NBIL launches on-line deposit products in UK

Under the scheme, launched by Punjab National Bank Executive Director Nagesh Pydah, customers need not go to the branch physically provided they have an account with any UK Bank with cheque book facility.
The customer can log on to the bank's web site www.pnbinternational.co.uk and fill up the account opening form online.
On receipt of a confirmation from the bank, the applicant will be required to send a signed cheque drawn from his or her UK bank for KYC (Know Your Customer) purpose. Subsequently, the customer will be able to transfer funds into the account based on the details provided.
PNBIL Managing Director S R Sharma said the On-line Deposit accounts carried an interest rate of 1.25 per cent on Net-Save as against 0.75 per cent on normal savings account and up to 4.5 per cent on Net-Fixed, depending on the tenure of the deposit.
The accounts are opened in GBP and should have minimum average balance of 1,000 pounds.

PNBIL was launched here in May 2007 and made profits from the very first year. It has a total customer deposit of USD 225 million and customer advances of USD 375 million, Sharma said.
With a capital base of USD 75 million, the bank has been able to build a balance-sheet size of USD 600 million. The bank is helping Indian corporates set up businesses in the UK.
Punjab National Bank General Manager S K Dubey, PNBIL Executive Director M S Nayak and Directors Paresh Mashru and Pen Hugh Kent were present at the launch.