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PNB Offers to Double Deposits in Nine Years with Dugna Deposit Schemes

PNB Bank Dugna Deposit Scheme is a unique fixed deposit scheme, where the deposit is expected to double in a period of 99 months. Another salient feature of the scheme is that the scheme allows minors aged 10 years or above to start a fixed deposit account by giving appropriate age proof. The scheme also allows for Non-resident Indians to open an NRO account and make deposits under the PNB Bank Dugna Deposit Scheme. The new scheme can be availed either by individuals or trusts or a group of persons, as long as the customer meets all the required KYC norms as specified by the RBI.

The newly launched scheme is one of the most lucrative PNB Fixed Deposit Schemes and customers can make a minimum deposit of INR 5000 and can increase the deposits in multiples of 1 up to 1 crore rupees per person for a given business day. As with all PNB Fixed Deposit Schemes, the Dugna Deposit scheme also allows for premature withdrawals at pro-rated interest rate. Further, loans and overdrafts against the deposits are also allowed wherein the bank will charge the interest rates as announced by the RBI.

The interest on deposit is paid either monthly or annually as per the choice of the customer. The deposit amount is automatically renewed at the end of the tenure, if the customer has not given any instruction otherwise. The interest earned under the scheme is tax-empted up to a particular amount, which is specified by the Department of Income Tax periodically.

As per the RBI directives, the customer must furnish two recent photographs also with valid proof of residence and identity along with PAN number to make a deposit under any of the PNB Fixed Deposit Schemes. The standard grievance and resolution procedures are applicable for deposits under the PNB Dugna scheme.

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