PNB Sugam Term Deposit Scheme
If you are a customer of the Punjab National Bank (PNB), then you can apply for PNB Sugam Term Deposit fixed deposit scheme which would allow you to maximise your savings over a period of time.
The tenure offered ranges from 46 days to 10 years for which the interest rate offered will be between 4.50% p.a. and 7.25% p.a.
Features of PNB Sugam Term Deposit Scheme
Deposit Amount |
|
Tenure | from 46 days to 10 years |
Rate of Interest | The rate of interest applicable will be at the discretion of the lender. Currently the interest rate offered ranges between 4.50% p.a. and 7.25% p.a. |
Demand Loan or Overdraft Facility |
|
Premature Withdrawal | Minimum withdrawal of Rs.1,000 permitted at a time. |
Eligibility Criteria
Given below are the eligibility criteria one will have to fulfill to apply for this FD scheme:
- The account can be opened individually or jointly.
- The account can be opened in the name of minors who are aged 10 years and above.
- Proprietorship, partnership firm, commercial organization, company or corporate body.
- Hindu Undivided Family (HUF).
- Association, club, society, trust or religious bodies, educational institutions, municipality or panchayat, government or quasi-government body.
- Blind and illiterate people can also avail this FD scheme.
How to Apply for PNB Sugam Term Deposit Scheme
You can visit the nearest PNB branch along with all the relevant documents where a representative from the bank will help you with the application process.
FAQs on PNB Sugam Term Deposit Scheme
- What is the minimum deposit period for PNB Sugam term deposit scheme?
The minimum deposit period for PNB Sugan term deposit scheme is 46 days.
- Can I deposit an additional amount to PNB Sugan term deposit scheme?
The money is only deposited once, at account opening, therefore adding more funds to an FD account is not permitted.
- Is it possible to take a loan against the deposit for PNB Sugam term deposit scheme?
Yes, loan against fixed deposit is available for PNB Sugam term deposit scheme.
- Is the interest rate earned from PNB Sugam term deposit scheme taxable?
If the total interest income for the financial year exceeds Rs.10,000, the interest generated on the FD is indeed taxable.
- Is premature withdrawal allowed for PNB Sugam term deposit scheme?
Yes, premature withdrawal is allowed for PNB Sugam term deposit scheme. The depositor has the option to withdraw any amount prior to maturity in multiples of Rs.1, with a minimum withdrawal value of Rs.1000 per time, anytime he wants it, without breaking the total deposit or losing interest on the remaining deposits made under the program.
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