PNB NRI FD Rates: Latest NRE, NRO & FCNR FD Rates 2021

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 Account, NRO Account, FCNR(B) Account, RFC Account, etc. In this article we will explore the latest PNB NRI FD Rates for 2021.

Table of Contents:

PNB NRI FD Rates: Latest NRE, NRO & FCNR FD Rates 2021
PNB NRI FD Rates: Latest NRE, NRO & FCNR FD Rates 2021

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 Fixed Deposit Interest Rates 2021

PNB NRI FD Rates for different schemes are as under:

  1. NRE Fixed Deposit Rates 
TenureLess than Rs. 2 croreRs. 2 crore to Rs. 10 crore
1 year5.20%3.25%
Above 1 year to 2 years5.20%3.25%
Above 2 years to 3 years5.20%3.00%
Above 3 years to 5 years5.30%3.00%
Above 5 years to 10 years5.30%3.00%
PNB NRI FD Rates: NRE FD
  1. NRO FD Interest Rates
TenureLess than Rs. 2 croreRs. 2 crore to Rs. 10 crore
7 to 14 days3.00%3.00%
15 to 29 days3.00%3.00%
30 to 45 days3.00%3.00%
46 to 90 days3.25%3.00%
91 to 179 days4.00%3.00%
180 to 270 days4.40%3.10%
271 days to less than 1 year4.50%3.10%
1 year5.20%3.25%
Above 1 year to 2 years5.20%3.25%
Above 2 years to 3 years5.20%3.00%
Above 3 years to 5 years5.30%3.00%
5 years to 10 years5.30%3.00%
PNB NRI FD Rates: NRO FD
  1. FCNR FD Interest Rates
Tenure/currencyUSDGBPEURCADAUDJPY
1 year to less than 2 years0.97%0.56%0.04%1.22%0.57%0.07%
2 years to less than 3 years0.97%0.58%0.03%1.19%0.57%0.06%
3 years to less than 4 years0.99%0.65%0.04%1.18%0.51%0.06%
4 years to less than 5 years1.10%0.70%0.07%1.24%0.51%0.07%
5 years1.20%0.74%0.09%1.35%0.51%0.07%
PNB NRI FD Rates: FCNR Deposit

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 19/01/2021)

Types of NRI FDs by PNB

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 ConsiderDetails
Period1 to 10 years
CurrencyINR
EligibilityNRIs/PIOs/OCIs
TaxabilityInterest earned not taxable in India
Premature withdrawalAllowed after completion of 1 year with 0.5% penalty
Loan against FDAvailable
RepatriationPrincipal and interest freely repatriable
Benefits– Nomination facility available
– Auto-renewal available
PNB NRE FD Overview

Punjab National Bank Non-Resident Ordinary (NRO) Fixed Deposit

Factors to ConsiderDetails
Period7 days to 10 years
CurrencyINR
EligibilityNRIs (other than nationals of Pakistan & Bangladesh) and OCB (Overseas Corporate Bodies)
TaxabilityInterest Earned is Taxable in India (30% + surcharge + cess in form of TDS)
RepatriationCan be repatriated abroad up to $1 million in a calendar year
Benefits– Nomination facility available
– Auto-renewal available 
PNB NRO FD Overview

Punjab National Bank Foreign Currency Non-Resident (Bank) Fixed Deposit

Factors to ConsiderDetails
Period1 to 5 years
CurrencyUSD, GBP, EUR, JPY, CAD and AUD
EligibilityNRIs/PIOs/OCIs
TaxabilityNo wealth and income tax applicable
Loan against FDAvailable
RepatriationPrincipal 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 FCNR Deposit Overview

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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 0.5% 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 the 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 Indian 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.

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FAQs

Can NRIS hold a joint account?

Yes, NRI account with PNB can be opened jointly in the names of two or more NRIs/ PIOs on either or survivor basis. 

Can I withdraw the NRI fixed deposit prematurely?

Yes, premature withdrawal is allowed after completion of 1 year with 0.5% penalty. This means the bank shall pay interest on deduction from the rate of interest on premature closure of FD. 

What are the types of NRI Fixed Deposits offered by Punjab National Bank?

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.

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