PNB Pranam Fixed Deposit Scheme for Senior Citizens – Finance & Banking Blogs

The PNB PRANAM Fixed Deposit Scheme is designed for individuals aged 55 to 60, allowing for a minimum deposit of Rs.100 and a maximum of Rs.1,99,99,999.

Its key features include:


  • Individuals (singly or jointly), including illiterate or blind persons within the age range of 55 to 60 years.
  • In case of joint deposits, the senior citizen must be the primary holder.

Deposit Amount

  • Minimum: Rs.100
  • Maximum: Rs.1,99,99,999

Deposit Period

  • Minimum: 1 year
  • Maximum: 10 years
  • Options for income (monthly/quarterly interest payout) or maturity (interest compounded quarterly).

During the tenor of deposit, under both the options, the account holder must attain the status of Senior Citizen i.e.
the age of 60 years.


  • Additional 0.50% rate applicable to senior citizens from the age of 60.
  • Income option offers quarterly interest at a simple rate or monthly at a discounted rate.
  • Maturity option involves quarterly compounding interest, payable at the end of the term.

Premature Withdrawal

  • Allowed with interest payable at the contractual rate or the rate for the actual period, whichever is lower.
  • No penalty for premature withdrawal after attaining senior citizen status.

Demand Loan/Overdraft

  • Available for deposits of Rs.10,000 and above upon request.
  • Overdraft not available for accounts opened by illiterate or blind individuals.

Additional Features of PNB Pranam Fixed Deposit

  • Auto-renewal, nomination, and other standard banking facilities.
  • Tax deduction at source and provision of interest certificates.

For more information, please visit official website of Punjab National Bank

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