Last updated on January 18th, 2018 at 04:50 pm
Punjab National Bank is an Indian Multinational Banking and Financial Services Company. The bank was founded in the year 1894. The Headquarters of the Bank is in Delhi, India. The Bank has a widespread network of 6937 Branches and 10,681 ATMs across 764 cities. The Punjab National Bank provides a wide range of Products and Services out of which the Savings Account is one.
The savings account are provided by the banks to its customers, so as to keep their financial savings safe and earn interest on the same. The PNB Bank offers attractive interest rates on your savings account in a motive to enhance your earnings.
- 1 Interest Rates Offered by PNB’s Savings Bank Deposit
- 2 Types of Punjab National Bank Savings Account
- 3 PNB SF Prudent Sweep Account
- 4 PNB Rakshak Scheme
- 5 PNB Shikshak Sweep Scheme
- 6 PNB Power Savings Account
- 7 PNB Pension Savings Bank Account
- 8 Documents Required for Opening a PNB Savings Account
- 9 Types of Savings Account and Its Minimum Balance Requirements
Interest Rates Offered by PNB’s Savings Bank Deposit
If your Savings Deposit Balance is below Rs 50 Lakh then the rate of interest earned is 3.50% per annum.
If your Savings Deposit Balance is above Rs 50 Lakh then the rate of interest earned is 4.00% per annum.
Types of Punjab National Bank Savings Account
The PNB offers various types of the PNB Savings Account as per the requirement of the Customer. The types are listed below:
Savings Deposit- General Account
This type of savings account can be opened by the resident individuals- singly and jointly, Associations, Trusts, Hindu Undivided Families (H.U.Fs), Clubs, Societies etc. The Institutions can also open this accounts, only if they are permitted by the Reserve Bank of India (RBI).
PNB Premium Savings Account
This type of savings account can be opened by the individuals- singly or jointly, Associations, Trusts, Hindu Undivided Families (H.U.Fs), Clubs, Societies etc. The entities must fulfill the eligibility criteria (domestic depositors) of the Reserve Bank of India with regards to “Know Your Customer” KYC Details (Guidelines). The cash withdrawal charges are completely free for this account.
Family Surakhsha Bachat Khata
This type of savings account comprises of the Term Assurance with Return of Premium (TROP) plans with the savings account. If in case the Life Insured dies, then the monthly income benefit is given to the Nominee to manage the family expenses. This product is the amalgamation of the savings fund and Insurance Plan available to an Individual aged between 25-60 years.
PNB Prudent Sweep
This account can be opened as per the RBI Directives for opening a Savings Fund Accounts of the Individuals/ Institutions. Sweep in and out takes place in case of the savings accounts provided the account must have a balance over Rs 40, 000 (with a minimum sweep-out/ sweep-in of Rs 10, 000). Under this Scheme, the PNB Staff Members can also open the accounts.
PNB Junior SF Account
This type of savings account is specially designed for the minors. It provides an attractive savings to the minors. The minors who are above 10 years of age can open this account and operate it through their natural/legally appointed guardian.
PNB Vidyarthi SF Account
This account is specially opened in the name of the students. These students must be enrolled in a recognized educational institutions. The account holder is eligible for this scheme till the age of 21.
Basic Savings Bank Deposit Account (BSBDA)
This account can be opened by an Individual who wishes to open an account either singly or jointly. The minors who are aged 10 years or above (under guardianship). Illiterates and visually impaired people are also eligible to open this account.
Total Freedom Salary Account
This type of savings account is specially designed for the Corporate Employees. The corporate employees can have their salary credited to this account. They can also enjoy an overdraft facility of up to Rs 50, 000 or the last salary credited (whichever is lower).
High-End Salary Account
This type of the savings account is specially designed for Permanent Employees (of an Organization) who can draw a salary of Rs 1 Lakh or above per month. The salary is credited to the account and they can enjoy overdraft and other facilities.
PNB SF Prudent Sweep Account
With the tie-up with the Reserve Bank of India, the PNB SF Prudent Sweep Account can be opened by the individuals. This types of savings account is mainly designed for the Institutions. This account can also be opened even for a member of the bank.
Eligibility Criteria for PNB SF Sweep Account
- This type of account can be opened by any Institution.
- Staff members of Punjab National Bank are eligible to open this account.
Features of the PNB SF Sweep Account
- The minimum annual balance should be Rs 40, 000.
- The quarterly balance is Rs 5000 for the institutes from the rural areas and Rs 10, 000 for the institutes from the urban areas.
- Only once the Savings account has Rs 10 Lakh can a sweep in/ sweep out takes place.
- Sweep in and Sweep Out can be in multiples of Rs 1 Lakh and can take place on the daily basis.
- The tenor of this type of savings account can be from seven days to a year- depending on the customer.
- A customer, an Institution is allowed two remittances in a month with the maximum amount being Rs 25, 000.
- Each Institution receives 100 Cheque leaves every Financial Year.
- Collection of the Outstation cheques are absolutely free provided the maximum amount is at Rs 25, 000.
The Institutions that are having an SF Sweep Savings Account can enjoy the benefit of Online Banking for fund transfers, receiving funds etc.
PNB Rakshak Scheme
This scheme is initiated by the Punjab National Bank. This Scheme allows personnel belonging to the Indian Army, Indian Navy, Airforce, BSF, CRPF, CISF, ITBP, the state and metro police, coastguards etc. to enjoy the benefits of the overdraft facility- making the debts even when there are insufficient funds and sweep in and out of the savings account.
Eligibility of The PNB Rakshak Scheme
- The person belonging to the Indian Army, Indian Navy, Airforce, BSF, CRPF, CISF, ITBP, the state and metro police, coastguards, IB, CBI, RAW, Para-Military Personnel and Army Pensioners are eligible for the scheme.
PNB Rakshak Scheme Features
- The people under PNB Rakshak Scheme can auto-sweep from their SF to a fixed deposit in their savings scheme account and vice-versa.
- This is a zero balance account, hence the Minimum balance is nil.
- Each member is given a Lifetime Unique Member.
- Once the account has Rs 10, 000 in the account, then the sweep in/out facility is allowed. The sweep in/out facility can be in multiples of Rs 1000.
- Overdraft Facility is also available for each member for up to two months of their net salary.
- Tenure of the FDR is between 7 days to 179 days.
- Home Loan Concession of 5% with the maximum being Rs 50 Lakhs.
- Every member is granted with a free International ATM Debit Card that comes with an accident death Insurance cover.
- For the ATM Debit Cards scheme, there are no AMC Charges
- The funds are transferred between the members who belong to the same scheme are free of charge.
- 25% of Concession is applied for Locker Charges for the first year.
- Every member can facilitate the use of Online Banking.
- Instant Credit for Outstation Cheques, with the maximum being Rs 25, 000.
PNB Rakshak Scheme Accidental Insurance
- For the members who rank below the Officer, receive an Accidental Insurance of Rs 3 Lakhs and Rs 5 Lakhs for air accidents.
- For the members who rank below the brigadier, receive a Rs 5 Lakh accident Insurance and Rs 10 Lakh in case of Air Accidents.
- For the person who is holding the post of the brigadier or above receives Rs 10 Lakhs accident Insurance and Rs 20 Lakhs in case of Air Accidents.
PNB Shikshak Sweep Scheme
This scheme is initiated by the Punjab National Bank to aid all the permanent teachers from the schools, colleges and educational institutions across India. This scheme comprises of many benefits and concessions for the teachers along with the Zero Balance and Sweep in/out features of the savings account.
Features of PNB Shikshak Sweep Scheme
- The permanent teachers of the schools, colleges and other educational Institutions are eligible for this scheme.
- Since this savings account is a zero balance account, therefore it has no minimum balance requirements.
- A sweep in/out facility is only applicable if there is Rs 15, 000 in the savings account. The sweep in/out can be in multiples of Rs 1000 for a savings account and a fixed deposit.
- The tenure of the FDR is between 7 days to 179 days.
- Offers 10% Concessions on Home and Car Loans up to Rs 50 Lakhs.
- For the members who have less than Rs 15 Lakh in their account, can enjoy the benefit of the interest rates fixed for Fixed Deposits.
Benefits of PNB Shikshak Sweep Scheme
The benefits of PNB Shikshak Sweep Scheme are as follows:
- Every member is issued with a free ATM Card, once the account is opened. This account do not have any annual maintenance charge.
- A free Platinum Debit Card is issued to all the teachers along with SMS Alerts.
- Internet Banking Facility is free of cost.
- A free chequebook is also given to the teacher once the account is opened.
- 50% Concession for the locker charges for the first year of the opening of the account.
- Demat Maintenance charges for the accounts have been waived.
- Teachers are provide with the benefit of Overdraft Facility up to a month’s salary of Rs 50, 000 whichever is lower.
PNB Power Savings Account
The Power Savings Account has been launched by the Punjab National Bank. This savings account is specially designed for the women as a sort of Women Empowerment and in a bid to aid women in the country.
Eligibility Criteria of PNB Power Savings Account
- The woman should be an Indian Resident to open this account.
- The women can even open a Joint Account under this scheme, keeping in mind that the first name should be that of the women.
- The woman customer can choose when opening the account if she wants the sweep in/out facility or not.
Features of the PNB Power Savings Account
- The minimum quarterly balance for the women who reside in the rural areas should be Rs 500 and for the women from the urban areas have a minimum quarterly balance of Rs 1000.
- The initial deposit amount to open a PNB Power Savings Account is Rs 500.
- If the account holders do not maintain their quarterly minimum balance then penalty charges are applied to them.
- Every customer under the PNB Scheme gets 40 cheque leaves in a year completely free.
- The customer is provided with one free demand draft with the maximum being Rs 10, 000 every month.
- 25% Concession is offered for Rental Lockers for the first year subscription only.
- No processing fee is charged while availing a Home, Car or Personal Loan.
- Every member under this scheme is offered a Platinum Debit Card while opening an account with a withdrawal limit of Rs 50, 000.
- The swipe limit for Domestic Shopping is Rs 1.25 Lakhs.
- Every customer under this scheme is provided with an accidental death Insurance Cover between Rs 2 Lakhs to Rs 5 Lakhs. There are certain conditions to avail this Accidental Death Insurance Cover:
- The Quarterly balance before death should be more than Rs 25, 000.
- Should have made at least one POS/E-Com transaction in the last three months.
- Should have used their Platinum Debit Card at least once in 45 days.
- Those who hold a Classic Debit Card, the Personal Accident Insurance is curtailed to a coverage of Rs 1 Lakh only.
- If the customer has used his/her Platinum Debit Card for over the last 45 days and yet has not fulfilled the first and the second condition, then the Accidental Insurance is restricted to Rs 2 Lakhs.
PNB Pension Savings Bank Account
This savings account is specially designed for those who have a regular credited pension amount. They can avail a monthly pension post retirement- or above the age of 60.
Features of PNB Pension Savings Account
- These accounts are zero balance account that means there is no minimum balance and deposit required.
- Every subscriber under this scheme is eligible to the overdraft facility up to Rs 1 Lakh or 4 months of one’s monthly pension- whichever sum is lower.
- Every customer under this scheme is given 20 Cheque leaves for a year and it is completely free.
- No processing fee is charged for retirement dues and pension cheques as well as for the SMS Alert.
- One can also make a single demand draft with no processing fees, with the Demand Draft amounting to a maximum of Rs 25, 000.
- All the subscribers are eligible to perform all the facilities that are available with the online banking. No charges for NEFT Transfers.
Documents Required for Opening a PNB Savings Account
The standard documents that are required for opening a PNB Savings Account:
- Proof of Identification issued by the Government (PAN, Passport etc.)
- Proof of Residence/ Address (Telephone Bill, Electricity Bill, Rent Agreement etc.)
- Duly Filled Account Opening Form
- Passport size photographs of the person whose name the account is being opened.
- Relevant documents in case of the Associations, HUF Clubs, Trust, Society etc.
Types of Savings Account and Its Minimum Balance Requirements
|Type of Savings Account||Minimum Balance|
|Savings Deposit – General Account||Rs. 500 – for rural areas
Rs. 1000 – for semi-urban areas
Rs. 1000 – for urban areas
Rs. 1000 – for metropolitan cities
|Premium Savings Account||Rs. 50,000 and above (minimum Quarterly Average Balance -QAB)|
|Junior SF Account||Zero minimum QAB|
|Prudent Sweep||Rs. 5000 – for rural and semi-urban areas
Rs. 10,000 – for urban areas and metros
|Total Freedom Salary Account||Zero|
|Vidyarthi SF Account||Zero minimum QAB|
|Basic Savings Bank Deposit Account||Zero|