PNB Savings Account: Check Interest Rates & Minimum Balance (2024)

Revision of Interest Rates on PNB Savings Bank Deposits:

Check Out Related info about Saving Account Interest Rate

Types of PNB Savings Account:

• PNB Saving Deposit General Account/ PNB Unnati Saving Fund AccountThis type of saving account can be opened by resident individuals - singly or jointly, Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies, etc. Institutions can also open this account, only if specially permitted by RBI.
• PNB Premium Savings AccountIndividuals (either singly or jointly), Societies, Clubs, Associations, Hindu Undivided Families (HUFs), Trusts, etc., can open this account. Each one of these entities has to fulfill the eligibility criteria (domestic depositors) of the Reserve Bank of India, with regards to 'Know Your Customer (KYC) Guidelines'. The cash withdrawal charges at all branches and cash deposit charges at the base branch, for this type of account, is free.
• PNB Prudent SweepPNB Prudent Sweep can be opened as per RBI directives for opening Savings Fund Accounts of individuals/institutions. Sweep In and Out takes place (in savings accounts) provided the account has a balance over Rs. 50,000 (with a minimum sweep-out/ sweep-in of Rs. 5,000).
• PNB Junior SF AccountThrough this account PNB offers an attractive savings fund to minors. Minors above the age of 10 can open this account and operate it through his/her natural or legally appointed guardian.
• Basic Savings Bank Deposit Account (BSBDA)BSBDA can be opened by an individual in his/her name or jointly, minors aged 10 years and above (under guardianship). Illiterate and visually impaired people can also open this account.
• PNB Rakshak Plus Scheme:The account can be opened by Defense Personnel. Under the account, Personal Accident (Death) cover and Air Accident (Death) Insurance cover will be provided. In case any transactions are completed, a free SMS regarding the same will be sent.
• PNB Family Protection Account: This scheme offers the account holder a unique combination of savings and insurance benefits. The account holder is enrolled in the Family Income Protector Plus plan, which is a term insurance plan with a return of premium option. The plan provides financial protection to the family in case of the unfortunate demise of the account holder. The policy offers a lump sum payment to the nominee in case of the account holder's death, which can help the family cope with the loss of income. Additionally, the Return of Premium option allows the account holder to receive the premium paid for the policy if they survive the policy term. This makes the plan an attractive savings option as well.
• PNB Vidyarthi SF Account: This is a savings bank account designed specifically for students of recognized educational institutions in India. The account aims to help students conduct basic banking services until the completion of their education.One of the key benefits of the PNB Vidyarthi SF Account is that it is available to students until they attain the age of 21. This provides students with a convenient and reliable banking option throughout their education. PNB Vidyarthi SF Account holders also have access to special discounts and offers on various educational products and services. This can include discounts on textbooks, laptops, and other educational equipment.
• PNB Shikshak Sweep Scheme: A savings account which caters to permanent teachers at recognized schools, colleges, and educational institutions in India. The account offers various benefits and features tailored to the needs of teachers. The account offers various benefits and features, including zero balance account, higher interest rates, free ATM cum Debit card, concessions in margin requirements, and free online banking services, making it an attractive option for teachers. Additionally, the account offers concessions in margin requirements for Home Loans. This means that account holders can avail themselves of a Home Loan with a lower down payment, making it easier for them to purchase their dream home.
• PNB Pension Savings Account: This is a savings bank account offered by Punjab National Bank, primarily designed for pensioners. This account offers various benefits and features tailored to the needs of pensioners. One of the key benefits of the PNB Pension Savings Account is that it is a zero-balance account, which means that it does not require any minimum quarterly average balance. This feature is especially beneficial for pensioners who may not have a steady income source. Additionally, the account provides NEFT/RTGS transactions without any charges. This enables pensioners to transfer funds easily and quickly, without incurring any additional costs.
• PNB Power Savings account: PNB Power Savings is an excellent option for women looking for a convenient and reliable banking option. The account offers various benefits and features, including additional Rewardz points, free Accidental Death Insurance cover, and a personalized Platinum ATM cum Debit card, making it an attractive option for women.
• Punjab National Bank offers New Salary Saving Products: The New Salary Saving Products offered by Punjab National Bank are savings bank accounts designed specifically for employees of central/state government, PSU, MNCs, reputed institutions, and corporations. These accounts offer various benefits and features tailored to the needs of salaried employees. The account has four types - Normal, Gold, Premium, and Platinum, and it is a zero-balance account with free chequebooks, NEFT/RTGS transactions, and Rupay Classic/Platinum debit card. Account holders can also avail themselves of discounts on locker rents and documentation and processing fees for various personal, car, and housing loans.

PNB Rakshak Scheme:

The Rakshak Scheme which was initiated by the Punjab National Bank 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 overdraft facility - making debits even when there are insufficient amounts - and sweep in/out functions of a savings account.

Eligibility for the PNB Rakshak Scheme:

Every person belonging to the Indian army, Indian navy, air force, BSF, CRPF, CISF, ITBP, the state and metro police, coastguards, IB, CBI, RAW, para-military personnel and army pensioners are eligible for the scheme.

Features of the PNB Rakshak Scheme:

1. For people under the PNB Rakshak scheme, they can make an auto sweep from their SF to a fixed deposit in their savings scheme account and vice versa.
2. Since the savings account is a zero-balance account, the minimum balance is nil.
3. Each member is given a lifetime unique number.
4. Once the account has Rs.10,000, only then the sweep in/out is allowed. The sweep in/out can be in multiples of Rs.1,000.
5. Overdraft facility is available for each member up to three months of their net salary.

PNB Power Savings:

The Power Savings savings account was launched by the Punjab National Bank as a sort of women empowerment and in a bid to aid women in the country.

Eligibility criteria for the PNB Power Savings Account:

1. Any woman who is an Indian resident is eligible for PNB's Power Savings account.
2. The woman can even open a joint account under this scheme, though the first name of the account should be that of the woman.
3. 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

1. The minimum quarterly balance for women hailing from rural areas should be Rs.500 and for women from urban areas, the minimum quarterly balance should be Rs.1,000.
2. The initial deposit to open the PNB Power Savings is Rs.500.
3. For individuals not maintaining the minimum quarterly balance, penalty charges apply.
4. Every customer under the PNB Power Savings gets 40 cheque leaves a year completely free.
5. Every month, a customer is granted one free demand draft with the maximum being Rs.10,000.
6. 25% concession for rental lockers for the first year of subscription only.
7. No processing fee while availing House loans , Car loans or Personal loans.
8. Every member of the scheme is given a Platinum debit card when opening the account, with the withdrawal limit for the day being Rs.50,000.
9. For domestic shopping, the swipe limit is Rs.1.25 lakh.
10. Every customer of the scheme is eligible for an accidental death insurance cover between Rs.2 lakh to Rs.5 lakh. The conditions to earn the accidental death insurance cover of Rs.5 lakh are listed below:
    1. The quarterly balance before death should have been Rs.25,000 or more.
    2. Should have made at least one POS/E-Com transaction in the last three months.
    3. Should have used their Platinum debit card at least once in the last 45 days.
    4. For those holding a Classic debit card, the Personal Accident Insurance is curtailed to a coverage of Rs.1 lakh only.
    5. If the customer has used his/her Platinum debit card over the last 45 days yet has not fulfilled the first and second condition, then the Accidental Death Insurance is restricted to Rs.2 lakh.

Documents required for Opening a Savings Account with PNB:

1. Proof of identification issued by the government (PAN, passport, etc.)
2. Proof of residence/address (telephone bill, electricity bill, rental agreement, etc.)
3. Duly filled Account Opening Form
4. Passport size photographs of the person(s) in whose name the account is being opened.
5. Relevant documents in case of Associations, HUF, Clubs, Trust, Society etc.

PNB Bank Savings Account Minimum Balance:

Punjab National Bank requires customers to maintain a Quarterly Average Balance (QAB) for most savings accounts, ranging from Rs.1000 for rural areas to Rs.50,000 for Premium Saving Accounts. However, some accounts such as PNB Junior SF Account, PNB Vidyarthi Savings Fund Account, Basic Saving Bank Deposit Account (BSBDA), PNB Rakshak Scheme, PNB Shikshak Sweep Scheme, PNB Pension Savings Account, and New Salary Saving Products have no minimum balance requirement. The PNB Power Savings account requires a QAB of Rs.500 for rural areas and Rs.1,000 for others.

Check How to Open PNB Savings Account Online

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.