PNB launches festive season deposit scheme

On the occasion of the festival season, Punjab National Bank (PNB) has launched two new retail term deposit schemes for 555 days and 1,000 days at an interest rate of 7.50 per cent and 7.60 per cent respectively.

Interest on both the schemes would be compounded quarterly.

Both these schemes will be operative for a period of two months ie from November 1, 2010 to December 31, 2010.

The schemes will also contain all the features as available in the bank's other term deposit schemes namely loan/overdraft against term deposits, nomination facility, payable at par on maturity at any branch etc.