FAQ's

CURRENT ACCOUNT


1) What is a current account?

A current account is a full-fledged business account for business purposes.

2) What are the key features and benefits?
    The key features are:

• Manage your account 24 hours a day through online banking.
• Facilitation through cheque book, debit card, net banking.
• Free remittance to PNB India
• Minimum Quarterly Average Balance (QAB) of £100.

3) How do I open a current account?
    There are two ways of opening an account:

• Visit to a branch personally (PNB Branches).
• Send documents by post.

4) What are the documents required?
    The following documents are required for opening an account:
» Visit to a branch personally (PNB Branches)

• Proof of identification - current valid passport or a full UK photo card driving license(for non UK passports, original valid visa is required).
• Proof of address - Recent (not older than 3 months) original Bank statement or utility invoice (telephone, gas, electricity, water, council tax bill) with full name.
• In case of joint account separate documents as noted above are required for each applicant.
• A cheque of minimum amount of £100 from your existing UK bank account payable to yourself or cash.
• Account Opening Form

» Send documents by post

•Certified Proof of Identification: Copy of the valid passport or valid photo-card full UK driving license.
Do not send original ID documents by mail.
Certification: You can have your documents certified by any FCA/PRA regulated body such as a Bank or Building Society or regulated companies such as Solicitors, Chartered Accountants or Notary Publics. The verifying firm should take photocopies of your documents and endorse them (for banks, branch sort code stamp or verifying firms stamp), sign and print their names on the photocopies.
• Proof of address – Recent (not older than 3 months) original bank statement or utility invoice (telephone, gas, electricity, water, council tax bill) with full name and address (these would be returned after verification by post).
• A cheque of minimum amount of £100 from your existing UK bank account payable to yourself.
• In case of joint account separate documents as noted above are required for each applicant.
• Account Opening Form
• In case Bank officials are not able to meet you face to face, additional documents will be required as the Bank may specify. The Bank may also take up a reference in relation to an existing account held at a third party bank wherever applicable or from a credit reference / Electronic verification agency. In addition to the above documents, detailed information on the likely operations and earning/ business details will be required to open an Account.
• Please note that Forms/Documents sent through post should be complete in all respect as per Bank's requirement.Incomplete forms/documents shall be returned and further submission shall be treated as a new request only.

5) Can I deposit an amount by cheque?

Yes, you can deposit a cheque of minimum amount of £100 from your existing UK bank account payable to yourself.

6) How long will it take to open an account?

The account will be opened as soon as all the formalities are completed (approximately 2 working days) and a welcome letter will be mailed to your mailing address providing all the necessary information to operate the account along with a copy of our schedule of terms and conditions.

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.