RECURRING DEPOSIT (Flexible Installment)
PGB Swechha Jama Yojna (SJY)
PGB FLEXI RD SCHEME: Savings with Unmatched Flexibility
Ideal for entrepreneurs, freelancers, business owners, or anyone with fluctuating monthly income.
Core Monthly Installment
A Core Monthly Installment (Minimum ₹100/- or above) is chosen at opening. Subsequent monthly installments cannot exceed ten times (10X) this core amount.
Flexible Contribution Limit
You can deposit any amount from the core installment up to the 10X limit in a month. This caters to months when you have surplus funds.
Deposit Period / Tenure
Available for a period from 6 months to 120 months (10 years).
No Penalty on Variable Amount
Crucially, no penalty is charged for not depositing the full 10X flexible amount or for late payments, as long as the core amount is met/paid.
Withdrawal & Closure
Pre-mature closure is allowed (subject to penalty). No part withdrawal is permitted in this scheme.
Nomination & Loan Facility
Nomination facility is available. Loan/Overdraft facility is generally provided against the accumulated deposit balance.
Interest and Growth
Interest is calculated on the actual accumulated balance and is compounded half-yearly at the rate applicable to a Term Deposit of the corresponding tenure. The flexible deposit amount starts earning interest from the day it is deposited.
For more information, the Current Applicable Interest Rates, or any query related to the scheme, kindly visit your nearest PGB branch.