The PNB PRANAM fixed deposit scheme is designed for people aged 55 to 60 years, allowing a minimum deposit of Rs.100 and a maximum of Rs.1,99,99,999.
Its main features include:
Eligibility
- Individuals (alone or jointly), including illiterate or blind people aged 55 to 60.
- In case of joint filing, the elderly person must be the primary holder.
Deposit amount
- Minimum: Rs.100
- Maximum: Rs.1,99,99,999
Deposit period
- Minimum: 1 year
- Maximum: 10 years
- Income (monthly/quarterly interest payment) or maturity (interest compounded quarterly) options.
During the deposit period, in both cases, the account holder must attain senior citizen status, i.e.
the age of 60 years.
Interest
- Additional rate of 0.50% applicable to seniors aged 60 and over.
- The income option offers interest quarterly at a single rate or monthly at a reduced rate.
- The maturity option involves quarterly compound interest, payable at the end of the term.
Premature withdrawal
- Authorized with interest payable at the contract rate or the actual period rate, whichever is lower.
- No penalty for premature withdrawal after reaching senior status.
Demand loan/overdraft
- Available for deposits of Rs.10,000 and above on request.
- Discovered not available for accounts opened by illiterate or blind people.
Additional Features of PNB Pranam Fixed Deposit
- Automatic renewal, nomination and other standard banking facilities.
- Tax deduction at source and provision of interest certificates.
For more information, please visit the official website of Punjab National Bank
