PNB users will no longer be able to invest up to Rs 100 crore under the ‘Sugam Fixed Deposit’ scheme. The bank has now changed the investment limit. Let’s know about this plan…
Punjab National Bank (PNB), the country’s second largest public sector bank, has now fixed the limit for investing in ‘Sugam Fixed Deposit Scheme’. Now customers cannot invest as much money as they want in this scheme. According to the new rule of PNB, now you can invest only a maximum of Rs 10 lakh in this scheme.
What will happen to existing investors?
After this new rule of PNB , there was confusion among the existing investors in this scheme in the bank, but the bank gave clear information that the existing account holders who had opted for auto renewal for the maturity of their FD, their FD will befixed . Will be renewed for the period. Pre-decided interest rate will be applicable on this.
Why is this scheme popular?
This scheme has carved a niche for itself among PNB customers. You can guess this from the fact that earlier the limit in this scheme was Rs 100 crore, which has now been changed to Rs 10 lakh. This scheme is popular among the customers of the bank because in this scheme investors do not have to pay any penalty for withdrawing money before maturity. The bank has kept a minimum limit of Rs 10,000 in this scheme.
Maturity period of 10 years
The maturity period of the Sugam FD scheme ranges from 46 days to 120 months. In this scheme, if a person wants, he can open a personal account in his name or a joint account can also be opened. In this scheme, an account can also be opened with a child of 10 years and above.
Who can open the account?
According to the official website of PNB, one can easily open an account under this scheme. Talking about eligibility, Proprietorship/Partnership Firm, Commercial Organization, Company/Corporate Body, Hindu Undivided Family , Association, Club, Society, Trust or Religious/Charitable or Educational Institution, Municipality or Panchayat, Government or Semi Government Body and even Illiterate or visually impaired persons can also open accounts under this scheme.
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