To provide banking convenience to our customers and to ensure that there is no loss of interest to the customer, we are providing the facility of auto renewal of Fixed Deposit on maturity as per mandate given by the customer.
The modalities of auto renewal are as under:
Where the customer has opted for auto renewal the fixed deposit shall be auto renewed after the date of maturity except term deposit under PNB Tax Saver Scheme, Capital Gain Scheme, Recurring Deposit Scheme, deposit accepted under bulk term deposit (Above Rs 10 crore) and Inter bank deposits.
Where the customer has given a mandate for non-auto renewal, the same shall not be auto renewed.
The auto renewal period can be modified at the instance of the customer subject to the minimum or maximum period of the scheme. The customer would have the option of changing the tenor of the auto renewal Term Deposit.
The Term Deposit shall continue to be auto renewed till the number of times opted by the customer.
Instructions for auto renewal can be given:
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For Principal and interest amount
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For Principal amount only
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For Period of auto renewal
At the time of granting loan against the fixed deposit, the depositor consent shall be obtained for renewal of the fixed deposit and for continuation of loan facility.
The interest rate payable shall be the card rate applicable on the date of maturity of Term Deposit, depending upon the tenor.
The auto renewal of Term Deposit shall be net of TDS, if any, as per existing guidelines.
All renewal are to be made effective from the date of maturity and not from retrospective date.