Punjab National Bank Tax Saver Fixed Deposit

Someone told me that Punjab National Bank Tax Saver Fixed Deposit Scheme is very beneficial. So can you please provide me information about the Punjab National Bank Tax Saver Fixed Deposit Scheme? Also tell me about its interest rates?

I want to get the PNB Tax Saver Fixed Deposit Scheme of Punjab National Bank so will you provide me?

[shikha]

Punjab National Bank (PNB) offers its customers an option to open a fixed deposit account that allows them to benefit from preferential interest rates and also saves the investment thus made from incurring any extra taxation at the time of its maturity.

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

Deposit Amount-

Minimum deposit is INR 100

Maximum deposit per financial year will be INR 150000

Eligibility Criteria -

Customer must be above 18 years of age

Customer must be either salaried or self-employed

Customer must have existing banking relationship with Punjab National Bank (PNB) or must come with proper introductions

Period-

Minimum duration 5 years

Maximum duration 10 years

Terms & Conditions:

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

Rebate on income tax under Sec. 80 c

Lock in period of 5 years.

Loan available after lock in period of 5 years

Premature withdrawals are allowed after the completion of 5 years of deposit. However, in case of death of the depositor before the maturity of term deposit, levy of penalty would be exempted and nominee/legal heir will be allowed premature payment even before the lock-in-period as per rules.

Interest on deposits is payable at card rate either monthly at discounted value or quarterly or compounded quarterly (i.e., reinvestment of interest) on the date of maturity at the option of the depositor as applicable under particular deposit scheme.
Nomination facility is available.

TDS is applicable as per rules. The Bank will issue TDS Certificate for the tax deducted.

Contact-

Corporate Office:

PNB
Plot No 4, Sector -10 Dwarka
New Delhi -110075