Fixed Deposit Schemes in Punjab National Bank

I want to apply for PNB Tax Saver Fixed Deposit Scheme of Punjab National Bank so can you please provide me the details of this scheme?

[Kiran Chandar]

Punjab National Bank is an Indian financial services company based in New Delhi, India. It was established in 1894. The bank has over 6,300 branches and over 7,900 ATMs across 764 cities.

Punjab National Bank is one of the Big Four banks of India.

PNB Tax Saver Fixed Deposit Scheme

Features –

Individuals (including illiterate, blind persons), singly or jointly, and HUF

Minimum Deposit Rs100/- or in multiples thereof, subject to maximum deposit of Rs. 1.50 lac per financial year

Terms & Conditions:

Min deposit period 5 years & Max deposit period 10 years.

Rebate on income tax under Sec. 80 c

Nomination facility Available

Lock in period of 5 years.

Loan available after lock in period of 5 years against Deposit
Premature withdrawals are allowed after the completion of 5 years of deposit.

Interest on deposits is payable either monthly at discounted value or quarterly or compounded quarterly or on the date of maturity at the option of the depositor as applicable under particular deposit scheme.

Interest on overdue deposit is paid if the deposit is renewed, as decided by the Bank from time to time.

Interest on bank deposits is exempt from income tax up to a limit specified by Income Tax authorities from time to time.

The Bank will issue TDS Certificate for the tax deducted.

Documents required:

The Bank requires a satisfactory introduction of the person opening the account by a person acceptable to the Bank.

Two recent photographs

Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively obtain declaration in Form No.60 or 61 as per the Income Tax Act (vide Section 139A)

Suggested time norms for activity: Guidelines for time norms are issued by I & A D, HO

Dos & Dont’s: Available under Terms& conditions/Documents required.

Customers obligation: Completion of KYC norms and submission of complete information as required.