Product Details
Bank Name
Punjab National Bank
Eligibility
55 & 55+ Individuals (singly or jointly) with others. In case of joint deposit, the prospective Senior Citizen has to be first holder of the term deposit.
55 & 55+ Illiterate and blind persons can also open the account.
The Scheme shall be applicable for the age of 55 years and above and up to 60 years.
At the time of opening of a term deposit account under the scheme, the Branch shall verify the age by submission of any documents as required by the bank.
Interest Rate
6.50 to 7.25% per annum.
Tenure
1 to 10 years.
Fixed Deposit Type
Senior Citizen
PNB PRANAM FIXED DEPOSIT SCHEME
Tax Benefits
No
Credit Ratings
IND AAA, ICRA AAA
Interest Payment Frequency
Interest shall be payable monthly (at a discounted rate), and quarterly (at a simple rate), Interest can also be paid at the time of maturity with quarterly compounding. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Both
Features
This scheme is specially designed for senior citizens.
Flexible interest pay-out options: Monthly, Quarterly or Cumulative.
Deposits for Rs.10,000 and above, on written request shall be eligible for Demand Loan /overdraft facility.
Minimum deposit amount of Rs.100.
Maximum deposit amount of Rs.1,99,99,999.
Additional concessions for senior citizens shall only be applicable once the age of 60 is achieved.
Minimum Investment Amount
100
Fees and Charges
Pros
Specially designed for senior citizens.
Flexible interest pay-out options: Monthly, Quarterly or Cumulative.
Maximum amount of up to 1,99,99,999.
Cons
No tax saving benefits.
Pros & Cons
Account Opening and Procedure
How to Open?
Online:
Visit the PNB website: Go to https://www.netpnb.com/
Log in to your PNB account: Enter your user ID and password.
Look for the "Fixed Deposits" section: This is usually under "Deposits" or "Products."
Choose the FD option: Select the type of FD you want to open (e.g., regular, cumulative, step-up).
Enter details: Fill in the required information, such as deposit amount, tenure, interest payout frequency, and nominee details.
Submit the application: Review your details and submit the application online.
In-Branch:
Visit a PNB branch: Find a branch near you using their branch locator.
Gather necessary documents: Bring along your identification proof (Aadhaar card, PAN card), address proof, and income proof (if required).
Fill out the application form: Complete the FD application form provided by the bank.
Submit documents and deposit funds: Hand over the completed form, documents, and the desired deposit amount to the bank representative.
Application Procedure
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