PNB discontinues this FD scheme: Check details
Customers of Punjab National Bank, in particular the account holders of our fixed deposit programme PNB Varshik Aay Yojna, have been informed of the scheme's cancellation and merging with PNB Special Deposit Program.According to the PNB website, “'Our esteemed Customers especially the account holders of our scheme namely fixed Deposit PNB Varshik Aay Yojna are hereby informed regarding discontinuation of the scheme and merger of PNB Varshik Aay Yojna with PNB Special Deposit Scheme. The accounts of existing account holders having account under PNB Varshik Aay Yojna shall continue to have the benefits available/availed by them under the scheme.”
Note that existing account holders who have accounts under the PNB Varshik Aay Yojna will continue to get the benefits offered by the scheme.
PNB Varshik Aay Yojana (VAY) Deposit Scheme
Features of the scheme, according to the PNB website.
Deposit Amount: Minimum deposit of Rs.10, 000/- and in multiples of Rs. 1000 there of upto Rs. 1, 99, 99,000/- Period of Deposit: Deposit will be accepted for 24, 36, 48, 60, 72, 84, 96, 108 & 120 months only at the option of the depositor Interest rate: Card Rate as per guidelines issued by HO: IRMD, (ALM Cell) from time to time. Interest shall be paid at simple rate either at the time of maturity or at quarterly intervals, as the case applicable. Demand Loan/Overdraft Facility: Deposits for Rs.10, 000/- and above on written request shall be eligible for Demand Loan/overdraft facility. The depositors in need of overdraft facility, the same shall be permitted to avail the facility through an Overdraft Account and a Cheque Book will be issued to the depositor on the same day. However, the actual drawings from the overdraft account will be allowed from the account on the subsequent day in case an Term deposit has been issued on the date on which the OD facility is sought. Other terms & conditions issued by HO: Integrated Risk Management Division L&A Circulars, from time to time. The option/facility of ‘overdraft’ shall not be available in the account opened in the name of illiterate or a blind person. PNB Special Deposit Scheme
Deposit Amount: Minimum deposit of Rs.100/- and thereafter in multiples of Rupee one (Re.1/-) with maximum amount of Rs.1, 99, 99,999/-. Period of Deposit: From 1 year to 10 years, even for incomplete quarters. Interest: Card Rate as per guidelines issued by HO: IRMD, ALM Cell from time to time. Interest shall be payable quarterly at simple rate or monthly at discounted rate at the option of the depositor. No charges are to be levied on transfer of the interest amount to other branches, for credit to customer’s deposit account or loan account. On the request of the depositor having number of Special Term Deposits, issued on different dates, for different periods, bank may pay interest on all these deposits on a particular date of the quarter. Demand Loan/Overdraft facility: Deposits for Rs.10, 000/- and above on written request shall be eligible for Demand Loan/Overdraft facility. The option/facility of ‘overdraft’ shall not be available in the account opened in the name of illiterate or a blind person.
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This story originally appeared on: India Times - Author:Faqs of Insurances
