Punjab National Bank was founded in 1984 in what is now Lahore, Pakistan. It was founded under the Indian Companies Act and overseen by a board of members drawn from across the country. The idea was to create India’s first truly national bank, focused on improving the country’s economy.
The first-ever entirely Indian bank, Oudh Commercial, was founded in 1881 but folded in 1958. This makes Punjab National Bank the oldest surviving Indian bank started with entirely Indian capital. Over the years, the bank has been the financial custodian for many Indian leaders, including Mahatma Gandhi.
After the formation of Pakistan, Punjab National Bank was forced to leave its Lahore base and close several Pakistani offices but continued to work in the new country. The bank was nationalised, along with several other Indian commercial banks, in 1969.
The first London branch of Punjab National Bank was opened in the 1970s but was handed over to the State Bank of India in 1986 after it was involved in fraud. The current London branch was established in 2003.
Punjab National Bank also operates in Shanghai, Dubai, Kazakhstan, Afghanistan, Hong Kong, Norway, Australia and Bhutan.
Punjab National Bank Products and Services
Punjab National Bank works with personal and business customers.
Personal current accounts can be opened in pounds, Euros or US dollars. These accounts are free if a minimum of £100, €200, or $200 is paid in quarterly; if the customer does not maintain their average balance, charges of £10, €10 or $10 are applied for each applicable quarter.
Business current accounts can only be opened in pounds and are also applicable to charges if a minimum balance is not maintained. For business customers the minimum balance is £500, €1000 or $1000 and the charges are £25, €25 or $25.
Personal banking customers can choose from a range of savings accounts, including instant access, fixed term, investment plans, and fixed and variable rate ISAs.
Punjab National Bank also offers a range of lending products, including:
Loans against fixed deposits
Punjab National Bank Security
Punjab National Bank is authorised in the UK by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority. Deposits of up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).