Public sector lender, Punjab National Bank has recently launched a new scheme targetting the non resident customer segment. The scheme is called FCNR premium-linked deposit scheme.
In order to promote the scheme, the bank has started organising NRI meets in different centers in Kerala. The scheme is gaining priority amongst customers,which is very encouraging, says the bank.
According to Mr K.V. Rajesh, Circle Head of the Bank, the product is a unique one offering returns by way of better interest.
The return is better than that of NRO deposit as it is totally tax free and thus earns more in terms of effectiveness.
He said that those NRIs who do not get benefitted from double tax avoidance agreement can get benefitted from this product.