• PNB Uttam Term Deposit Scheme

    The Punjab National Banks’s Uttam Term Deposit Scheme is a non-callable scheme where the minimum amount required to open the account is Rs.15 lakh. The scheme is available for individuals, minors, clubs, societies and also includes visually impaired and illiterate people in their eligibility list.

    Features of PNB Uttam Term Deposit Scheme

    Account Type Single or Joint (with others)
    Deposit Amount

    Minimum: Rs.15 lakh

    Following that, in multiples of Rs.1

    Maximum: No limit

    Rate of Interest Between 3.85% p.a. to 5.30% p.a.*
    Tenure

    Minimum duration: 91 days

    Maximum duration: 10 years

    Interest Option

    Income option

    Monthly

    Quarterly

    Half-yearly

    Annually (for tenure of 6 months to 10 years)

    Maturity (tenure of 91 days to 10 years)

    Auto-renewal None

    *Interest rates effective from 1 August 2021

    Eligibility Criteria to open a PNB Uttam Term Deposit Scheme account

    You must meet the following requirements to open a PNB Uttam Term Deposit account:

    • Individuals over the age of 18
    • Minors over the age of 10 can open a FD account upon providing proof of age
    • Hindu undivided family
    • Corporate body, Commercial organization, Clubs, Charitable trusts, and educational institutions
    • Panchayat, Municipality, Government, and Quasi-government body
    • Visually impaired and illiterate person

    How to Open a PNB Uttam Term Deposit Account

    To open a PNB Uttam Term Deposit account, visit your nearest Punjab National Bank where a representative from the bank will guide you through the process.

    PNB Uttam Term Deposit Interest Rates Less than Rs.2 Crore

    Below are the latest interest rates for deposits less than Rs.2 Crores:

    Tenure Interest Rates (p.a.)
    91 days to 179 days 3.85%
    180 days to less than a year 4.45%
    1 year to up to 2 years 5.05%
    2 years to up to 3 years 5.15%
    Above 3 years to 10 years 5.30%

    Note: These interest rates are effective from 1 May 2021 and can be changed as per bank rules.

    PNB Uttam Term Deposit Interest Rates Above Rs.2 Crore

    For deposits more than Rs.2 Crores and less than Rs.10 Crores, the interest rates are:

    Tenure Interest Rates (p.a.)
    91 days to less than a year 3.05%
    1 year to 10 years 3.55%

    Note: These interest rates are effective from 1 May 2021 and can be changed as per bank rules.

    FAQs on PNB Uttam Term Deposit Scheme

    1. Can I prematurely withdraw my money from the PNB Uttam Term Deposit Scheme?

      No, the bank doesn’t allow you to prematurely withdraw your deposit money from PNB Uttam Term Deposit Scheme.

    2. How is the maturity value calculated for deposits under the maturity option in the PNB Uttam Term Deposit Scheme?

      For deposits under the maturity option in the PNB Uttam Term Deposit Scheme, the maturity value is calculated on a quarterly compounding basis.

    3. Is there an overdraft facility available with the PNB Uttam Term Deposit Scheme?

      The option for an overdraft facility under the PNB Uttam Term Deposit Scheme might be available as per Bank’s rules and current guidelines.

    4. How is the interest payout calculated for the income option under PNB Uttam Term Deposit Scheme?

      Monthly interest will be paid at a discounted rate and interest will be compounded quarterly in the case of half-yearly and yearly payments.

    5. Is the nomination facility available with PNB Uttam Term Deposit Scheme?

      Yes, the bank provides a nomination facility for its customers opening a fixed deposit account under the PNB Uttam Term Deposit Scheme.

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