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PUNJAB & SIND BANK
HO. RISK MANAGEMENT DEPTT.
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Section (iii) of Circular No. 59/07 Dated 06/06/2007
(iii) CLARIFICATION w.r.t. INTEREST RATE PAYABLE ON PREMATURE WITHDRAWAL OF TERMS DEPOSIT AND LEVY OF PENALTY:
(a). For Term Deposits issued on or after 28.08.1998 and up till 26.03.2006:
“The interest rate payable and levy of penalty on account of premature withdrawal of term deposits shall be in accordance with guidelines circulated vide HO. P & D Dept. circular No. 1897/98 dated 28.8.1998”.
(b).For Term Deposits issued on or after 27.03.2006 and up till 25.12.2006:“The interest rate payable and levy of penalty on account of premature withdrawal of term deposits shall be in accordance with guidelines circulated vide HO. RMD circular No. 33/06 dated 27.03.2006”.
(c).For Term Deposits issued on or after 26.12.2006 and up till 06.05.2007:“The interest rate payable and levy of penalty on account of premature withdrawal of term deposits shall be in accordance with guidelines circulated vide HO. RMD circular No. 45/06 dated 26.12.206”.
(d).For Term Deposits issued on or after 07.05.2007 and up till 06.06.2007:“The interest rate payable and levy of penalty on account of premature withdrawal of term deposits shall be in accordance with guidelines circulated vide HO. P & D Dept. circular No. 2309/07 dated 07.05.2007”.
(e).For Term Deposits issued on or after 07.06.07 the interest rate payable and levy of penalty on account of premature withdrawal of term deposits shall be as follows:
Period within which term deposit is premature withdrawn |
Eligible rate of interest |
(i) Premature withdrawal of Term Deposit less than Rs.15.00 lacs |
No penalty is to be charged, and
Interest is to be paid, for the period Term Deposit has actually run, at the lowest r.o.i out of the followings:
(i). At the card rate prevalent on the date of issue of FDR, OR
(ii). At the card rate prevalent on the date of encashment, OR
(iii).At the contractual r.o.i stated on Term Deposit |
(ii) Premature withdrawal of Term Deposit for Rs.15.00 lacs and above |
Penalty @1% to be charged, and
Interest is to be paid, for the period Term Deposit has actually run, at the lowest r.o.i out of the followings minus amount of penalty:
(i). At the card rate prevalent on the date of issue of FDR, OR
(ii). At the card rate prevalent on the date of encashment, OR
(iii).At the contractual r.o.i stated on Term Deposit. |
(iii) Premature withdrawal of DRI/ Bulk Deposit |
No penalty to be charged, and
Interest is to be paid, for the period Term Deposit has actually run, at the lowest r.o.i out of the followings:
(i). At the card rate prevalent on the date of issue of FDR, OR
(ii). At the card rate prevalent on the date of encashment, OR
(iii).At the contractual r.o.i stated on Term Deposit |
(iv) Penalty rules shall not be applicable to deposits under “PSB FIXED DEPOSIT TAX SAVER SCHEME”
(vi) Penalty rules are not applicable to deposits of staff members (excluding ex-staff)
(vii) Branches have to display this notification at a prominent location in the branch so that customers of the branch take a note of it.
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