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•Recurring DepositWho is Eligible for PNB Recurring Deposit Accounts?
Summary
The blog details Punjab National Bank's recurring deposit (RD) offerings, eligibility requirements, and necessary documentation. It outlines various schemes including RD, E-RD, and Special RD for individuals and institutions while covering premature withdrawal penalties, tax implications, and a compound interest formula for maturity calculations. RD accounts can be opened online or in-branch for additional convenience.
Key Takeaways
- PNB provides various RD schemes for different customer types.
- Eligibility includes individuals, minors (with guardians), and institutions.
- Essential documents include identity and address proofs are required.
- Early withdrawals incur a 1% penalty with specific tax implications on interest.
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