PNB NRO Sugam Term Deposit Scheme

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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PNB FD Interest Rates for Domestic/NRO Term Deposits (Below Rs. 3 Crore) w.e.f. 10.06.2024

TENUREREGULAR RATES
Current Rates
SENIOR CITIZEN
7 to 14 days3.50%4.00%
15 to 29 days3.50%4.00%
30 to 45 days3.50%4.00%
46 to 90 days4.50%5.00%
91 to 179 days4.50%5.00%
180 to 270 days6.25%6.75%
271 days to 299 days6.50%7.00%
300 days7.05%7.55%
301 days to less than 1 year6.50%7.00%
1 year6.80%7.30%
Above 1 year to 399 days6.80%7.30%
400 days7.25%7.75%
401 days to 2 years6.80%7.30%
Above 2 years to 3 years7.00%7.50%
Above 3 years to 1203 days6.50%7.00%
1204 days6.40%6.90%
1205 days to 5 years6.50%7.00%
Above 5 years to 1894 days6.50%7.30%
1895 days6.35%7.15%
1896 days to 10 years6.50%7.30%

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

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PNB FD Interest Rates for Domestic/NRO Term Deposits (Rs. 3 Crore – 10 Crore) w.e.f. 10.06.2024

Period Revised Rates For General Citizen W.E.F. 10.06.2024 (%)
7 days to 14 days 6.00
15 days to 29 days 6.00
30 days to 45 days 6.00
46 days to 60 days 6.40
61 days to 90 days 6.60
91 to 179 days 6.50
180 days to 270 Days 6.65
271 days to 299 Days 6.75
300 Days 6.75
300 Days to < 1 Year 6.75
1 Year 7.25
> 1 Year to 399 Days 6.80
400 days 6.80
401 days to 2 years 6.80
> 2 year to 3 years 6.50
> 3 year to 1203 days 6.25
1204 days** 6.15
1205 days to 5 years 6.25
> 5 years to 1894 days 5.60
1895 days** 5.45
1896 days to 10 years 5.60

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Features of PNB NRO Sugam Term Deposit Scheme

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

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Eligibility Criteria for PNB NRO Sugam Term Deposit Scheme

  • NRO Sugam Term Deposit open to NRIs or PIOs.

  • Account must be opened by the non-resident account holder, not by power of attorney.

  • NRO accounts are not allowed for Overseas Corporate Bodies (OCBs).

PNB Interest Rates for Tax Saver Fixed Deposit Scheme w.e.f. 12.04.2024

  Rates For General Citizens (%) Rates For Sr. Citizen (%)
5 Years 6.50 7.00
> 5 Years to 1894 days 6.50 7.00
1895 days 6.35 6.85
1895 days to 10 years 6.50 7.00

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