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Punjab National Bank incorporates a rich heritage of around 115 years of banking service to the country. Punjab National Bank has been a catalyst in the development of India with the ideology of development and eradication of poverty by funding various self-employment schemes and a robust presence in rural areas. Their portfolio of Savings Bank accounts include a wide range of features and benefits to cater to a huge customer base. It is one of the largest banking entities in the country with more than 5400 branches that are all connected through the Core Banking Solution (CBS) system.
About Punjab National Bank Savings Account
A savings account is the most basic form of deposit account, that is held with a bank or NBFC, which allows a customer to deposit money and earn some interest on it.
A savings account, being easy to open and operate, provides the customer a safe way to store their hard-earned money while earning a nominal return for the deposits. There are various kinds of savings account catering to the needs of every customer.
There are various benefits to having a savings account with Punjab National Bank. Following is an overview.
Punjab National Bank requires its customers to maintain a Quarterly Average Balance (QAB) on their Savings Accounts
Rural - Rs.1000/-
Semi- Urban - Rs.2000/-
Urban - Rs.2000/-
Metropolitan - Rs.2000/-
Rural/Semi-Urban - Rs. 5000/-
Urban/Metro areas - Rs.10000/-
Rs.500/- in Rural
Rs.1000/- in others
Punjab National Bank offers an interest of 3.5% for balance below Rs. 50 Lakh and 4% for balance above Rs. 50 lakh. This interest rate changes periodically based on market guidelines and customers should check with the bank before opening an account
Various fees & charges are levied for the different services offered by the bank. It is advisable to contact the bank for the latest list of charges.
Punjab National Bank offers the convenience of opening an account online or at your nearest branch.
You can walk into your nearest Punjab National Bank branch with the required documents and open an account instantly. You can also apply online and a bank representative will contact you and come in person to collect the documents from your doorstep.
1. How much interest can I get on Savings Account? When is the interest credited to my account?
Punjab National Bank offers an interest rate of 3.50% to 4.00% on Savings Account. Interest on Savings Account is calculated on Quarterly basis.
2. Is there a minimum initial deposit to open a savings account?
The minimum initial deposit amount required to open a savings bank account varies from Rs. 500 to Rs. 1000
3. Does Punjab National Bank offer debit cards for savings account?
Yes, different types of debit cards are offered to different Savings Bank account holders.
4. Who is eligible to open a savings bank account with Punjab National Bank?
Any Indian citizen above the age of 18 years is eligible to open a savings bank account with Punjab National Bank.
5. Are there any charges for non-maintenance of Quarterly Average Balance (QAB) in my Savings Account?
Many of the Savings Bank accounts do not require you to maintain QAB. Wherever specified, a nominal charge of Rs. 15 to Rs.250 is charged for non-maintenance of QAB.
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