The PNB NRO Sugam Term Deposit Scheme offered by Punjab National Bank (PNB) is designed specifically for Non-Resident Ordinary (NRO) account holders. It provides a simple and hassle-free way for NRIs to invest their funds with competitive interest rates and flexible tenure options, catering to their financial needs while complying with Indian regulatory requirements.
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Returns as high as 7.5%*
Includes life coverCompletely Tax free+
Maximum returns Offered byGuaranteed
Highest
7.5%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
In-built life cover
Get Guaranteed returns upto 7.5%*
Invest in 100% Guaranteed Return Plans with Tax benefits under sec 80C & No Tax on returns*
The key features of PNB NRO Sugam Term Deposit Scheme are as follows:
Joint Accounts: Can be held jointly with residents and/or non-residents. With residents, it's on a 'former or survivor' basis only.
Account Opening Form: Use the Non-Resident Ordinary Sugam Term Deposit Account form, which covers all deposit schemes and meets FEMA requirements. KYC norms, anti-money laundering rules, and PEP guidelines must be followed. Photocopies of passport and Visa/Resident permit are required.
Nomination: Allowed in the Non-Resident Ordinary Sugam Term Deposit Account, can be in favor of a resident or non-resident to ease claims in case of the account holder's death.
Tax Liabilities: Interest income on deposits is subject to tax deduction as per Central Board of Direct Taxes rules.
Deposit Amount: Minimum Rs. 10,000/- with no upper limit, in multiples of Re. 1/- up to Rs. 10.00 Crore.
Period of Deposit: From 46 days to 120 months, including incomplete quarters like 13 months, 14 months, etc.
Interest: Determined by Card Rate issued by HO: IRMD (ALM), compounded quarterly if the deposit period is 6 months or more.
Premature Withdrawal:
No penalty for partial withdrawals in multiples of Rs. 1,000/-. Interest continues on the remaining deposit.
Full withdrawal before maturity incurs no penalty. Interest paid at the contractual rate or current rate, whichever is lower.
Demand Loan or OD: Available against term deposit or for conversion/change of option, but requests must be made at the base branch.
Other Terms: Governed by general banking guidelines and specific terms applicable to NRO deposits, excluding additional interest for senior citizens applicable to domestic deposits.
FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years
*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply + Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023 #Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in