Punjab National Bank, also known as PNB, is the second largest bank in India in terms of business and network. The bank has a pan India presence with 10,930 branches and 13,878 ATMs. The bank also operates in the UK, Hong Kong, Kowloon, Dubai and Kabul through its subsidiaries and overseas branches. Just like its Indian customers, Punjab National Bank offers a vast array of financial services to Non-Resident Indian (NRI) customers, NRI Fixed Deposits, NRE Accounts, NRO Accounts, FCNR(B) Accounts, RFC Accounts, etc. In this article, we will explore the latest PNB NRI FD Rates for 2023.
Table of Contents:
- PNB NRI Fixed Deposits
- PNB NRI Fixed Deposit Interest Rates 2021
- Types of NRI FDs by PNB
- PNB NRI FD Premature Withdrawal Facility
- Loan against PNB NRI FD
- Documents required to apply for PNB NRI FD Accounts
- How to apply for PNB NRI Fixed Deposit Account
- PNB NRI Fixed Deposit Calculator
- FAQs
PNB NRI Fixed Deposits
Indians living abroad can invest in NRI FDs offered by Punjab National Bank to grow their savings. The bank offers multiple fixed deposit accounts with flexible tenures and attractive interest rates to suit the varying needs of investors.
PNB NRI FD Rates 2023
PNB NRI FD Rates for different schemes are as under:
PNB NRE FD Rates 2023
| Tenure | Less than Rs. 2 crore | Rs. 2 crore to Rs. 10 crore |
|---|---|---|
| 1 year | 6.75% | 7.00% |
| Above 1 year to 443 days | 6.80% | 6.50% |
| 444 days | 7.25% | 6.50% |
| 444 days to 665 days | 6.80% | 6.50% |
| 666 days | 7.05% | 6.50% |
| 667 days to 2 years | 6.80% | 6.50% |
| Above 2 years to 3 years | 7.00% | 6.50% |
| Above 3 years to 5 years | 6.50% | 6.25% |
| Above 5 years to 10 years | 6.50% | 5.60% |
Note– The above given rates are with effect from 1 June 2023.
PNB NRO FD Interest Rates 2023
| Tenure | Less than Rs. 2 crore |
|---|---|
| 7 to 14 days | 3.50% |
| 15 to 29 days | 3.50% |
| 30 to 45 days | 3.50% |
| 46 to 90 days | 4.50% |
| 91 to 179 days | 4.50% |
| 180 to 270 days | 5.50% |
| 271 days to less than 1 year | 5.80% |
| 1 year | 6.75% |
| above 1 year to 443 days | 6.80% |
| 444 days | 7.25% |
| 445 days to 665 days | 6.80% |
| 666 days | 7.05% |
| 667 days to 2 years | 6.80% |
| Above 2 years to 3 years | 7.00% |
| Above 3 years to 5 years | 6.50% |
| Above 5 years to 10 years | 6.50% |
Note– The above given rates are with effect from 1 June 2023.
| Tenure | Rs. 2 crore- Rs. 10 crore |
|---|---|
| 7 to 14 days | 6.00% |
| 15 to 29 days | 6.00% |
| 30 to 45 days | 6.00% |
| 46 to 60 days | 6.40% |
| 61 days to 90 days | 6.25% |
| 91 to 179 days | 6.50% |
| 180 days to 270 Days | 6.50% |
| 271 days to less than 1 year | 6.50% |
| 1 year | 7.00% |
| above 1 year & up to 2 years | 6.50% |
| above 2 year & up to 3 years | 6.50% |
| Above 3 years to up to 5 years | 6.25% |
| Above 5 years to up to 10 years | 5.60% |
Note– The above given rates are with effect from 18 May 2023.
PNB FCNR Rates 2023
| Tenure/currency | USD | GBP | EUR | JPY | CAD | AUD |
|---|---|---|---|---|---|---|
| 1 year to less than 2 years | 5.31% | 4.43% | 2.15% | 0.00 | 4.05% | 3.35% |
| 2 years to less than 3 years | 4.31% | 2.68% | 1.90% | 0.00 | 4.05% | 3.10% |
| 3 years to less than 4 years | 4.31% | 2.68% | 1.90% | 0.00 | 3.75% | 3.10% |
| 4 years to less than 5 years | 4.31% | 2.68% | 1.90% | 0.00 | 3.75% | 3.10% |
| 5 years | 4.31% | 2.68% | 1.90% | 0.00 | 3.75% | 3.10% |
Note– The above given rates are with effect from 1 June 2023.
Note: All the interest rates mentioned above are subject to change without prior notice. We update the latest interest rates on NRE FD and Savings Bank Account as well as the interest rates for FCNR Deposit every month with the banks on our blog. You can head there to check out the latest rates. (The above tables were updated on 06/06/2023)
PNB NRI Account Types
Indians living in foreign countries can invest in multiple fixed deposit accounts offered by Punjab National Bank. Here are some of key PNB NRI FD accounts:
- NRE FD Account
- NRO FD Account
- FCNR(B) Account
Punjab National Bank Non-Resident External (NRE) Fixed Deposit
| Factors to Consider | Details |
|---|---|
| Period | 1 to 10 years |
| Currency | INR |
| Eligibility | NRIs/PIOs/OCIs |
| Taxability | Interest earned not taxable in India |
| Premature withdrawal | Allowed after completion of 1 year with 1% penalty |
| Loan against FD | Available |
| Repatriation | Principal and interest freely repatriable |
| Benefits | – Nomination facility available – Auto-renewal available |
Punjab National Bank Non-Resident Ordinary (NRO) Fixed Deposit
| Factors to Consider | Details |
|---|---|
| Period | 7 days to 10 years |
| Currency | INR |
| Eligibility | NRIs (other than nationals of Pakistan & Bangladesh) and OCB (Overseas Corporate Bodies) |
| Taxability | Interest Earned is Taxable in India (30% + surcharge + cess in form of TDS) |
| Repatriation | Can be repatriated abroad up to $1 million in a calendar year |
| Benefits | – Nomination facility available – Auto-renewal available |
Punjab National Bank Foreign Currency Non-Resident (Bank) Fixed Deposit
| Factors to Consider | Details |
|---|---|
| Period | 1 to 5 years |
| Currency | USD, GBP, EUR, JPY, CAD and AUD |
| Eligibility | NRIs/PIOs/OCIs |
| Taxability | No wealth and income tax applicable |
| Loan against FD | Available |
| Repatriation | Principal and interest freely repatriable in the currency of your choice |
| Benefits | – No exchange risk – Facility for auto-renewal – Gift made to close resident relatives free of tax – Completely and Freely Repatriable |
PNB NRI FD Premature Withdrawal Facility
NRIs can opt for a Premature withdrawal or closure of the PNB NRI FD. Important aspects regarding the same are:
- There is a penalty of 1% levied on premature withdrawals of NRE term deposits
- If the deposits are withdrawn before 1 year from the date of contract, the bank shall not pay any interest on the same.
Loan Against PNB NRI FD
To meet urgent financial needs, NRI depositors or 3rd parties can get loans/ overdrafts against the security of NRE and FCNR (B) deposits and hence avoid breaking their fixed deposits prematurely. Loans in foreign currency against the security of term deposits in India can be obtained through correspondent banks of PNB.
Documents Required to Apply for PNB NRI FD Accounts
Here is the checklist of basic documents that investors will need to submit when applying for NRI FD accounts with PNB:
- Duly filled FD account opening form
- Passport-size photographs
- KYC Form or Customer Master Form
- PAN card
- Valid visa
- Passport copy
- Specimen signature impression of the account holder in a separate paper sheet
How to apply for PNB NRI Fixed Deposit Account
SBNRI is an online one-stop platform for expert services and advisory on all major NRI specific aspects including NRI FD schemes.
To get end to end assistance with NRE Account Opening and booking other Fixed Deposits, you can connect with our expert using the button at the end of the article. You can also browse through the NRI Account Opening grid that we have prepared specially for NRIs and get expert advisory and assistance seamlessly and complete the entire process at the comfort of your homes.
PNB NRI Fixed Deposit Calculator
Calculate your returns on FD and much more with an expert. At SBNRI, you get direct access to field experts who will take care of your individual process personally and assist you throughout the way. Just click on the button below to get in touch with our expert now. Also, visit our blog and Youtube Channel for more details.
FAQs
Yes, NRI account with PNB can be opened jointly in the names of two or more NRIs/ PIOs on either or survivor basis.
Yes, premature withdrawal is allowed after completion of 1 year with 1% penalty. This means the bank shall pay interest on deduction from the rate of interest on premature closure of FD.
Punjab National Bank offers 4 types of FD schemes for NRI – NRE Fixed Deposit Accounts, NRO Fixed Deposit Accounts, FCNR Fixed Deposit Account and RFC Fixed Deposit Accounts.
