min – 7.25% per annum
Max – 8% per annum
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|
|Auto Renewal||Yes, unless specifically mentioned|
PNB offers different interest rates on its Special Term Deposit Scheme based on the age of a depositor and the tenure of a particular deposit. These interest rates are mentioned below.
|Tenure||Interest rate for senior citizens||Interest rate for others|
|1 year but less than 2 years||8 %||7.5 %|
|More than 2 years but less than 5 years||7.75 %||7.25 %|
|More than 5 years but less than 10 years||7.75 %||7.25 %|
Note: The interest rates offered by PNB are subject to change at their sole discretion. The above mentioned rates are for December 2015.
No, one needn’t be literate to open and handle this account. PNB has provisions for illiterates to open and operate this account.
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.
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.
Individuals who wish to open this account need to submit the following documents.
The individual who wishes to open this account should be introduced by a person known and acceptable to the bank.
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.