PNB Annuity Term Deposit Scheme For Victims Of Road Accidents

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What is the Annuity Term Deposit Scheme For Victims Of Road Accidents?

The Annuity Term Deposit Scheme for Victims of Road Accidents is a financial tool to help those who have received compensation from a court or tribunal after a road accident. It takes a lump sum amount and converts it into a predictable source of income. Imagine receiving the compensation in regular monthly installments, rather than a single large amount. This scheme lets you do it by depositing the award amount into a fixed deposit with a special payout structure. The deposit earns interest, and you get a portion of the principal and interest combined paid out to you each month. This can be a much more manageable way to use the compensation, especially for long-term financial security.

Features of Annuity Term Deposit Scheme For Victims Of Road Accidents

Here are the key features of Motor Accident Claims Annuity Deposit:

1. Purpose:

   • Convert a lump sum compensation amount into a steady stream of income.

   • You receive the money in EMIs that include a portion of the principal amount and interest earned.

2. Eligibility:

   • Open to individuals, including minors, through their legal guardians.

   • Only single account holders are allowed.

3. Deposit Amount:

   • No upper limit on the deposit amount.

   • Minimum deposit is determined by the desired monthly payout (Rs. 1,000 minimum) for the chosen tenure.

   

4. Tenure:

   • The deposit term ranges from 36 to 120 months (3 to 10 years).

   • Deposits exceeding 120 months can be made only with court approval.

5. Rate of Interest:

   • You will earn interest at the prevailing rate applicable to your chosen tenure.

6. Loan Facility:

   • Loans or advances are not allowed against this deposit.

7. Nomination:

   • You can nominate a beneficiary as per court directives. This ensures the money goes to your designated person in case of your passing.

8. Premature Closure:

   • Early withdrawal of funds typically requires court permission.

9. Tax Deducted at Source (TDS):

   • Interest earned on the deposit is subject to TDS as per income tax regulations.

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Annuity Term Deposit Scheme For Victims Of Road Accidents Savings Bank Account (MACT Claims Saving Bank Account)

• Balance Requirements: No minimum or maximum balance is required 

• Interest Rate: Applicable as per the savings bank accounts. 

• Cheque Book/Debit Card/ATM Card/Welcome Kit/Internet Banking/Mobile Banking Facility: Not applicable.

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