“PSB e-Advantage Fixed Deposit- A Digital Only Fixed Deposit Account”

• The salient features of this scheme-

• Name of the scheme: “PSB e-Advantage FD Product”
• Who can open this account:
  1. Individuals: Resident Individuals including Body of individuals.
  2. Non-Individuals: Non-individuals like Hindu Undivided Family (HUF), Sole Proprietorship firms; Partnership firms, Companies, Association of persons etc.
• Tenure of Deposit: For a Period 601 Days only.
• Validity of the Scheme: Upto- March 31, 2023
• Rate of interest: Special Rate of Interest is given to the Fixed deposit made under this scheme-
  1. Fixed Rate- 7.00 % (Per annum) for General Public
  2. Fixed Rate- 7.50 % (Per annum) for Senior Citizen.
  3. Fixed Rate- 7.85 % (Per annum) for Super Senior Citizen.
• Where these Accounts can be opened: Fixed Deposit account under this scheme can be opened through Bank’s PSB UnIC Mobile Application only.
• Joint Account can be opened under this scheme: Yes, Joint Account under this scheme can be opened as per the extant guidelines.
• Whether Senior Citizen/Super Senior Citizen benefit in terms of additional rate of interest Available under this scheme: Yes.
• Premature Withdrawal/Closure: - In case of premature closure, the applicable rate of interest will be linked to the card rate applicable for Domestic General Term Deposit Product subject to penal charges as applicable. This e-FDR will be issued for representative & record purposes only
• Issuance of Fixed Deposit Receipt: Electronic Fixed Deposit (Non-Negotiable/Non-Transferable) Receipt will be issued to FD Account holder/s through Bank’s PSB UnIC Mobile Application only.
• Withdrawal of proceeds: Through PSB UnIC Mobile App only.
• Minimum Deposit in the Account :Rs 1,000/- and above
• Maximum Deposit in the Account: Maximum Deposit in the Account: Rs 1.90 Crore.
• Taxation in the Account: Interest accrued on this deposits is liable for Tax deduction in accordance with the guidelines issued by Income Tax Department, GoI, from time to time.
• All other terms and conditions:  As applicable to other Term Deposit Product but not mentioned in this product shall apply here also.