FAQ's

FIX DEPOSITS


1) Which type of deposits you provide?
    PNBIL provides Fixed Rate Deposit Account in GBP, EUR and USD. Interest rates are applicable with:

• Monthly Interest Earner Account - This account offers interest on a monthly basis at a discounted rate.
• Annual Interest Earner Account - This account offers interest annually on anniversary Date.
• Reinvestment Plan - Interest is given only at time of maturity and annually compounded.
• For deposits of amount above 1,500,000 please contact any of our branches to obtain the applicable interest rate.

2) Where can I see the interest rates?

Interest rates are available on the PNBIL website or contact us at any of our branch. Alternatively, you can contact our call centre at 0800 849 9229.

3) What is the rate applicable?

The interest rate on fixed deposit would be applicable and displayed on the PNBIL website . The fixed deposit will be made effective the date of clear funds credit in your bank account before 3 pm.

4) How is the interest calculated?
    Interest is calculated:

• Monthly Interest Earner Account - Monthly after deduction of application of basic rate tax.
• Annual Interest Earner Account - Annually after deduction of application of basic rate tax.
• Reinvestment Plan - Annual basis and is payable at the end of the term along with the principal amount of deposit, after deduction of basic rate tax.

5) What is the difference between AER and Gross interest rate?
AER GROSS INTEREST RATE
AER stands for Annual Equivalent Rate. It shows the amount of compounded interest earned over a period of time when savings accumulate in your bank account after your tax is deducted. Gross interest rate means the amount of compounded interest earned over a period of time when savings accumulate in your bank account before your tax is deducted 

6) Can I deposit an amount by cheque?

Yes, you can deposit a cheque. The fixed deposit will be made effective the date of clear funds credit in your bank account before 3 pm.

7) How can I open a fixed deposit account?

For a new account, a fixed deposit account can be opened through an existing or new operative link account, which could be either a Current Account or a Savings Account .
For an existing customer, a fixed deposit account can be opened either by visiting a branch. Alternatively, send a fixed deposit form or letter through email or in post.

8) What are the documents needed for opening a fixed deposit?
    For a new account, the following documents are needed:
» Visit to a branch personally (PNB Branches)

• Proof of identification - Original valid signed passport or photo-card full UK driving licence (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 rates) 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

    For an existing customer, the following documents are needed either by post, email.
» Cheque or interbank wire transfer to the operative account for a minimum of £1000. (If a Euro or USD account, deposit
    equivalent worth £1000).
» Fixed deposit request form.

9) How do I receive an acknowledgement of the fixed deposit account?

Deposit Certificate and information about operative account is dispatched to our customers within 7 days' time of opening of deposit.
In case of new NRI FD, the receipt is dispatched directly from our India operations to customer within 15 working days.

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.