PNB Pranam Fixed Deposit Scheme for Senior Citizens – Finance & Banking Blog

The PNB PRANAM Fixed Deposit Scheme is designed for individuals aged between 55 and 60 years and allows a minimum deposit of Rs 100 and a maximum of Rs 1,999,999,999.

Key features include:

Qualifications

• Individuals (single or joint) between the ages of 55 and 60 years, including illiterate or blind persons.
• In case of a joint deposit, the senior citizen must be the primary account holder.

Deposit Amount

• Minimum: 100 rupees
• Maximum amount: Rs.1,99,99,999

Deposit Period

• Minimum: 1 year
• Maximum: 10 years
• Income (monthly/quarterly interest payments) or maturity (quarterly compounded interest) options.

During the deposit period, both options require the account holder to achieve senior citizen status.
60 years old.

interest

• Senior citizens aged 60 and above are eligible for an additional interest rate of 0.50%.
• The income option provides interest at a quarterly simple rate or a monthly discounted rate.
• Maturity options include interest compounded quarterly and paid at the end of the term.

Early withdrawal

• Interest is paid at the lower of the contract rate or the actual period rate.
• There is no penalty for early withdrawal once senior status is achieved.

Demand loans/overdrafts

• Deposits of Rs 10,000 and above are available on request.
• Overdraft facilities are not available on accounts opened by illiterate or visually impaired persons.

Additional Features of PNB Pranam Fixed Deposit

• Auto-renewal, nominations and other standard banking features.
• Providing withholding tax deduction and interest certificates.

For more information, please visit the official website. Punjab National Bank