In case of PNB Global Rupee deposits: -
- Where overdue period from the date of maturity till the date of renewal (both days inclusive) does not exceed 14 days, the rate of interest payable on the amount of deposit so renewed shall be the appropriate rate of interest for the period of renewal as prevailing on the date of maturity.
- Where overdue period from date of maturity till date of renewal (both days inclusive) exceed 14 days, branches shall allow interest on overdue term deposit from the date of maturity of the deposit provided: -
a. The total amount of the overdue deposit or a part thereof is renewed from the date of its maturity till some future date (at least 15 days beyond the actual date of renewal) provided the deposit remains with the bank for minimum period of one year.
b. The interest allowed shall be at the appropriate rate operative on the date of maturity of such overdue deposit or the rate as on the date of renewal of the deposit, whichever is less and shall be payable only on the amount of the deposit so renewed.
(NRNR deposits matured after March 31, 2002 may be renewed under PNB Global Rupee Deposit scheme at rate of interest applicable to PNB Global Rupee deposits.)