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  • PNB Swechha Jama Yojna/Flexi RD Scheme

    PUNJAB NATIONAL BANK RECURRING DEPOSIT
     4.5 / 5.0   by 13 users
    Used this product? Write a review >>

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Punjab National Bank offers a deposit scheme that allows customers to save money with great flexibility on the deposit amount. Customers can choose a core deposit amount which is subject to a minimum of Rs. 100. Deposit amounts can then be increased in the subsequent months up to 10 times the core amount. There is no ceiling limit on the maximum deposit amount. This allows depositors to save more money through this scheme when they receive extra funds.

    Features and Benefits

    Deposit Limits

    The deposit can be opened with a minimum of Rs.100, and in multiples of 100 thereof. This will become your core amount. You can then deposit up to 10 times of your core amount in any of the subsequent monthly instalments.

    Tenure

    The minimum tenure is 6 months. This Flexi Deposit Scheme can be opened for a maximum of 120 months.

    Premature Withdrawal

    PNB allows premature withdrawal of the Swechha Jama Yojna Scheme.

    No penalties

    In case you miss the payment in a month, or your payment is late, PNB does not levy any penalty charges.

    No TDS

    There is no tax deducted at source on this deposit. Interest earned on this deposit is exempt from income tax as specified by the income tax authorities.

    Loan Facility

    Loan and overdrafts are allowed against the Flexi Deposit.

    Interest

    Interest rates as applicable on term deposits will be paid. The interest is compounded on a half-yearly basis.

    PNB Swechha Jama Yojna Interest

    Interest rates granted on the Swechha Jama Yojana Deposit is the same as applicable on term deposits. Senior Citizens are entitled to an additional rate of 0.50% above the regular interest rates for deposits of less than Rs. 1 crore. Staff members and retired staff will get 1.00% additional interest. Senior citizens who are retired staff members are entitled to 1.50% additional interest.

    Tenure

    Public

    Senior Citizens

    180 days to 270 days

    7.00%

    7.50%

    271 days to less than 1 year

    7.00%

    7.50%

    1 year to 2 years

    7.50%

    8.00%

    Above 2 years to 5 years

    7.25%

    7.75%

    Above 5 years to 10 years

    7.25%

    7.75%

    PNB Swechha Jama Yojna Eligibility

    • Individuals can apply, singly or jointly.

    • Firms, associations, clubs, educational institutions, trusts, Co-operative societies, Municipal Corporations, Panchayat, Government and quasi-Government bodies, religious and charitable institutions, HUFs and Corporates are eligible to apply.

    • Minors are eligible to apply.

    • Minors below the age of 10 can open an accounts under the guardianship of the legal or natural guardian.

    • Minors who are 10 years and above can open an account in their own name. Proof of age is required.

    PNB Swechha Jama Yojna Documents Required

    • Two recent photographs

    • PAN or General Index Register (GIR) number.

    • Alternative documents that can be submitted are Form 60 or 61 as per the Income Tax Act.

    • Bank needs satisfactory identification of the person opening the account.

    FAQs

    How is interest calculated on this RD scheme?

    Interest is compounded on a half-yearly basis at the interest rate applicable to term deposits.

    Is there any penalty for late payment of monthly instalments?

    No, Punjab National Bank does not levy any penalty charges for missed or late payment.

    What is the maximum deposit amount?

    There is no stipulated maximum deposit amount on the Swechha Jama Yojna Scheme. The maximum amount will depend on your chosen core amount. If you have chosen Rs. 100 as your core amount, then you can deposit only up to a maximum of Rs. 1,000 for any monthly instalments.

    Can I offer my deposit as security for a loan?
    There is a loan and overdraft facility against this deposit available from Punjab National Bank.

    Can I close this deposit before maturity date?

    Yes, you are allowed to close the deposit prematurely.

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    Customer Reviews

  • Page 1 of 1
    • Punjab National Bank Recurring Deposit
      "Satisfactory Service"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      I had opened Recurring Deposit with Punjab National Bank. The loan amount is thirty five thousand and the tenure period is for one year. Every month I regularly depositing the money on a monthly basis. The customer service is quite satisfactory and there is no constrains with the bank on my FD. I am very much satisfied with PNB.
      Was this review helpful? 2
      , indore
      Reviewed on May 04, 2017
    • Punjab National Bank Recurring Deposit
      "Easy process"
      PUNJAB NATIONAL BANK
      0.5 4.0/5 "Great!"
      When I opened my recurring deposit for the first time with PNB, I had to visit the bank and complete my process. It was simple and easy and the rate of interest is good. After which I been doing it online and there are no charges related to this account.
      Was this review helpful? 10
      , new delhi
      Reviewed on Dec 15, 2016
    • Punjab National Bank Recurring Deposit
      "Very Helpful Staff"
      PUNJAB NATIONAL BANK
      0.5 4.0/5 "Great!"
      I hold saving account with Punjab National Bank. These days too much crowd in banks . But PNB staff was very helpfully . Very fast process . Thanks all guys. Specially thanks Ms Komal meena and Branch Manager. Today the branch was very much crowded but it was okay.
      Was this review helpful? 5
      , jaipur
      Reviewed on Nov 22, 2016
    • Punjab National Bank Recurring Deposit
      "Good rates. "
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      Punjab national bank is providing good recurring deposit installments. It is the flexi RD I have taken through them. The interest rate is very good and I maintained it for a year and at present I closed. Returns are too good and PNB is the best bank one could open their RD.
      Was this review helpful? 10
      , panipat
      Reviewed on Jun 11, 2016
    • Punjab National Bank Recurring Deposit
      "best rate offered "
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      Fair service was rendered by PNB related to the recurring deposit services.They are good in interest rates applied related to the recurring deposit.In case of online upgrades made to the customer I am very comfortable in punjab national services provided.
      Was this review helpful? 6
      , patna
      Reviewed on May 23, 2016
    • Punjab National Bank Recurring Deposit
      "Very good"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      On the recurring despot PNB is giving 7.5% interest for the minimum lock in period of 6 months. We need to pay any extra charges. The minimum amount to activate the plan is Rs.100. There is no penalty if we withdraw the amount any time.
      Was this review helpful? 1
      , faridabad
      Reviewed on Mar 18, 2016
    • Punjab National Bank Recurring Deposit
      "Good to a certain extent"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      PNB RD is some what good. However the interest rate keeps fluctuating every now and then. I have opted for a lower interest rate its varies from year to year. I dont have much idea about tit the reason why I had opened this is because tis close to my premises so I had invested here.
      Was this review helpful? 3
      , dehradun
      Reviewed on Nov 11, 2015
    • Punjab National Bank Recurring Deposit
      "Awesome..."
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      I guess the interest rate in Punjab National bank is around 9% for recurring deposit and I availed it for the period of 5 years. Some of my friends suggested to open RD from this bank. The deposit was opened in a short time when I visited their branch. Next to my application, I got the bond copies in four days.
      Was this review helpful? 4
      , jamshedpur
      Reviewed on Sep 29, 2015
    • Punjab National Bank Recurring Deposit
      "Fantastic"
      PUNJAB NATIONAL BANK
      0.5 5.0/5 "Blown Away!"
      Since I am holding my savings account with PNB I opened a Recurring Deposit account in the year 2011. Basically the amount will be deducted directly from my account. There is no certain fees and charges to open this account with them. I never faced any issues with the bank so far.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Sep 14, 2015
    • Punjab National Bank Recurring Deposit
      "High rate for RD...."
      PUNJAB NATIONAL BANK
      0.5 3.0/5 "Satisfactory"
      Branches are wide in cities so it is easy to deal and interest rate for recurring deposit is 9.25% as I opened this five year ago. Absolutely the interest rate is compounding type and it gets accumulate in interval of three months. Punjab National bank need to improve on customer relationship as they lacks there.
      Was this review helpful? 3
      , panipat
      Reviewed on Aug 07, 2015
    • Punjab National Bank Recurring Deposit
      "Good..."
      PUNJAB NATIONAL BANK
      0.5 4.0/5 "Great!"
      I have linked my salary account with this recurring deposit so every month the Punjab National Bank is taking the amount directly. I have no idea about interest rate but it is similar to other banks. So far I never tried calling the customer service as for everything I visit the branch and they are very good in servicing. Normally I put RD for one year and I convert that in to FD in the same bank.
      Was this review helpful? 1
      , chennai
      Reviewed on Aug 06, 2015
    • Punjab National Bank Recurring Deposit
      "Very good"
      PUNJAB NATIONAL BANK
      0.5 4.0/5 "Great!"
      I have an Recurring deposit plan from Punjab national bank for the tenure of 5 years for which the interest rate offered is nearly 9%. In case if we extend the tenure the interest rate will also be increased. We can also break the plan in between the tenure period there will be no any extra charges and we can complete our process of the RD through online itself.The only thing is that the response from the bank is not so good.
      Was this review helpful? 2
      , satna
      Reviewed on Jul 22, 2015
    • Punjab National Bank Recurring Deposit
      "One should hold RD with PNB"
      PUNJAB NATIONAL BANK
      0.5 4.0/5 "Great!"
      Highly secured and its utmost satisfaction. PNB customer service is the best, interest rate offered them is good and it provides excellent benefits. This Recurring deposit was taken because of my father as he was working there . He recommend this one and the funds get transferred from my savings account automatically. To conclude one should hold RD with PNB.
      Was this review helpful? 4
      , pune
      Reviewed on Nov 15, 2014
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