Punjab National Bank Account Type

Punjab National Bank (PNB) offers two specific accounts for motor accident claims: the Motor Accident Claims Annuity Fixed Deposit Account (MACAD) and the MACT Claims Savings Bank Account.

1. Motor Accident Claims Annuity Fixed Deposit Account (MACAD)

• Deposit Amount: Minimum deposit amount is ₹1,000, with no maximum limit.
• Tenure: Accounts can be opened for a tenure of 3 to 10 years, with extensions possible upon tribunal orders.
• Interest Payments: The principal and interest are paid in equated monthly installments (EMIs).
• Loan Facility: No loans can be taken against this account.
• Nomination: A nomination facility is available as per court directions.
• Premature Closure: Requires court permission for premature closure.
• Tax Deducted at Source (TDS): TDS applies on interest earned; Form 15G/H may be submitted for exemption.

2. MACT Claims Savings Bank Account

• Balance Requirement: There is no minimum or maximum balance requirement.
• Facilities: No cheque book, debit card, ATM card, welcome kit, internet banking, or mobile banking facilities are provided.

Punjab National Bank Broker Account Opening Process

To open an account with Punjab National Bank for motor accident claims, follow these steps:

• Eligibility: Ensure you are a victim of a road accident and have received compensation from motor tribunals.
• Visit the Bank: Go to the nearest Punjab National Bank branch.
• Documentation: Prepare the necessary documents, including:
• Court order for the compensation amount.
• Identification proof (Aadhar card, PAN card, etc.).
• Address proof.
• Application Form: Fill out the application form for either the MACAD or MACT Claims Savings Bank Account.
• Deposit Funds: Deposit the lump sum amount as per the tribunal's decision.
• Nomination: If applicable, complete the nomination process as directed by the court.
• Account Activation: Once all formalities are completed, your account will be activated, and you will receive account details.

For more detailed information, visit the official Punjab National Bank website or contact their customer service.