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Punjab National Bank is conducting NRI meets at select centres in the State to popularise its recently launched the new deposit scheme - FCNR premium-linked deposit scheme which, according to the bank, is getting encouraging response from the market.
Mr K.V. Rajesh, Circle Head of the Bank, said that this is a special NRI deposit product which offers better returns by way of interest on the FCNR deposit. The effective rate of return is better than the benefit derived out of NRO deposit, since the interest is totally tax-free. Non-resident Indians of countries who are deprived of the benefit of double taxation avoidance agreement can opt for this product to get better return on their investment than NRO deposits, he said.
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