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Punjab National Bank (International) Limited: 1 year Fixed Term Deposit
- FSCS protects deposits up to £85,000 per person
About Punjab National Bank (International) Limited
Punjab National Bank (International) Limited (PNBIL) is a UK-incorporated commercial bank offering a range of financial services to its customers. PNBIL is the wholly-owned subsidiary of Punjab National Bank (PNB), India. PNB is a leading public sector bank in India having more than 100 million customers and a network of over 6,900 branches.
PNBIL was incorporated in the UK on 13th April 2006 and registered with the Companies House in England & Wales under NO. 5781326. PNBIL has been authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). It got authorisation on 13th April 2007 (Baisakhi Day, and exactly 116 years after PNB was incorporated) to conduct Banking Business in the UK under Registration No. 459701. Complete details of the authorization are available in the FCA register.
PNBIL started its UK operations in May 2007 and presently operates through its seven branches, comprising four branches in Greater London (Moorgate, Southall, Ilford and Wembley) and three branches in the Midlands (Leicester, Birmingham and Wolverhampton). Its corporate office is located at Moorgate in the City of London.
Product details
/ Gross
AER is the Annual Equivalent Rate and represents what the interest rate would be if interest was realised and paid once each year.
Interest is calculated daily, compounded annually and is payable on maturity. Interest will be paid gross without prior deduction of tax.
The interest rate applicable to your savings account is fixed once your application is approved and you fund your account. The rate will stay the same throughout the duration of the fixed term. Should the bank amend the rate advertised before you have fully transferred funds and the rate is lower than the rate you originally ordered, you will have 14 days to cancel your application, and your original deposit amount will be returned to your Transaction Account. We will contact you if this occurs.
The estimated balance after 12 months on a deposit of £1,000 is £1,048.00. This projection is for illustrative purposes only and does not take into account individual circumstances.
To open this Fixed Term Deposit, you must apply online through Raisin. UK Savings accounts at Raisin are only available through this online application process. To be eligible to apply, you must:
● Be a UK resident who is aged 18 or over
● Hold a UK bank or building society account from which you will fund your application
● Have a valid mobile phone number and email address
Have a UK National Insurance Number
Acceptance of your application is subject to successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) checks, carried out by Meteor Asset Management (MAM).
Please note that Punjab National Bank (International) Limited may conduct additional identity checks within 48 working hours (2 Business days) of receiving your funds. Punjab National Bank (International) Limited reserves the right to refuse your application if Punjab National Bank (International) Limited has previously rejected an application or terminated a banking relationship with you. Your funds will be returned to your Raisin account, however, no interest will be paid. You will be contacted by Raisin should this occur.
Full details of how Punjab National Bank (International) Limited may use your personal data are contained here (https://www.pnbint.com/PNBIL/pdf/PrivacyNotice.pdf).
The minimum amount you can deposit is £1000, and the maximum amount you can deposit is £85,000 (per product and banking institution).
You can manage your savings account through Raisin by logging into your Raisin UK Account. You can contact Raisin UK by telephone, by email or in writing by using the contact details provided in the Raisin UK Terms & Conditions.
Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.
Because this savings account is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by Punjab National Bank (International) Limited in its absolute discretion. This savings account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner.
Your savings account will not automatically renew at the end of the fixed term for a further fixed term.
Raisin UK will contact you approximately one month before the maturity date of your savings account to advise you of your options. If Raisin UK does not receive a response from you, the proceeds from the fixed term deposit will be held in your Raisin UK Account at the end of the fixed term until you decide what you would like to do with the funds.
Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.
Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to Punjab National Bank (International) Limited by MIM on the next business day after arriving in the MIM account. It can therefore take up to 2 business days for your selected Fixed Term Deposit to be set up and start earning interest.
All cash in transit and Fixed Term Deposits once established, will be held by MIM and MAM in trust for you under FCA client money and asset rules.