Punjab National Bank or PNB, along with personal banking, extends its banking services to Non-Resident Indians or NRIs too. Here we shall talk about the fixed deposit options available to NRI customers of PNB. When knowing about the features and benefits that customers can benefit from, it is also imperative to be known to the prevailing PNB NRI FD rates so as to ascertain the returns one should expect on investing their savings in any of the fixed deposit options available.
PNB NRI Fixed Deposit Rates 2020
- NRE FD Rates
|Tenure||PNB NRE FD Interest Rates (p.a.)|
|Above 1 year and up to 2 years||6.30%|
|Above 2 years and up to 3 years||6.25%|
|Above 3 years and up to 5 years||6.25%|
|Above 5 years and up to 10 years||6.30%|
Note: The above-mentioned interest rates are applicable w.e.f. December 1st, 2019 on deposits less than Rs. 2 crore. Also, no preferential rates are available for senior citizens.
- NRO FD Rates
|Tenure||PNB NRO FD Interest Rates (p.a.)|
|Regular Citizens||Senior Citizens|
|7 to 14 days||4.50%||5.00%|
|15 to 29 days||4.50%||5.00%|
|30 to 45 days||4.50%||5.00%|
|46 to 90 days||5.00%||5.50%|
|91 to 179 days||5.00%||5.50%|
|180 days to 270 Days||6.00%||6.50%|
|271 days to less than 1 year||6.00%||6.50%|
|Above 1 year and up to 2 years||6.30%||6.80%|
|Above 2 years and up to 3 years||6.25%||6.75%|
|Above 3 years and up to 5 years||6.25%||6.75%|
|Above 5 years and up to 10 years||6.30%||6.80%|
Note: The above-mentioned interest rates are applicable w.e.f. December 1st, 2019 on deposits less than Rs. 2 crore.
- PNB Bank FCNR FD Rates
|Currency||Tenure/Rate of Interest (% p.a.)|
|1 year < 2 years||2 years < 3 years||3 years < 4 years||4 years < 5 years||5 years only|
Note: The aforementioned PNB FCNR fixed deposit rates are applicable to RFC deposit accounts too.
Types of PNB NRI Fixed Deposit Accounts
There are different types of fixed deposit options available to Non-resident Indian customers of Punjab National Bank. These accounts are detailed in the tabular form below:
- NRE FD Account
|Tenure||1 – 10 years|
|Eligibility||NRI and/or PIO (Persons of Indian Origin)|
|Taxability||Not taxable in India|
|Loan against FD||Available|
|Premature Withdrawal||Allowed; 0.5% penalty|
- NRO FD Account
|Tenure||7 days – 10 years|
|Eligibility||NRIs (other than nationals of Pakistan & Bangladesh) and OCB (Overseas Corporate Bodies)|
|Taxability||Taxable in India|
- FCNR (B) FD Account
|Tenure||1 – 5 years|
|Taxability||Not taxable in India (wealth tax also not applicable)|
|Loan against FD||Available|
Apart from the aforesaid deposit options dealing in foreign currency, there is a 4th type of term deposit available, viz. Resident Foreign Currency or RFC Fixed Deposit Account. This account is for residents of India who have foreign earnings and who wish to park such earnings in India. Returning Indians can also make use of this option. Important aspects of this account are:
- Tenure of 1 month to 5 years
- Interest earned is taxable in India
- To park pension or other monetary benefits from the applicant’s employer outside India
PNB NRI FD Premature Withdrawal Facility
Premature withdrawal or closure of fixed deposit account is permitted to the NRI customers of the Punjab National Bank. Important aspects w.r.t to the same are:
- There is a penalty of 0.5% levied on premature withdrawals of NRE term deposits
- If the deposits are withdrawn before 1 year from the date of contract, the bank shall not pay any interest on the same
PNB Loan against NRI FD
- NRI customers can apply for loan against FD if need arises. This way they can avoid breaking their fixed deposits prematurely to cope cash crunch.
- Such loans can be taken by NRI depositors as well as by 3rd party too
- Loans in foreign currency can be availed against NRE fixed deposits
Documents Required to Apply for PNB NRI FD Schemes
The following list of documents must be kept ready when applying for NRI FD schemes with PNB:
- Account Opening Form (properly filled & duly signed)
- KYC Form or Customer Master Form
- Passport size photograph(s)
- PAN Card
- Valid visa
- Passport copy
- Residence proof
- A set of specimen signatures of all the A/c holders in a separate sheet of paper
Note: This is not an exhaustive list.
How to Open a PNB NRI FD Account?
Following the steps mentioned further to open an NRI account with the Punjab National Bank:
- Download the Account Opening Form available on the official website of PNB
- Or write a mail to email@example.com requesting for an Account Opening Form
- Fill the form properly and sign the same
- Attach all the required documents state in the previous section
- Also mention the desired branch name of PNB where account is to be opened
- Attach initial foreign remittance to open the account (Demand draft in INR or foreign currency, Wire transfer or travelers cheque)
- Send all the documents to the following address :
E Bay (NRI Cell)
Punjab National Bank
2nd floor, Community Centre
Safdarjung Enclave, Near Old Kamal Cinema
Nauroji Nagar, New-Delhi-110029
Email ID: firstname.lastname@example.org
Frequently Asked Questions (FAQs)
Q. Can PNB NRI account be opened jointly?
A. Yes. NRI account with PNB can be opened with up to 4 account holders.
Q. Is there any penalty on premature withdrawal of NRI fixed deposit?
A. Yes, there is a penalty of 0.5% levied. This means that the interest shall be paid on deduction 0.5% from the rate of interest on premature closure of FD.
Q. How to contact PNB via call?
A. Customers can call on the toll free number 18001802222 or paid number 0120-2490000.