Punjab National Bank Savings Account
A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC that provides a nominal interest rate. A savings account is often the first bank account for many people.
You can use the savings account to store your cash safely, all the while allowing it to grow at a nominal pace. A savings account can be used to save money for specific expenses, say for example a vacation, or can be used to store money for an emergency. Having a savings accounts helps keep a track of all the transactions made by the account holder. Money transfers are made easy when you have a savings account.
Coming to the disadvantages, there are various fees associated with a savings account unless you maintain a certain balance every month. The minimum balance required, interest rate and fees and charges vary from bank to bank.
Also, the interest rate on a savings account is far less when compared to other forms of short-terms investments, like an FD account. Though they are liquid investments and easily accessible in times of need, they offer low yields in comparison to other lucrative form of savings.
Punjab National Bank Savings Account
A Punjab National Bank savings account provides a host of banking benefits including trading and portfolio solutions, flexible easy accounts management, special banking facilities for senior citizens, along with a competitive interest rate. You can make quick utility bill payments via Net Banking, and enjoy various features in convenience banking with a Punjab National Savings Account.
Features and Benefit of Punjab National Savings Account
There are various benefits to having a savings account with Punjab National Bank. Following is an overview.
- Safety and security when you store your cash in a savings account
- Different savings account for different needs.
- Access your account with ease via Net Banking, Mobile Banking and SMS Banking facilities.
- Get rewarded for savings
- Earn a higher return of up to 4% p.a. on your Punjab National Bank Savings Account, enabling your savings to grow faster.
Types of Punjab National Bank Savings Accounts
PNB Saving Deposit General Account
- 20 free personalized multi city cheque leaf per half year
- Free transfer of fund within PNB accounts
- Free internet banking
- Option to transfer accounts to any PNB Branch without changing the account number
- Deposits insured by DICGC
- ATM Cum Debit card (individuals account)
- Faster remittance of funds through NEFT/RTGS
- Options to issue standing instructions
- Safe Deposit Lockers available online as well.
- Option to open account online
PNB Premium Saving Account
- Free Platinum Debit Card with 2 add on cards (With Accidental Insurance cover of Rs.2lac)
- 50% concession in locker rent (small locker) for the first year
- 60 cheque leaves free in a year
- Free Cash withdrawal at all branches
- Free Cash Deposit at Home Branch
PNB Prudent Sweep for Individuals
- Sweep in /out shall take place after the cut off balance of Rs.1.00 lac and in multiples of Rs. 10,000. Sweep out will be on 5th, 15th and 25th of every month.
- Customer can choose tenure ranging from 7 days to one year.
- Two free remittances & collection of cheques (any) up to Rs. 25000 in a month
- Free 100 cheque leaves in a Financial Year.
- Internet banking services and ATM card facility (AMC payable).
PNB Junior SF Account
- No EFT charges for up to Rs. 10,000 per day
- Free Issue of Demand Drafts for school/college fee
- Issue of ATM/Debit Card (Rupay)
- Daily withdrawal of up to Rs.5000 per day
- View only facility of Internet Banking and Mobile Banking
PNB Vidyarthi SF Account
- Free Demand drafts for all types of fees/examination fees
- Free Interpol transactions including cash withdrawal/deposits
- Free ATM Card / Debit Card
- Two free Cheque Books of 20 leaves each in a year
PNB Basic Saving Bank Deposit Account (BSBDA)
- Nil Minimum balance/Initial Balance requirement
- Free cheque book of 20 leaves in a year
- No limit on the number of deposits made in a month.
- Maximum of four withdrawals allowed in a month, including ATM withdrawals
- No charge will be levied for non-operation/activation of in-operative of Basic Saving Bank Deposit Account
PNB Rakshak Scheme
- Nil minimum deposit, zero balance account
- Life time unique number
- International Debit cum ATM Card with accidental death insurance cover of Rs. 3 lac to 10 lac and Air accidental death insurance cover of Rs.5 lac to 20 lac (T & C apply)
- No AMC charges on ATM/ Debit cards
- Free inter branch transfer of funds
- Unlimited cheque book facility (except EMIs of Banks/FI)
- Concession in locker charges @ 25% for 1st year only.
- On line trading, Internet Banking and free RTGS/NEFT
PNB Power Savings
- Free accidental death insurance cover
- Free Issue of statement
- 40 free cheque leaves in a year
- Maximum cash withdrawal at ATM Rs. 50,000
- Free SMS alert charges
PNB Pension Savings Account
- Overdraft facility up to Rs.1,00,000 or 4 times net monthly pension whichever is lower.
- Free 20 cheque leaves per half year
- Free SMS alert
- Free Collection of pension cheque & retirement dues
- One demand draft up to Rs. 25,000 per month
- Free NEFT transaction
Punjab National Savings Account Minimum Balance
The minimum balance required in Punjab National savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:
|Type of Savings Account||Balance Required|
|PNB Saving Deposit General Account||(AQB) Rural: Rs.500, Semi- Urban: Rs.1000, Urban: Rs.1000, Metropolitan: Rs.1000|
|PNB Premium Saving Account||AQB Rs. 50,000|
|PNB Prudent Sweep for Individuals||Initial Deposit: Rs. 500; AQB: Rs. 5000 for Rural/Semi-Urban & Rs.10000 for Urban/Metro areas.|
|PNB Junior Sf Account||-|
|PNB Vidyarthi Savings Fund Account Scheme||-|
|PNB Basic Saving Bank Deposit Account (BSBDA)||-|
|PNB Rakshak Scheme||-|
|PNB Power Savings||AQB: Rs.500 in Rural Branches; Rs.1000 in other branches|
|PNB Pension Savings Account||-|
Punjab National Savings Account Interest Rate
Punjab National savings account comes with interest rates of up to 4%, depending on the daily balance, and the amount in your account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.
Punjab National Bank Savings Account Charges
Different Punjab National Bank savings accounts have different schedule of charges. It is better to contact Punjab National Bank directly for the most up to date charges.
How to open a Punjab National Bank Savings Account
Punjab National Bank savings account opening is easy and hassle-free. You can call on the Phone Banking numbers or directly walk into your nearest Punjab National Bank branch with your KYC documents.
Punjab National Bank Savings Account FAQS
What is the best interest rate on a Punjab National Bank saving account?
The interest rates can go up to as high as 4%. For the latest interest rates, it is better to contact the nearest Punjab National Bank branch.
Who is eligible to open a basic savings account with Punjab National?
An individual residing in India, singly or jointly, HUF, minors above the age of 10 years (with the declaration of the parent / guardian) are eligible to open a Punjab National bank savings account. An illiterate or a visually impaired person is also eligible to open Saving Fund account.
Is it possible to open a Punjab National Bank savings account online?
Unfortunately, no. you would be required to go to your nearest PNB Branch and apply with the required documentation.
What is the eligibility to open a PNB Vidyarthi Savings Fund Account Scheme?
This kind of account can be only opened in the name of students studying at various recognized educational institutions. For the list of recognized institutions, it is advisable to contact the bank for the most up to date information.