Punjab National Bank(international) Ltd

nilrem_2

Sstripey wrote: »

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?

No there are none in this area, from what I found on the website they only have about six branches?

Do keep us updated of your experiences with them.

scooter100_2

arcadia00 wrote: »

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?

The premium fixed deposit is a stepped fixed rate paying %3 in year 1, %4.2 in year 2 etc, interest added annually (with tax paid accordingly) and compounded and paid out at end of year 5 (or whatever period you choose).

This is different to the term deposit in that this rate is fixed for the duration and interest can be taken monthly, annually or compounded to the end of the fixed rate.

This was all explained to me in the branch.

jayship

I recently closed one of my fixed deposits before maturity and did not incur any penalties and was easy and straight forward. Usually I split my deposits in multiples of 10/15K in case we need the funds as part closure is not allowed.

I was offered a loan against my deposit at an additional cost of 0.5% which sometimes makes sense if you have only few months left to maturity.

However go with your instinct.

Sstripey

nilrem wrote: »

No there are none in this area, from what I found on the website they only have about six branches?

Do keep us updated of your experiences with them.

Will do - checking regularly to see if the payment goes through this week, i.e. by the end of the month, which is crucial!

Sstripey

Checked this morning and the cheque has cleared, so Punjab and my bank have both done well! I'll update when I get the paperwork through.

slush

Can anyone please explain the difference between the two different tables on their website? http://www.pnbint.com/fixed-deposits.asp

I can't an see any direct reference in the application to the Premium Fixed Deposit Scheme, only Fixed Deposit, which I am assuming refers to the rates in the second table?

scooter100_2

slush wrote: »

Can anyone please explain the difference between the two different tables on their website? http://www.pnbint.com/fixed-deposits.asp

I can't an see any direct reference in the application to the Premium Fixed Deposit Scheme, only Fixed Deposit, which I am assuming refers to the rates in the second table?

See post 23

slush

scooter100 wrote: »

See post 23

Yes, Thank you.

I read that before posting my message... as it doesn't answer my second paragraph.

Sstripey

slush wrote: »

Can anyone please explain the difference between the two different tables on their website? http://www.pnbint.com/fixed-deposits.asp

I can't an see any direct reference in the application to the Premium Fixed Deposit Scheme, only Fixed Deposit, which I am assuming refers to the rates in the second table?

It's quite an unclear page! but I think the whole of it coms under the heading of Fixed Deposits, with the stepped interest table referring to Premium FDs.

Interestingly, I think the Premium FDs maintained their interest rates in December, although the FD went down, e.g. the 5-year rate from 4.5% to 3.9%.. If you can keep your money in for the full term I make it that the Premium FD works out better, assuming that everything is compounded.

veryintrigued

Another (probably) daft question here.

I've read this thread and realise that the 'Premium Fixed Rate deposit account' has now been pulled. Hence this relates to the 'Fixed Rate Deposit Account'.

Its current rates are still showing as below. Can someone advise me that if you agree on a term you get this paid this rate for the full length of account? i.e. setting up a 5 year will give 3.9 for the full term or will it be stepped during the term?

I cant believe I'm asking this as its called 'fixed' but previous posters have suggesting 'stepped accounts' during the accounts term.

Am I going bonkers?

Duration GBP USD EUR AER AER AER
1 Month to < 3 Months 0.75 NIL NIL
3 Months to < 6 Months 1.25 1.25 1.25
6 Months to < 1 Years 1.75 1.75 1.75
1 Year to < 18 Months 2.90 2.25 2.25
18 Months < 2 Years 3.002.25 2.25
2 Year to < 3 Years 3.252.75 2.75
3 Year to < 4 Years 3.503.00 3.00
4 Year to < 5 Years 3.753.25 3.25
5 Years 3.903.50 3