PNB DUGANA- FIXED DEPOSIT SCHEME
Brief features of the product:
- Individual (singly or jointly) with others.
- Minor who have attained the age of 10 years and above in his/her own name on giving proof of age.
- Minors below the age of 10 years under guardianship of Natural/legal guardian.
- Proprietorship/Partnership Firm, Commercial Organization,Company/Corporate Body
- Hindu Undivided Family
- Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
- Municipality or Panchayat, Government or Quasi-Government body.
- Illiterate and blind persons can also open accounts.
- Non Resident Indians are also eligible to open NRO accounts under the scheme
- Minimum Deposit of Rs.5000/- in multiples of Rs. 1/- and below Rs. 1 crore per day per customer.
Documents required:
- The Bank requires a satisfactory introduction of the person/s opening the account by a person acceptable to the Bank.
- The Bank is required to obtain two recent photographs of the person/s opening the account, as per RBI directives.
- The Bank is required to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively obtain declaration in Form No.60 or 61 as per the Income Tax Act (vide Section 139A) from the person/s opening the account.
Suggested time norms for activity: Guidelines for time norms are issued by I & A D, HO
Dos & Dont’s: Available under Terms& conditions/Documents required.
Customers obligation: Completion of KYC norms and submission of complete information as required.
Terms & Conditions:
- Period of FDR – 99 Months
- Premature withdrawals are allowed, unless specified otherwise, at the rate of interest applicable for the period for which the deposit has run or the contracted rate whichever is lower, subject to penalty, if any, prescribed by the bank. No interest will be paid on premature withdrawals of deposit which has remained with the bank for less than 15 days.
- Generally loans/overdrafts against deposits are allowed except on Certificates of Deposit (CD). Such loans are sanctioned by charging interest at rates directed by RBI from time to time or as prescribed by the Bank.
- Deposits are auto renewed by Bank on due dates & continued to be renewed if no instructions are given in the contrary. The deposit is renewed for the period of the original contract at the applicable rates on the date of auto renewal. As a measure of good customer service, the Bank may intimate the depositor in advance.
- Interest on deposits is payable either monthly at discounted value or quarterly or compounded quarterly (i.e., reinvestment of interest) or on the date of maturity at the option of the depositor as applicable under particular deposit scheme.
- Interest on overdue deposit is paid as per prevalent policy of the bank from time to time.
- Interest on bank deposits is exempt from income tax up to a limit specified by Income Tax authorities from time to time.
- Presently, if the total interest on deposits, per depositor, per branch, per financial year exceeds Rs 10,000/-, the same is subject to Tax Deduction at Source (TDS) at the rates stipulated by the Income Tax Authorities.
- The depositor may furnish declaration in Form No.15 H/15G preferably at the commencement of the Financial Year for receiving interest on deposits without deduction of tax.
- The Bank will issue TDS Certificate for the tax deducted.
Grievance Resolution/Compensation: Grievance Resolution/Compensation policy available on website
