Punjab National Bank (International) Limited (PNBIL) is a UK incorporated commercial bank offering a range of financial services to its customers. It is a subsidiary of Punjab National Bank, a leading public sector bank in India founded in 1894 and with more than 100 million customers and a network of over 6,900 branches.
Punjab National Bank offers two Cash ISAs; one with a variable rate of interest, the other with a fixed rate. The Variable Rate Cash ISA gives a tax-free interest rate of 0.50% AER. The Fixed Rate Cash ISA gives tiered tax-free interest rates from a one year plan (0.70% AER) up to five years (1.20% AER); the longer your account lasts the better return you will get.
The minimum amount to open either of these ISAs is £1, up to a maximum allocation of £20,000. You can withdraw money from a Variable Rate Cash ISA account at any time. The pre-mature withdrawal from a Fixed Rate Cash ISA Account is also allowed for the full amount after giving notice of a minimum 30 days, however partial withdrawals are not allowed.
To be eligible you must be a UK resident aged 16 or over, and not have subscribed to another Cash ISA in the same tax year.
As well as ISAs, PNB also offer general banking services, savings accounts and loans.
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- A long-established bank with a global reputation
- One of the largest banks in India with over 100 million customers
- Two Cash ISAs; one with a variable rate of interest, the other with a fixed rate
- Minimum amount to open an ISAs is just £1
- Invest up to £20,000 tax-free
- Stocks and Shares, Lifetime ISAs or other ISA products not offered
- A very sterile, hard-to-read, text-heavy website
- Limited product detail and information
- A lack of online tools, help guides and downloadable resources
- No online product reviews or customer feedback
- To be eligible you must be a UK resident aged 16 or over, and not have subscribed to another Cash ISA in the same tax year
Website: Punjab National Bank