PNB Pranam Fastened Deposit Scheme for Senior Residents – Finance & Banking Blogs

The PNB PRANAM Fastened Deposit Scheme is designed for people aged 55 to 60, permitting for a minimal deposit of Rs.100 and a most of Rs.1,99,99,999.

Its key options embrace:

Eligibility

• People (singly or collectively), together with illiterate or blind individuals throughout the age vary of 55 to 60 years.
• In case of joint deposits, the senior citizen have to be the first holder.

Deposit Quantity

• Minimal: Rs.100
• Most: Rs.1,99,99,999

Deposit Interval

• Minimal: 1 12 months
• Most: 10 years
• Choices for earnings (month-to-month/quarterly curiosity payout) or maturity (curiosity compounded quarterly).

In the course of the tenor of deposit, below each the choices, the account holder should attain the standing of Senior Citizen i.e.
the age of 60 years.

Curiosity

• Further 0.50% charge relevant to senior residents from the age of 60.
• Revenue possibility provides quarterly curiosity at a easy charge or month-to-month at a reduced charge.
• Maturity possibility includes quarterly compounding curiosity, payable on the finish of the time period.

Untimely Withdrawal

• Allowed with curiosity payable on the contractual charge or the speed for the precise interval, whichever is decrease.
• No penalty for untimely withdrawal after attaining senior citizen standing.

Demand Mortgage/Overdraft

• Obtainable for deposits of Rs.10,000 and above upon request.
• Overdraft not obtainable for accounts opened by illiterate or blind people.

Further Options of PNB Pranam Fastened Deposit

• Auto-renewal, nomination, and different normal banking services.
• Tax deduction at supply and provision of curiosity certificates.

For extra data, please go to official web site of Punjab Nationwide Financial institution