Punjab National Bank is an Indian based bank based in the capital of India, New Delhi. The bank was founded in 1984 and is one among the Big Four Banks of India. It is considered to be the third largest bank in India by its asset size. The bank has over 6,300 branches and over 7,900 ATMs across 764 cities and it serves over 80 million customers. The bank has branches in UK, Hong Kong, Dubai, Kabul and Kowloon. The bank offers a wide range of financial services including accounts, deposits, cards, loans and much more.
Punjab National Bank offers fixed deposits with flexible tenures and attractive rate of interest. The bank offers different kinds of fixed deposit accounts to suit the varying needs of the investors. The bank offers Fixed Deposit accounts for NRIs too with its own set of features and benefits.
NRE accounts can be opened by remittances from abroad in any convertible currency or from transfer of funds from existing NRE/FCNR accounts held by any person with any Bank in India. These accounts can be opened at all branches of Punjab National Bank. Given below is the interest rate for NRE fixed deposit account.
|Term deposit period||USD||GBP||EURO|
|One month to less than an year||0.75%||2.50%||1.50%|
|One year to five years||Same as FCNR deposits||Same as FCNR deposits||Same as FCNR deposits|
FCNR fixed deposits can be maintained under five currencies which is the US dollar, Pound Sterling, Euro, Australian dollar and Canadian dollar. These accounts can maintained for maturities of minimum of 1 year to maximum 5 years.
|1 Year to less than 2 years||2.2||0.9||0.06||0.09||2.12||2.56|
|2 years to less than 3 years||2.35||1.1||0.15||0.11||2.15||2.67|
|3 years to less than 4 years||2.45||1.19||0.28||0.12||2.28||2.81|
|4 Years to less than 5 years||2.56||1.3||0.43||0.14||2.39||3.07|
The above mentioned interest rates are applicable only on fresh deposits and on renewal of deposits maturing on or after 1st January, 2016. It is to be noted that the interest rates are valid for the period 1st January, 2016 to 31st January, 2016.