PNB Multi-Benefit Term Deposit Scheme

Features of PNB Multi-Benefit Term Deposit Scheme

The PNB Multi- Benefit Term Deposit provides several advantages compared to a standard fixed deposit:

1. Maturity Option:

   • Interest is compounded quarterly on the last day of March, June, September, and December, meaning your earnings are reinvested four times a year to maximise returns.
   • If your deposit starts or ends mid-quarter, the interest for those specific "incomplete" days is calculated at the end of the term.
   • The total accumulated interest and principal are then paid out as a single lump sum only upon maturity.

2. Deposit Amount:

   • Minimum deposit: Rs.100.
   • Subsequent deposits: In multiples of Rupee one (Re.1).
   • Maximum deposit: Rs.2,99,99,999.

3. Period of Deposit:

   • Deposit tenure: 6 months to 120 months.
   • Tenure can be set in months and days, but not less than 180 days.

4. Interest:

   • Applicable card rate as per guidelines from HO: IRMD, ALM Cell.
   • Interest is compounded quarterly and payable on maturity.

5. Demand Loan/Overdraft Facility:

   • Those available for deposits of Rs. 10,000 and above upon written request shall be eligible for demand loan/overdraft facility.

Eligibility of PNB Multi-Benefit Term Deposit Scheme

The eligibility for the PNB Multi-Benefit Term Deposit Scheme is highly inclusive, covering almost every type of legal entity. Here are the eligible categories:

• Individuals: Can be opened singly or jointly with others.
• Minors: Those aged 10 years and above can open the account in their own name (with proof of age).
• Business Entities: Includes Sole Proprietorships, Partnership Firms, Commercial Organizations, and Companies or Corporate Bodies.
• Family Groups: Hindu Undivided Families (HUF) are eligible.
• Organisations: Associations, Clubs, Societies, and Trusts.
• Institutions: Religious, Charitable, or Educational institutions.
• Government Bodies: Municipalities, Panchayats, or any Government/Quasi-Government body.
• Inclusive Access: The scheme is also specifically open to illiterate and blind persons.

Conclusion

The PNB Multi-Benefit Term Deposit Scheme is an efficient reinvestment plan for conservative investors. By combining the power of quarterly compounding with an incredibly low entry barrier of ₹100, it fills the gap between small-scale savings and high-yield long-term growth. Whether you are building an emergency fund or planning for a decade-long milestone, the flexibility in tenure is from 6 months to 120 months, with security of a 90% loan facility for those seeking guaranteed, lump-sum returns.