PNB Term Deposit: Want a term deposit plan with freedom to withdraw prematurely without penalty? See here

PNB Term Deposit: Want a term deposit plan with freedom to withdraw prematurely without penalty? See here

PNB Term Deposit: Do you know about this term deposit scheme which gives you freedom of premature withdrawal without imposing any penalty on you? India’s second largest public sector bank – Punjab National Bank (PNB) is offering a PNB Sugam Term Deposit Scheme which not only allows a premature withdrawal facility but also facilitates partial withdrawal. The state-run bank does not impose any penalty, as claimed by it on its official Twitter handle @pnbindia.

Any individual can open this account singly or jointly with others. Minor who has attained the age of 10 years and above in his own name can also subscribe to this scheme on giving proof of age.

A proprietorship/partnership firm, commercial organisation, company /corporate body can also open an account. For more details about the eligibility, visit the nearest bank branch or refer to the website.

The account can be opened with a minimum deposit of Rs 10000, with multiples of Re 1 thereafter, up to a maximum amount of Rs 10 cr. The tenure is from 46 days to 120 months, even for incomplete quarters.

The depositor has the facility to withdraw any amount before maturity in multiples of Re 1- subject to minimum withdrawal of Rs 1000 – at a time, whenever he needs it without breaking the entire deposit and without losing interest on the remaining deposit under the scheme.

The value of Term Deposit Receipt (Principal amount) shall be reduced accordingly, it says. No penalty is to be levied in respect of the part withdrawal of deposit. User has to modify collect penal interest flag as “N” while closing the Account.

The depositor has the option to draw interest monthly/quarterly or on maturity. Interest shall be paid on compounded basis with quarterly rests if the period of deposit remained with the Bank is 6 months and above, the bank website says.

Deposits for Rs 10, 000 and above on written request shall be eligible for Demand Loan/overdraft facility.

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Author: Sham