Anyone have Punjab National Premium Deposit Account?

soulsaver

lucky77 wrote: »

Just looked at my account papers. The details I printed off state: "Interest calculation will be on an annual basis and would be payable at the end of term along with the principal amount of deposit, after deduction of application of Basic Rate Tax."

That's as maybe. And maybe that's why they haven't had many complaints.
However, when I opened mine the T&Cs weren't showing on their website, which is clear from my email and their response.

I asked for & got emailed terms & a confirmation of the payment of annual interest added to the deposit as described verbatim in their response above.

And I have an email re-stating those terms (but arguing they mean something different)!

And a statement saying that the document said 'payment at maturity' - which it just didn't.

I'm not being just pedantic here - just pointing out to the OP that your post may give him the impression that I'm mistaken... but that is not the case. If it is a big issue to him, he should check his own correspondence as there seems to have been a short time after which the terms were altered.

soulsaver

Result! See here:
https://forums.moneysavingexpert.com/discussion/4977308

annaccordion

I was aware of interest at maturity terms, but I've just had an option letter too. It will allow me to minimise tax on the interest. Brilliant result!!

arcadia00

soulsaver wrote: »

Result! See here:
https://forums.moneysavingexpert.com/discussion/4977308

Are you still here soulsaver? I received letter 31/5/14 (down to your work) which I ticked... "I would like interest to be credited annually, compounded and paid at maturity." I also sent an R85 along with the ticked form.

When I phone up to get info how much interest was paid for this year they are all over the place. Is it OK with you?

soulsaver

Sorry - only got notification via yr PM today: Not checked it yet because from memory thought it not due yet? I'll return shortly.

soulsaver

Ok - I have 4 of these stepped interest accounts - 3 opened at the same time in June 2012 and one in July.


They have changed the appearance of the 'summary' - it now doesn't look like a bank statement!
Nevertheless - the 'ledger balance' on the 3 accounts is correct - includes two anniversary interest payments (june '13 & June '14), compounded, less tax. Next interest payment due in June 2015.
However, the 4th seems to have only one interest payment made at 3% (so July '13). So I'm after them again...

soulsaver

PNB int report they '...had a system glitch at the time the interest was due..' and admit they failed to pay it. They have corrected it.