1) What is ISA?
ISA is an Individual Savings Account. The interest earned on deposit is tax free. This is upto a
certain limit fixed by HMRC ever year.
2) Which types of ISA has PNBIL?
PNBIL has only Cash ISA, with Variable and Fixed rate of interest.
3) Who can apply for ISA?
Any individual, resident in the UK for tax purposes or a crown employee
serving overseas and paid out of the public revenue of the UK (typically a serving member of the
armed forces or a diplomat),or be married to or in a civil partnership with such a person, at least 16
years old and not have subscribed to another Cash ISA in the same tax year.
4) Is there any minimum amount for opening?
Minimum amount for opening is £1 for Variable Rate Cash ISA and £1000 for Fixed Rate Cash ISA.
5) What is Variable Rate Cash ISA?
Variable Rate Cash ISA account is an operating account with features of Saving Fund Account.
Interest is calculated on daily product basis and paid annually on 31st March every year; it can be
closed at any time. Withdrawals are allowed at any time and £10 minimum amount of withdrawal.
All the transaction will be routed through Variable Rate Cash ISA account.
6) What is Fixed Rate Cash ISA?
Fixed Rate Cash ISA account is for a minimum period of 1 year and maximum period of 5 years.
Minimum amount of deposit is £1000.
It can be closed and only full amount withdrawal with 30 days’ notice (only in case of premature withdrawal), interest is paid annually or at
the time of maturity. Before one year,no interest will be paid, while after
one year but before the agreed term period, interest will be paid @1% less than the applicable rate of interest for the period for which the deposit has
7) Can ISA be opened online?
No, opening is available at any branch in UK and only in GBP.
8) How can I subscribe to an ISA?
Cash ISA will start from the date the account is opened by Valid Cash ISA application form &
complying with normal KYC documentations with first minimum deposit as mentioned above. We
accept deposits by cash, cheques or electronic fund transfers.
9) I have already an ISA. Can I open one more?
No. HMRC limited this to one per tax year. You can transfer that Cash ISA to us, by giving us
Transfer Authority Form. We will arrange the transfer.
10) Can I transfer my ISA?
Yes, ISA can be transferred in or out any time and processed within 15 working days.
11) What I have to do to transfer an ISA?
You have to fill up a Transfer Authority Form and give it to new ISA provider. The new ISA
manager (provider) will arrange to transfer your ISA. ISA can only be transfer directly between two
providers .Account holder cannot transfer the ISA account by closing it and opening a new ISA
account with the new ISA manager.
12) What is the interest rate for Cash ISA?
For interest rate on Variable & Fixed Cash ISA Click here >>