PNB Bank offers Income Tax saving fixed deposit schemes with higher rate of interest on deposits, You can check eligibility, features, rates & minimum deposit amount with other important information.
Features
| Eligibility | · Individuals/Dependent(singly or jointly)
· Illiterate and Blind person · HUF |
| Minimum Deposit | Rs 100 or in multiples, afterwards, subject to maximum deposit of Rs 1.50 lac per financial year. |
| Tenure | The minimum deposit period under this scheme is 5 years and the maximum deposit period is 10 years. |
| Nomination facility | Available |
| Lock Period | This scheme provides a lock period of up to 5 years. |
| Premature Withdrawal | · You can make premature withdrawals after the completion of 5 years of deposit.
· In case the depositor is dead before the maturity period of the Term Deposit then the assessment of penalty would be freed from responsibility and the nominee/legal heir will be allowed for premature payment even before the lock-in period as per rules. |
| Interest | The interest is payable at card rate(link)
I. monthly at discounted value II. quarterly III.compounded quarterly on the date of maturity at the option of the depositor. |
| TDS | TDS is applicable as per rules. The bank will issue TDS certificate of the tax deducted. |
| Other Facilities | · You shall enjoy the facility of reimbursement on income tax under sec 80 c.
· Even after lock in period of 5 years loans are available. |