PNB Lakhpati Deposit Scheme

Punjab National Bank has come up with another exclusive term deposit product for its customers. The PNB Lakhpati Deposit Scheme is a two-in one deposit scheme where the customer can avail the benefits of it being a fixed deposit account as well as a recurring deposit account. On the basis of maturity period, the fixed deposit works where the recurring deposit at the end of the tenure becomes fixed deposit.

PNB Lakhpati Deposit Scheme Eligibility Criteria:

  1. Single Account (single individual)
  2. Joint Account (two or more individuals)
  3. In the case when the applicant is a minor, the deposit account can only be opened under the guardian’s name. Also, the minor must be below 10 years of age, and if not, the guardian has to submit the additional proof of it.
  4. Small groups and organizations like educational institutions, charitable institutions, trusts, HUFs, panchayats, religious institutions, recreational clubs and more can open the fixed deposit account.
  5. The minimum balance of Rs.100/- is required in order keep the account active.

PNB Lakhpati Deposit Scheme Features:

Account Type Organization/Joint/Single
Amount For the recurring deposit, the minimum amount can vary from Rs.1000, Rs.1200, Rs.1500, and Rs.2100.
Rate of Interest 9% per annum
Period Minimum: 57 Months
Maximum: 10 Years
TDS The bank will issue a TDS certificate for the tax deducted
Loan against Punjab National Bank - PNB Lakhpati Scheme Available
Nomination (if any) N.A.
Auto Renewals Not until any amount is withdrawn from the bank, the scheme remains active.
Period of Deposit The maximum of 10 years is what available for deposit. Moreover, you can choose the recurring deposit to be a period of 2, 3, 4 or 5 years.

PNB Lakhpati Deposit Scheme Interest Rates:

Amount Tenure in Years Rate of Interest
Rs. 1070 6 9.00%
Rs. 880 7 9.00%
Rs. 730 8 9.00%
Rs. 620 9 9.00%
Rs. 530 10 9.00%

Kindly Note: The above-mentioned interest rates on the deposits are subject to change without giving any prior notice.