Dear Customer

In recognition of the COVID-19 pandemic, MasterCard has enhanced the contactless transaction limit at POS for Debit Cards in the UK from GBP 30 to GBP 45, which means, your PNBIL Debit Card Contactless limit will be enhanced to GBP 45. This enhanced limit will be with effect from 01st April 2020.

We hope you would make use of this enhanced limit and use your debit cards for payments through contactless at POS, reducing the physical contact with payment machines and hopefully slowing the virus spread.



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 at 1% less than the applicable rate of interest for the period for which the deposit has actually run.

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 >>

Punjab National Bank (International) Limited (PNBIL) is a UK incorporated banking subsidiary of Punjab National Bank, India (PNB). PNBIL is Authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. PNBIL is a member of the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS). PNBIL is authorised for accepting deposits by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Your eligible deposits are protected by the Financial Services Compensation Scheme, the UK's deposit protection scheme. The FSCS protects most depositors, including individuals and small companies upto £85,000. Eligible deposits of large companies and small local authorities are covered upto £85,000.