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

The PNB PRANAM Mounted 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 embody:

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 should be the first holder.

Deposit Quantity

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

Deposit Interval

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

In the course of the tenor of deposit, beneath 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.
• Earnings choice affords quarterly curiosity at a easy charge or month-to-month at a reduced charge.
• Maturity choice entails 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

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

Further Options of PNB Pranam Mounted Deposit

• Auto-renewal, nomination, and different commonplace banking amenities.
• Tax deduction at source and provision of curiosity certificates.

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