Punjab National Bank's Monthly Income Scheme: UTTAM NON-CALLABLE DEPOSIT PLAN with PREFERENTIAL ROI
In this video we talk about Punjab National Bank's Monthly Income Scheme a.k.a. UTTAM FIXED DEPOSIT ACCOUNT. This is a NON-CALLABLE DEPOSIT SCHEME which offers PREFERENTIAL RATE OF INTEREST (ROI).
Salient features of this scheme are as follows:
1. Eligibility:
Individual (singly or jointly) with others
Minor who have attained the age of 10 years and above in his own name on giving proof of age
Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body
HINDU Undivided Family
Association, Club, a Society, Trust or Religious/Charitable or Educational Institutions
Municipality or Panchayat, Government or Quasi-Government Body.
Illiterate and blind persons can also open the account.
2. Minimum and Maximum Deposit amount: Single deposit of above Rs.15 lakh, and thereafter in multiples of Re. 1.
3. Period of Deposit:
For Deposit amount above Rs. 15 lakhs up to Rs. 10 Crore: For any period from 91 days to 120 months for Maturity Option and For any period from 6 months to 120 months for Income Option.
For Deposit above Rs. 10 Crore: For this type of amount, permission from HO treasury is to be obtained. For any period from 91 days to 1 Year for Maturity Option and For any period from 6 months to 1 Year for Income option.
For Inter bank Deposits above Rs 10 Crore: For this type of deposit amount, Permission from HO treasury is also required. For any period from 91 days to 1 Year for maturity option.
4. ROI: Check #PunjabNationalBank official website to know the latest interest rate for this type of deposit account. You can also visit your nearest branch to know about the Rate of Interest.
5. Payout of interest:
Monthly/Quarterly/Half Yearly/Yearly option: The interest can be paid to you on monthly/ quarterly/ Half Yearly/Yearly basis as per your requirements. The monthly interest is generally paid to you at discounted rate, whereas the same shall be compounded quarterly in case you opt for half-yearly and yearly payment of interest.
Maturity Option (Re-investment of interest on quarterly compounding basis): The interest shall be compounded on quarterly basis and is payable at the time of maturity of deposit.
6. Premature withdrawal is not allowed in this scheme. Premature withdrawal is only allowed in case of death of the depositor.
7. Partial withdrawal is not allowed in this scheme.
8. Conversion is not allowed in this scheme.
9. Overdraft or Advances facility is available for this type of deposit account and will be available as per discretion of the bank & the existing guidelines.
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