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PNB Sugam Term Deposit Scheme

Brief features of the product:

PARAMETERS FEATURES*
Eligibility Individual (singly or jointly) with others
Minor who have attained the age of 10 years and above in his own name on giving proof of age
Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body
HINDU Undivided Family
Association, Club, Society, Trust or Religious/Charitable or Educational Institutions
Municipality or Panchayat, Government or Quasi-Government Body
Illiterate and blind persons can also open the account
Deposit Amount Minimum deposit of Rs.10000/- and thereafter in multiples of Re.1/- with maximum amount of Rs.10.00 Crore.
Period of Deposit From 46 days to 120 months, even for incomplete quarters.
Interest Card Rate as per guidelines issued by HO: IRMD, ALM Cell from time to time.
  If any deposit falls below Rs.2 Crores due to part withdrawal then rate as applicable for deposits below Rs.2 Crores is to be made applicable from the date of such withdrawal due to which the Principal amount of Sugam Deposit reduced to below Rs.2 Crores.
  It is mandatory for the user that while effecting part withdrawals under PNB Sugam Scheme the A/c preferential Interest Credit Field has to be amended accordingly i.e. the applicable rate on the day for the segment if migrating to any other segment be put under A/c preferential interest credit field invariably.
  The depositor has the option to draw interest monthly/quarterly or on maturity. Interest shall be paid on compounded basis with quarterly rests if the period of deposit remained with the Bank is 6 months and above.
Demand Loan/Overdraft facility Deposits for Rs.10, 000/- and above on written request shall be eligible for Demand Loan/overdraft facility.
  The option/facility of ‘overdraft’ shall not be available in the account opened in the name of illiterate or a blind person.
Premature Withdrawal The depositor has the facility to withdraw any amount before maturity in multiples of Rs.1/- subject to minimum withdrawal of Rs.1000/- at a time, whenever he needs it without breaking the entire deposit and without losing interest on the remaining deposit under the scheme.

The value of Term Deposit Receipt (Principal amount) shall be reduced accordingly. No penalty is to be levied in respect of the part withdrawal of deposit. If any depositor desires to withdraw the entire deposit before maturity, no penalty will be levied and the interest rate payable would be contractual rate or the rate under the scheme on the contractual date applicable for the tenor for which the deposit has run, whichever is lower. User has to modify collect penal interest flag as “N” while closing the Account.

* Other terms and conditions as per general guidelines

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