Punjab National Bank ( PNB ) has fixed the investment limit in ‘Sugam Fixed Deposit’ scheme. A maximum of Rs 10 lakh can be invested in this scheme.
The bank has said that the existing account holders who have selected the option of auto-renewal for their FDs on maturity, their FDs will be renewed for the fixed period. Pre-fixed interest rate will be applicable on this.
What was the limit earlier?
The bank has said that more than Rs 10 lakh deposited in FD will be renewed under a separate FD at the time of maturity. PNB’s easy FD scheme is popular because there is no penalty for premature withdrawal. Earlier, the minimum limit for deposit in this scheme of the bank was Rs 10,000. The maximum deposit limit was Rs 10 crore. After the change in the rules of the scheme, only premature withdrawal up to Rs 10 lakh will be exempted from penalty.
How much maturity period?
The tenure of the easy FD scheme ranges from 46 days to 120 months. A person can open this account either singly or jointly with another person. This account can also be opened in the name of a child of 10 years and above. Money can be withdrawn from this account before maturity. But, at least 1000 rupees have to be withdrawn in one go.
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What is the minimum amount that can be withdrawn?
PNB’s website states, “Depositors have the facility to withdraw money in multiples of Re 1. But he has to withdraw at least Rs 1000 at a time. Such withdrawal does not require breaking the FD. Account Interest continues to be earned on the money deposited in it as before. The bank has informed that the principal amount will reduce on maturity. There will not be any penalty on withdrawal.
Who can make a deposit?
The depositor can select any one of the monthly, quarterly or annual options for payment of interest. Proprietorship/Partnership Firms, Commercial Organizations, Companies and Corporate Bodies can take advantage of this scheme. Hindu Undivided Family can also open an account under this scheme. Associations, clubs, societies and trusts are also allowed to open accounts.
