• Punjab National Bank Systematic Deposit Plan

    The systematic deposit plan from Punjab National Bank allows minor below the age of 10 to open a fixed deposit account with the bank. This plan has a minimum tenure of 6 months and a maximum tenure of 60 months. This system does not penalise its depositors for late deposits and provides an option for loan/overdraft.

    Features of Punjab National Bank Systematic Deposit Plan

    The various features of Punjab National Bank Systematic Deposit Plan are given below:

    Account type Single or jointly
    Tenure

    Minimum: 6 months

    Maximum: 5 years

    Deposit amount Minimum: Rs.100
    Penalty for late deposit Not applicable
    Overdraft facility Available
    Nomination facility Available

    Punjab National Bank Systematic Deposit Plan Interest Rates for Deposits Below Rs.2 Crore

    The interest rates for Punjab National Bank Systematic Deposit Plan for deposits below Rs.2 crore are given below:

    Tenure Interest Rate (p.a.)
    180 days to 270 days 4.40%
    271 days to less than 1 year 4.40%
    1 year 5.00%
    Above 1 year to up to 2 years 5.00%
    Above 2 years to up to 3 years 5.10%
    Above 3 years to up to 5 years 5.25%

    Note: The interest rates are effective since 1 August 2021 and can be changed as per the bank’s rules and regulations.

    Punjab National Bank Systematic Deposit Plan Interest Rates for Deposits Above Rs.2 Crore and Below Rs.10 Crore

    The interest rates for Punjab National Bank Systematic Deposit Plan for deposits above Rs.2 crore and below Rs.10 crore are given below:

    Tenure Interest Rate (p.a.)
    180 days to 270 days 3.00%
    271 days to less than 1 year 3.00%
    1 year 3.50%
    Above 1 year to up to 2 years 3.50%
    Above 2 years to up to 3 years 3.50%
    Above 3 years to up to 5 years 3.50%

    Note: These interest rates are effective since 1 October 2021 and can be changed as per bank’s rules and regulations.

    Punjab National Bank Systematic Deposit Plan Eligibility

    The eligibility criteria to open an account under the Punjab National Bank Systematic Deposit Plan are given below;

    • Indian citizens above the age of 18
    • Minors above the age 10 with an age proof
    • Minors below the age of 10 along with their parents/guardians
    • Clubs, firms, associations, municipal corporations, educational institutions, government bodies, quasi-government bodies, panchayat, co-operative societies, HUFs, corporate, religious institutions, etc.

    How to Open an Account Under Punjab National Bank Systematic Deposit Plan

    To open an account under Punjab National Bank systematic deposit plan, visit your nearest Punjab National Bank. There a representative of the bank will guide you through the process of opening a fixed deposit account.

    FAQs on Punjab National Bank Systematic Deposit Plan

    1. Will I be charged a fine if I deposit my money later than the specified time for Punjab National Bank Systematic Deposit Plan?

      No, you will not be charged any late fee under the Punjab National Bank Systematic Deposit Plan.

    2. Is nomination facility available under the Punjab National Bank Systematic Deposit Plan?

      Yes, nomination facility is available under the Punjab National Bank Systematic Deposit Plan.

    3. Is overdraft facility available for the Punjab National Bank Systematic Deposit Plan?

      Yes, an overdraft facility is available for the Punjab National Bank Systematic Deposit Plan.

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