The UK-based subsidiary of Punjab National Bank, Punjab National Bank (International) Ltd, has launched two online deposit products – Net-Save and Net-Fixed, exclusively targetting UK customers – reported Business Standard.
The bank has said that customers are not physically required at its branches, if they have an account in any other bank in the UK with cheque book facility. Customers can fill up the account opening form online ,and upon the receipt of confirmation, they need to send a signed cheque drawn from their UK bank for ‘know your customer’ purpose. This enables them to transfer funds into the account based on the details furnished, reported the newspaper.
The accounts should be opened in GBP with a minimum average balance of GBP1,000. SR Sharma, MD of PNBIL, said: The On-line Deposit accounts carry an interest rate of 1.25% on Net-Save as against 0.75% on normal savings account and up to 4.5% on Net-Fixed, depending on the tenure of the deposit.
