PNB RD Interest Rates

PNB Recurring Deposit Scheme

• Tenor: 6 months to 10 years
• Minimum deposit amount: 100 and in multiples thereof with a capping on the maximum deposit amount
• Maturity: The deposit amount will be due for repayment on maturity or 1 month after the deposit of the last installment, whichever is later.
• Overdue Installments: If the depositor defaults on payment of an installment, the lender will charge a penalty of Rs 1 on every deposit amount of Rs 100. In case of non deposit of pending installments till the maturity date, the lender will pay interest on daily basis compounded half yearly.
• Nomination: The lender provides the nomination facility on PNB Recurring Deposit Scheme
• PNB Recurring Deposit Scheme Eligibility: The PNB RD account can be opened by individual (singly or jointly), proprietorship/partnership firms, Hindu Undivided Family (HUF), society, company or corporate body, municipality or panchayat, trust or religious/charitable educational institutions, association, club, government or quasi-government body. Illiterate persons and blind individuals can also open RD accounts with the lender. Minors who have attained 10 years and above can open the account in their own name after giving age proof. Minors below 10 years can open the account but under the guardianship of their natural or legal guardian.

PNB Special Recurring Deposit Scheme

• Tenor: 6 months to 10 years. If the employer requires a deposit period of more than 10 years, then he has to close the previous account after completion of the full tenure, after which he can open the new account for the maximum period allowed as per the RBI guidelines and at the interest rates prevailing at that point of time.
• Minimum deposit amount: 10 and in multiples of Rs 1 thereof with a capping on the maximum deposit amount
• Interest: The Interest amount will be credited to the RD account on a half-yearly basis in the months of March and September.
• Premature withdrawal: The PNB Special RD account holder cannot withdraw the deposit amount without prior sanction of the lender.
• Loans/Advances: The lender grants loans/advances based on the L&A Circulars issued by the IRMD (Credit Policy Section) HO with the prior sanction or permission of the institution.
• Nomination: The lender provides the nomination facility on PNB Special Recurring Deposit Scheme
• Overdue Installments: The lender will not charge any penalty on missed installments
• Eligibility: The PNB RD account can be opened by govt. or private institutions, PSU, corporate bodies, etc. The account will be opened in the name of the institution a/c name of the employee. The institution can open the account with a minimum of 10 employees or 75% of eligible employees, whichever is lower.

PNB Recurring Deposit Scheme (E-RD)

• Tenor: As per the respective deposit scheme
• Interest: The Interest amount will be credited to the RD account on a half-yearly basis in the months of March and September.
• Nomination: The lender provides the nomination facility on PNB Recurring Deposit Scheme (E-RD)
• Maturity: The proceeds on maturity of the RD account will get credited to the account through which the RD was funded. The depositor has to visit the parent branch for the closure or premature closure of the e-RD account.
• Eligibility: The PNB Recurring Deposit Scheme (E-RD) is applicable only for existing savings/current account customers of the bank having internet banking access.