Senior Citizen Investment Scheme: The Punjab National Bank (PNB) is providing an opportunity of investing in the Pranam Fixed Deposit Scheme for senior citizens attaining 60 years of age. 

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The PNB has recently tweeted about this Pranam Fixed Deposit Scheme for senior citizens from its official Twitter handle. The tweet said, "Avail the benefit of higher ROI for Senior Citizens on attaining the age of 60 years. Invest In PNB Pranam Fixed Deposit Scheme to avail benefits. To know more, visit: tinyurl.com/du6pa2zs."

 

It must be noted that the scheme shall be applicable for the age of 55 years and above and up to 60 years. At the time of opening of a term deposit account under the scheme, the branch will verify the age by submission of any of the following documents:

1) LIC Policy
2) Others Identity Card
3) Pension Payment Order, if applicable
4) Birth Certificate issued by the competent authority.
5) Passport
6) Driving License
7) PAN number
8) Any other documentary proof to the satisfaction of the Branch Manager.
9) UID

The interested individuals must note that the minimum amount for deposit is Rs.100 and thereafter in multiples of Rupee one (Re.1) with maximum amount of Rs.1,99, 99,999.

The depositers must note that the interest will be payable quarterly at simple rate of interest or monthly at discounted rate as per the option of the depositor. The interest will be compounded on quarterly basis and is payable on maturity of deposit. The interest inflow in the account shall be on every calendar quarter end, that is, 31/3, 30/6, 30/9 and 31/12.

If any depositor desires to withdraw the deposit before maturity, the bank may at its discretion repay the deposit with up to date interest. The interest rate payable would be contractual rate or the rate applicable for the period for which the deposit has run, whichever is lower. However, no penalty will be levied for premature withdrawal of deposit in case it is closed prematurely after attaining status of senior citizen.

For further details, the interested individuals can login to the official website of PNB at pnbindia.in.