PNB has closed this FD scheme, what will be the effect on the deposits of customers , This scheme requires a minimum investment of Rs 10,000. Later, you can increase your investment in multiples of 1,000. In this case, only investments of less than Rs 2 crore are accepted.
An FD scheme of Punjab National Bank has been closed. Customers can view this information on the bank’s website. It is mentioned on the website of PNB that the bank is discontinuing the PNB Annual Income Scheme.
Since this scheme is being merged with another scheme, the customers investing in it do not need to take tension. This means that the investors who have already invested in the scheme will continue to get the benefits. Despite this, new accounts will not be opened under this scheme.
According to PNB’s website, customers of PNB Annual Income Scheme are informed that this scheme has now been canceled and merged with PNB Special Deposit Scheme. There will be no change in the benefits for the account holders of PNB Annual Income Scheme. However, this plan will no longer be available to new customers. Old customers will continue to get the benefits of the new scheme.
PNB Annual Income Plan
According to the bank, a minimum investment of Rs 10,000 can be made in this scheme. Thereafter it is possible to multiply the investment by multiples of one thousand. A maximum of Rs 2 crore can be invested in this scheme.
The investment tenure for this scheme is two years to ten years. Quarterly interest is paid to the customers on maturity of the scheme. Interest payments are available to customers. Customers can also use this scheme for overdraft or demand loan.
PNB Special Deposit Scheme
There has been a merger between PNB Annual Income Scheme and PNB Special Deposit Scheme. The scheme allows investors to invest a minimum of Rs 100 and a maximum of Rs 2 crore. It is possible for the customer to deposit the money for a period ranging between one year to ten years. Interest is paid quarterly. Along with this, the facility of overdraft or demand loan is also available. It has been decided to merge PNB Special Deposit Scheme with PNB Annual Income Scheme.