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 4.55% p.a. to 7.30% 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 |
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.3 Crore
Below are the latest interest rates for deposits less than Rs.3 Crores:
Tenure bracket | Rates for General Public (p.a.) | Rates for Senior Citizens (p.a.) |
91 days to 179 days | 5.55% | 6.05% |
180 days to 270 days | 6.30% | 6.80% |
271 days to less than 1 year | 6.55% | 7.05% |
1 year | 6.85% | 7.35% |
Above 1 year and up to 399 days | 6.85% | 7.35% |
400 days | 7.30% | 7.80% |
400 days to 2 years | 6.85% | 7.35% |
Above 2 years and up to 3 years | 7.05% | 7.55% |
Above 3 years and up to 5 years | 6.55% | 7.05% |
Above 5 years and up to 10 years | 6.55% | 7.35% |
Note: The FD interest rates are effective as of October 2024. It can change at the discretion of the bank.
FAQs on PNB Uttam Term Deposit Scheme
- 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.
- 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.
- 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.
- 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.
- 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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