PNB NRE Rupee Sugam Term Deposit Scheme
The PNB NRE Rupee Sugam Term Deposit Scheme offered by the Punjab National Bank is geared towards Non-resident Indians (NRIs). NRI customers of the bank can open a single or joint fixed deposit account under this scheme.
The minimum deposit for this scheme starts from Rs.1,000 and the duration of the scheme ranges from 1 year to 10 years.
Features of PNB NRE Rupee Sugam Term Deposit Scheme
Account Type | Single or Joint Account |
Deposit Amount | Minimum: Rs.10,000 Maximum: No limit |
Tenure | Minimum: 1 year Maximum: 10 years |
Interest Rates | 6.50% p.a. to 7.25% p.a. |
Deposit Renewal | Available |
Nomination | Available |
*Note : Interest rates effective from 20 February 2023.
Eligibility to Open a PNB NRE Rupee Sugam Term Deposit Scheme Account
To be eligible to open a PNB NRE Rupee Sugam Term Deposit Scheme Account, you should be:
- A Non-resident Indian
How to Open a PNB NRE Rupee Sugam Term Deposit Scheme Account
To open a PNB NRE Rupee Sugam Term Deposit Scheme account, you can visit your nearest branch of Punjab National Bank. An executive of the bank will help you and take you through the process of opening a term deposit account.
PNB NRE Rupee Sugam Term Deposit Scheme Interest Rates for Deposits below Rs.2 Crore
The latest interest rates for PNB NRE Rupee Sugam Term Deposit Schemes for deposits below Rs.2 crore are given below:
Tenure | Regular FD Rates (p.a.) |
1 year | 6.75% |
Above 1 year to 665 days | 6.75% |
666 days | 7.25% |
667 days to 2 years | 6.75% |
Above 2 years and up to 3 years | 6.75% |
Above 3 years and up to 5 years | 6.50% |
Above 5 years and up to 10 years | 6.50% |
Note: The FD interest rates are effective as of 20 February 2023. It can change at the discretion of the bank.
PNB NRE Rupee Sugam Term Deposit Scheme Interest Rates for Deposits above Rs.2 Crore to Rs.10 Crore
The latest interest rates for PNB NRE Rupee Sugam Term Deposit Schemes for deposits above Rs.2 crore to Rs.10 crore are given below:
Tenure | Regular FD Rates (p.a.) |
1 year | 6.75% |
Above 1 year and up to 599 days | 6.50% |
600 days | 6.50% |
601 days to 2 years | 6.50% |
Above 2 years and up to 3 years | 6.50% |
Above 3 years and up to 5 years | 6.25% |
Above 5 years and up to 10 years | 5.60% |
Note: The FD interest rates are effective as of 20 February 2023. It can change at the discretion of the bank.
FAQs on PNB NRE Rupee Sugam Term Deposit Scheme
- Can I open the PNB NRE Rupee Sugam Term Deposit scheme along with Indian citizens?
No, you cannot open a PNB NRE Rupee Sugam Term Deposit scheme with an Indian citizen. This term deposit can only be opened in the names of two or more non-resident individuals, as long as all account holders are Indian nationals or of Indian ancestry.
- In what currency will the PNB NRE Rupee Sugam Term Deposit Scheme is maintained?
The PNB NRE Rupee Sugam Term Deposit scheme is maintained in rupees.
- Will the interest income from the PNB NRE Rupee Sugam Term Deposit scheme be taxable under Income Tax?
No, income tax rules exempt interest income from accounts under the PNB NRE Rupee Sugam Term Deposit scheme.
- How is the interest calculated for the PNB NRE Rupee Sugam Term Deposit scheme?
The deposits will be calculated every quarter for accounts under the PNB NRE Rupee Sugam Term Deposit scheme, which are subject to change according to RBI's guidelines.
- Can I prematurely withdraw my deposits from PNB NRE Rupee Sugam Term Deposit scheme?
Yes, if you can prematurely withdraw your deposits under the PNB NRE Rupee Sugam Term Deposit scheme.
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