• PNB NRO Sugam Term Deposit Scheme

    The PNB NRO Sugam Term Deposit scheme by Punjab National Bank is made for Non-resident Indians (NRIs) and people of Indian origin. NRI customers of Punjab National Bank can open an account under this scheme with a minimum deposit amount of Rs.10,000. The maximum deposit for this scheme is Rs.10 crore. The duration for the PNB NRO Sugam Term Deposit scheme ranges from 46 days to 10 years.

    Features of PNB NRO Sugam Term Deposit Scheme

    Features of PNB NRO Sugam Term Deposit Scheme are mentioned below:

    Account type Single or Joint Account
    Deposit Amount

    Minimum: Rs.10,000

    Maximum: Rs.10 crore

    Tenure

    Minimum: 46 days

    Maximum: 10 years

    Interest Rates 3.25% p.a. to 5.25% p.a.
    Premature Withdrawal Available
    Nomination Available
    Demand Loan Against Term Deposit Available

    *Interest rates applicable since 1 August 2021

    Eligibility Criteria for PNB NRO Sugam Term Deposit Scheme

    To open an account under the PNB NRO Sugam Term Deposit Scheme, you should be:

    • A Non-resident Indian (NRI)
    • Person of Indian Origin (PIO)

    How to Open a PNB NRO Sugam Term Deposit Scheme Account

    To open a PNB NRO Sugam Term Deposit Scheme account, you have to visit your nearest branch of the Punjab National Bank. There a representative of the bank will take you through the process and help you open the term deposit account.

    PNB NRO Sugam Term Deposit Scheme Interest Rates for Deposits below Rs.2 Crore

    The latest interest rates for PNB NRO Sugam Term Deposit Schemes for deposits below Rs.2 crore are mentioned below:

    Tenure Interest Rates (p.a.)
    46 days to 90 days 3.25%
    91 days to 179 days 3.80%
    180 days to less than a year 4.40%
    1 year to up to 2 years 5.00%
    2 years up to 3 years 5.10%
    3 years to 10 years 5.25%

    Note: the interest rates are applicable since 1 August 2021 and can be changed as per Bank’s rules and regulations.

    PNB NRO Sugam Term Deposit Scheme Interest Rates for Deposits above Rs.2 Crore to Rs.10 Crore

    The latest interest rates for PNB NRO Sugam Term Deposit Schemes for deposits above Rs.2 Crore to Rs.10 Crore are mentioned below:

    Tenure Interest Rates (p.a.)
    46 days to less than 1 year 3.00%
    1 year to 10 years 3.50%

    Note: the interest rates are applicable since 1 August 2021 and can be changed as per Bank’s rules and regulations.

    FAQs on PNB NRO Sugam Term Deposit Scheme

    1. Can I open a PNB NRO Sugam Term Deposit Scheme account jointly with an Indian citizen?

      Yes, you can open a PNB NRO Sugam Term Deposit Scheme account jointly with an Indian citizen. The account can be opened jointly with Indian residents under the ‘former or survivor’ basis only.

    2. Can a PNB NRO Sugam Term Deposit Scheme account under the name of Overseas Corporate Bodies (OCB)?

      No, a PNB NRO Sugam Term Deposit Scheme account cannot be opened in the name of Overseas Corporate Bodies (OCB).

    3. Is income earned under the PNB NRO Sugam Term Deposit Scheme taxable under Income Tax rules and regulations?

      Currently, any income earned from interest on deposits held in the name of the person under the PNB NRO Sugam Term Deposit Scheme is subject to tax deductions under the guidelines set forth by the Central Board of Direct Taxes.

    4. Are there any special benefits for senior citizens and staff members of the bank (existing or retired) under the PNB NRO Sugam Term Deposit Scheme?

      No, there are no additional interest benefits for senior citizens and staff members of the bank (existing or retired) under the PNB NRO Sugam Term Deposit Scheme.

    5. Is the nomination facility available for the PNB NRO Sugam Term Deposit Scheme?

      Yes, the nomination facility is available for the PNB NRO Sugam Term Deposit Scheme. Accounts can be nominated in the name of a Resident or Non-Resident.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.