PNB Bank NRE FD Scheme

Overview

With flexible tenures ranging from one to ten years, fixed deposits park the money in accounts for a certain period. The FD often generates higher interest rates, producing larger returns because the money is kept invested for longer.

The rates for Punjab National Bank NRE FD depend on the term. Longer terms typically have higher interest rates. Despite increased PNB NRI FD rates, investors must consider their goals before choosing a duration. Because FD is not liquid, any early withdrawal or exit may result in a penalty being levied. So it makes sense to keep investing during the entire period to profit from guaranteed capital growth, albeit at set rates.

What is a PNB Bank NRE FD Scheme?

If the deposit period is one year, the PNB NRE FD Rates will be applied after the first year. Compounding then begins over longer terms for a cumulative benefit. In this case, interest is paid once every 180 days and compounded every 180 days. The depositor benefits from the compounding effect upon maturity for deposits with tenures longer than a year.

According to the variables controlled by the RBI's policies, the applicable interest rates are frequently reviewed and amended either higher or downwards. As a result, the following three grids provide information on the current rates:

Punjab National Bank NRE Term Deposit Scheme: Fixed Deposit Rates Below ₹2 Crores.

Tenure Days	Regular Fixed Deposit Rates (%) p.a.	Senior Citizen Fixed Deposit Rates (%) p.a.
seven days to 14 days	3.00%	3.50%
15 days to 29 days	3.00%	3.50%
30 days to 45 days	3.00%	3.50%
46 days to 90 days	3.25%	3.75%
91 days to 179 days	4.00%	4.50%
180 days to 270 days	4.50%	5.00%
271 days to less than one year	4.50%	5.00%
one year	5.10%	5.60%
More than one year and up to 2 years	5.10%	5.60%
More than two years and up to 3 years	5.10%	5.60%
More than three years up to 5 years	5.25%	5.75%
More than five years and up to 10 years	5.25%	5.75%

*Note: The rates are in effect from November 2022. However, the rates may vary.

The below table Punjab National Bank NRE Term Deposit Scheme: Fixed Deposit Rates from ₹2 Crores to ₹10 Crores:

Tenure	Regular FD rates (per annum)
7 days to 14 days	3.50%
15 days to 29 days	3.50%
30 days to 45 days	3.50%
46 days to 90 days	3.50%
91 days to 179 days	3.50%
180 days to 270 days	3.50%
271 days to less than one year	3.50%
one year	4.00%
More than one year and up to 2 years	4.00%
More than two years and up to 3 years	4.00%
More than three years up to 5 years	4.00%
More than five years and up to 10 years	4.00%

 

*Note: The rates are in effect from November 2022. However, the rates may vary.

Types Of Punjab National Bank Fixed Deposit Schemes

The table below shows the different types of Punjab National Bank Fixed deposit schemes.

Scheme Names

Non-Resident External (NRE) FD

Non-Resident Ordinary (NRO) FD

Resident Foreign Currency FD Account

Foreign Currency Non-Resident FD

Eligibility Criteria

The PNB NRE FD scheme is available to the following people:

 Persons of Indian Origin who are Non-Resident Indians (NRIs) (PIOs)

• Indian non-residents
• Indian residents who reside outside of India

Documents Required for a Punjab National Bank NRE FD

The NRIs are required to produce the following documents to establish a Punjab National Bank NRE FD:

• Name
• Address
• Date of Issue
• Date of Birth
• The expiration date of the passport
• Applicants photocopy of the VISA

Features & Benefits of Punjab National Bank NRE FD Scheme

• Both the principal and interest are completely refundable in any accepted currency.

• NRI depositors or third parties may apply for loans or overdrafts in rupees using term deposits as security. However, through our correspondent Banks, loans in foreign currencies are available against NRE term deposits held in India.

• Income tax is not applied to interest generated on NRE accounts.

• Automatic deposit renewal capability at maturity

How to Apply for PNB Bank NRE FD

One can easily apply for the PNB Bank NRE FD by either visiting their official website or contacting their branch. Both online and offline processes are extremely hassle-free, and one can easily apply for the PNB NRE FD Scheme.