Punjab National Bank(international) Ltd

nilrem_2

Sstripey wrote: »

This is previously unchartered territory for me, but with what's happening at the moment to UK interest rates, the teapot was getting tempting otherwise!

I don't blame you. I just wish I had the 'balls' to do it!

nilrem_2

mulronie wrote: »

Interesting point, but infact the bank you are contracting with here is NOT a foreign bank. It might be owned by someone abroad, but the actual bank that does business in the UK is as British as Barclays or Lloyds.

Punjab National Bank (International) Limited is a UK-domiciled limited company, appropriately registered with Companies House, with an FSA deposit-taking licence to boot.

Icesave, meanwhile, was just the UK trading name of Landsbanki Íslands hf, a company registered in Iceland, and regulated by the Icelandic authorities.

Ah but to reinforce your argument you left out the part of my quote where I said

but in the event of a problem I feel happier with a institution based properly in the UK

which is the nub of the issue for me.

AFAIAA they do not have much of a branch network in the UK where one can go if a problem occurs.

elsien

I've used them in the past. The only difficulty I found is that I didn't keep track of the fixed rate end date and the letter they said they sent asking what I wanted to do didn't arrive, so it got automatically reinvested.
If you make a note of the date it's up though, then you've got time to get hold of them and sort things out if you need to. Other than that, no problems.

jayship

elsien wrote: »

I've used them in the past. The only difficulty I found is that I didn't keep track of the fixed rate end date and the letter they said they sent asking what I wanted to do didn't arrive, so it got automatically reinvested.
If you make a note of the date it's up though, then you've got time to get hold of them and sort things out if you need to. Other than that, no problems.

Most Indian Banks fixed deposits allow you to close the account anytime after 12 months and still qualify for interest prevailing at the time of closure. eg @13 months you would still earn 3% for 12 months. The moral is to close at each anniversary. Alternatively you can borrow money against your deposit by paying an extra 0.5% interest at any time.

You can ask them not to auto renew on maturity and if you are late or away your funds will be held in a savings account awaiting further instructions and still earn a minimal interest.

With mainstream local banks you would not be allowed to withdraw funds before maturity. Some that do will impose heavy penalties.

scooter100_2

jayship wrote: »

Most Indian Banks fixed deposits allow you to close the account anytime after 12 months and still qualify for interest prevailing at the time of closure. eg @13 months you would still earn 3% for 12 months. The moral is to close at each anniversary. Alternatively you can borrow money against your deposit by paying an extra 0.5% interest at any time.

You can ask them not to auto renew on maturity and if you are late or away your funds will be held in a savings account awaiting further instructions and still earn a minimal interest.

With mainstream local banks you would not be allowed to withdraw funds before maturity. Some that do will impose heavy penalties.

From the website

Withdrawal Before Maturity: Depositt can be permitted to be withdrawn at discretion of the Bank

From the terms and conditions on the website relating to term deposit

Generally premature withdrawal is not allowed. In exceptional circumstances if allowed it is subject to penalty which will be calculated at the time of withdrawal and will be informed to the customer before closure.


Everyone i have spoken to at the bank insists you can get at your money early if you invest in the fixed term deposit but no one will put that in writing for me. Now in a quandary whether to accept their word for it or rely on the terms and conditions as stated above.

marathon_man_3

I have had funds with ICICI bank in the past and am currently with United Bank, State Bank of India and now also with Punjabi Bank.
As long as the bank is in the UK compensation scheme, which I check on the FSA website just to make sure, I don't hesitate to place our funds to get a better rate.
Having said that, the rates are crap now so I guess it is all relative.

nilrem_2

TBH even the Punjab website looks rather amateurish to me, it just does not inspire me with confidence.

RetiredInThailand

I have an account with Punjab. Account opening in person went very easily, which made a nice change from State Bank of India who are a total pain. I certainly wouldn't waste any time with SBI again.

The Punjab branch I went to have very polite and efficient staff though their use of English in emails is a little odd. Mind you, the same can be said of the big High Street banks these days.

No problems with online banking or receiving letters etc.

Sstripey

nilrem wrote: »

TBH even the Punjab website looks rather amateurish to me, it just does not inspire me with confidence.

Do you live close enough to a branch to talk to them in person? that might make a difference.

Perhaps put a small amount in for a year, and taking it out, just to test the water?

arcadia00

The 'Premium Fixed Deposit Scheme' is a different product from the flatrate term deposits right? What are the AER 's, is it compounded, do they pay HMRC the tax annually or just at the end?