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PNB Bal Vikas Term Deposit Scheme

Introduction

Punjab National Bank, popularly known as PNB, is the third largest banking company in India in terms of Asset size and the second largest State owned Commercial bank in India, functioning since 1895. The bank has large number of financial and non-financial operations, which include impressive CSR activities, which is to the admiration of everyone who enjoys its clientele.

PNB has a number of Fixed deposit Schemes, among which PNB BalVikas Term Deposit Scheme has features that would befit the requirements of an Average Indian who is looking up for a good savings scheme.

PNB BalVikas Term Deposit

This is a Savings Scheme applicable for children of ages 10 to 18, in whose names the accounts can be opened. If the child is below the age of 10, then the account shall be opened in the name of the guardian. The deposits are to be made every month for a minimum of Rs 1000 or multiples of Rs 500 in the same manner as one would deposit in a recurring deposit. The BalVikas scheme of PNB’s period is 10 years and it is renewable automatically. While loan facility is available on this deposit, premature withdrawal is also permitted. The interest payments can be opted for monthly disbursements at a discounted value or can be compounded to a quarterly figure, which would also earn interest, if one opts to have the interest paid at the time of maturity.

Interests earned in the deposits under this scheme, if they exceed Rs 10000 in a year, they shall be subject to Tax deducted at Source (TDS), unless the deposited gives appropriate declarations in Form 15H or Form 15G, as with any other interest earnings from a bank.

For opening a deposit account under PNB BalVikas Term Deposit Scheme, one needs to produce a satisfactory introduction, furnishing the PAN issued by Income tax department and submitting two copies of one’s photographs.

Other PNB Schemes

Punjab National Bank schemes come under a variety of term deposit options, with different interest rates announced from time to time, each one of them having some special features suiting the needs of specific sectors of investing public, such as PNB Anupam Term Deposit Scheme, PNB Combo Term Deposit Scheme, PNB Dugna Deposit Scheme, PNB Lakhpati Term Deposit Scheme, PNB Ordinary Term Deposit Scheme, PNB Special Term Deposit Scheme etc, some which are period related deposits with or without restrictions on premature withdrawals.

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