Punjab National Bank offers a variety of savings account types to applicants to meet their personalised banking needs. Read on to learn in detail aboutPNB saving account interest rate, minimum balance requirements, associated charges and other crucial details.
Punjab National Bank Savings Account
Punjab National Bank savings account offers individuals, HUFs, clubs and others an opportunity to explore various characteristics associated with them. Each of its types cater to the individualised needs of account holders. Moreover, there are several advantages associated with each account type, such as simple eligibility criteria, hassle-free financial transactions, a safety deposit box, and a lot more.
What is the PNB Savings Account Interest Rate?
Following are theinterest rates forPNB savings account 2024:
| Account Balance | Interest Rates |
| For amounts below Rs.10 lakh | 2.70% |
| For amounts between Rs.10 lakh and Rs.100 crore | 2.75% |
| For amounts above Rs.100 crore | 3.00% |
What is the PNB Savings Account Interest Rate for Senior Citizens?
The interest rate of a PNB savings account for senior citizens is the same as that for the general public. Thus, the interest rate differs from 2.70% to 3.00%, depending on the balance amount of the savings account.
What are the Types of PNB Savings Account?
Following are the different types of savings accounts that PNB offers to their customers:
PNB Secured Saving Scheme
An individual aged between 18 years and 50 years can open the PNB Secured Saving Scheme. This savings account offers a Rupay platinum debit card and life insurance coverage at a low premium. The life insurance cover benefit is provided to the nominee after the account holder's death. The total premium paid is refunded back to the account holder in the case of survival of the account holder after the policy term (15 years).
PNB Arogya Saving Scheme
Individuals below 60 years old can open a PNB Arogya savings account. This account provides a Rupay classic debit card with a higher daily cash withdrawal limit from ATMs and a higher POS or e-commerce daily limit. It also provides health insurance coverage for various treatments/ailments.
PNB Prudent Sweep Accounts
This account has been designed as per the RBI guidelines so that individuals and institutions can deposit their savings. It offers an auto sweep facility as well as an internet banking facility.
PNB Junior SF Account
Minors over the age of 10 can open and manage this account under the supervision of their legal guardian. This is a zero-balance account and does not even need a minimum initial deposit. Customers can even get a Rupay debit card and opt for mobile and internet banking facilities for seamless transactions.
Basic Savings Bank Deposit Account
You can open this account to deposit your monthly savings. This is a zero-balance account and does not even need a minimum initial deposit. An ATM-cum-Debit card is available so you can make transactions without any hassles. Even visually challenged people or people with no strong educational background can use this account.
PNB Rakshak Scheme
This savings account type is perfectly suited to benefit defence personnel. All defence personnel can open a salary account under the scheme. All pensioners who draw their pensions through PNB branches and whose pension is credited through CPPC can also open this account. In case of the account holder’s death, their nominees will get air accident (death) insurance of Rs.100 lakh and personal accident (death) insurance of Rs.50 lakh. Also, it is a zero-balance account, so you do not have the pressure to maintain a minimum balance.
The various other PNB savings bank accounts are as follows:
- PNB Elite Saving Fund Schemes
- PNB Unnati Saving Fund Account
- PNB Women Power Savings
- PNB Samman Saving Accounts
- PNB Salary Account
- PNB Select Saving Account
You can choose any type of account from the available options that perfectly caters to your needs. Once done, you can proceed with opening your account and depositing your money.
What are the PNB Savings Account Features?
Some of the exclusive features of the PNB savings account are as follows:
- Nominal minimum amount: The minimum amount that you will need to maintain varies with the tier of the city where you reside. PNB also offers many zero-balance savings accounts.
- Presence of additional benefits: With a PNB savings account, you are eligible to get free cheque leaves every year. Moreover, you can get a debit card/credit card, free insurance coverage, and other benefits.
- Availability of various facilities: Upon opening a PNB savings account, you can access facilities such as mobile banking, online banking, RTGS/NEFT costs, ATM Debit Card issuance, the presence of a Demat account, and more. Also, there is a reduction in charges of issuing demand drafts.
- Simple eligibility criteria: The eligibility criteria for opening a PNB account are quite simple. You only need to be over 18 years of age, submit the required documents, and make an initial deposit as per the minimum balance requirement to complete the account opening process.
What is the Minimum Balance in the PNB Savings Account?
To prevent the payment of penalty fees, you will need to maintain a minimum balance in your account. ThePNB savings account minimum balanceis as follows:
| Account Type | Minimum Balance |
| PNB Secured Saving Scheme | For Rural Account: Rs.500 For Semi-Urban Account: Rs.1,000 For Urban and Metro Account: Rs.2,000 |
| PNB Arogya Saving Scheme | For Rural Account: Rs.500 For Semi-Urban Account: Rs.1,000 For Urban and Metro Account: Rs.2,000 |
| PNB Elite Saving Fund Schemes | For Premium Account: Rs.50,000 - Rs.5 lakh For Executive Account: Rs.5 lakh - 10 lakh For Grand Account: Rs.10 lakh - 15 lakh For Royal Account: Rs.15 lakh |
| PNB Unnati Saving Fund Account | For Rural Account: Rs.500 For Semi-Urban Account: Rs.1,000 For Urban and Metro Account: Rs.2,000 |
| PNB Prudent Sweep Accounts | Rs.25,000 |
| PNB Junior SF Account | NIL |
| Basic Savings Bank Deposit Account | NIL |
| PNB Rakshak Scheme | NIL |
| PNB Women Power Savings | For Rural Account: Rs.500 For Semi-Urban Account: Rs.1,000 For Urban and Metro Account: Rs.2,000 |
| PNB Samman Saving Accounts | NIL |
| PNB Salary Account | NIL |
| PNB Select Saving Account | Rs.5,000 |
What is the PNB Savings Account Maximum Balance?
There is usuallyno restriction on the maximum amount that you can maintain. This makes it easier for you to deposit as much money in this account as you want without any restrictions or penalties.
What is the Penalty for Not Maintaining Minimum Balance in PNB Savings Account?
The penalty charges vary considerably depending on whether a customer has an account at an urban bank or a rural bank. Thepenalty for not maintaining the minimum balance in PNB savings accountare as follows:
| PNB Account Type | Penalty |
| Rural PNB Account | Minimum Quarterly Average Balance (QAB) shortfall up to 50% - Rs.50 Minimum QAB shortfall above 50% - Rs.100 |
| Semi-Urban PNB Account | Minimum QAB shortfall up to 50% - Rs.100 Minimum QAB shortfall above 50% - Rs.150 |
| Urban and Metro Account | Minimum QAB shortfall up to 50% - Rs.150 Minimum QAB shortfall above 50% - Rs.250 |
What are the PNB Savings Account Charges?
You will need to pay severalcharges to maintain a PNB savings account, which are as follows:
| Particulars of Charges | Charges |
| Cheque transfer charges | Rs.150 to Rs.500 |
| Cheque book | Free 25 leaves cheque book |
| RTGS | Between Rs. 2 lakh - Rs.5 lakh - Rs.24 Above Rs.5 lakh - Rs.49 |
| IMPS | Between Rs. 1,001 - Rs.1 lakh - Rs.5 Above Rs.1 lakh - Rs.10 |
| Stop payment instructions | Rs.100 per instrument |
| Account closure within 12 months of opening | Rs.300 (No charges for closing after 12 months) |
| SMS alerts | Rs.25 paisa per SMS+GST |
What is the PNB Savings Account Transaction Limit?
Following are thePNB savings account transaction limits for savings accounts:
| Particulars | Transaction Limit |
| Cash payment to the third party | Rs.50,000 per day |
| Cash transaction limit | Free 3 transactions per month or Rs.1 lakh per day Rs.50 per transaction beyond the free limit |
| Cash withdrawal limit | Free 5 withdrawals in a month Rs.2 per for Rs.1,000 withdrawals after the free limit |
| Debit transaction limit | 50 free per year Rs.10 beyond 50 free transactions |
There are different variants of PNB savings accounts among which you can choose the right one to cater to your financial requirements.
How to Open a Saving Account in PNB?
To open aPNB saving account online, you can follow these hassle-free steps mentioned below:
Step 1:Visit your nearest branch of Punjab National Bank and request a savings account application form.
Step 2:Fill out the form by providing your personal and financial details accurately and choose your preferred account type.
Step 3:Provide self-attested copies of the documents needed to open a savings account.
Step 4:Submit the form with the documents and cash you want to deposit into your account.
Step 5: The bank officials will verify the application and open the account.
What are the Documents Required for Opening Savings Account in PNB?
Following are some of the crucial documents that you will need to submit along with the application form when opening a savings account with the Punjab National Bank:
- Identification proof documents, such as passport, Aadhaar card, PAN card, etc.
- Address proof documents, such as rental agreement, telephone bill, and electricity bill.
- Other essential documents for clubs, associations, society, trusts, and HUFs.
You will also need to submit two passport-sized photographs when applying to open an account. Moreover, bank representatives might ask for additional documents when opening your account.
What are the PNB Savings Account Benefits?
Following are some of the benefits that you can get upon opening a savings account at PNB:
- Simplified financial transactions: There are numerous transaction options available, such as online banking, mobile banking, ATM cards, debit cards, SMS banking and more. Even the remittance time for NEFT or RTGS is low.
- Presence of safe deposit boxes: Most of the PNB branches have safety deposit boxes in their bank. This ensures you can keep your valuables assets like jewellery and even a lot of cash in these safe deposit boxes.
- Special accounts with extra benefits: Women, children and even senior citizens holding savings accounts at PNB can get additional benefits. This makes their banking journey a lot more beneficial.
- Retail banking solutions available: These solutions are highly adaptable to cater to every customer's demand. So, you can ensure that your banking journey with PNB will be extremely smooth and hassle-free.
- Savings account: The eligibility criteria for opening a savings account at PNB are minimal, so you can easily open an account. Even a minor’s guardian can open an account on their behalf.
How to Close a PNB Savings Account?
You will not be able to close your PNB savings account online. So, you will need to visit the physical branch of Punjab National Bank. To complete the process, follow the steps below:
Step 1: Visit the nearest branch of Punjab National Bank, where you have the account.
Step 2: Request the account closure form and fill it out with the necessary details.
Step 3: Withdraw the remaining balance in your bank account.
Step 4: Along with the account closure form, submit documents like ID proof, address proof, debit cards, chequebook and passbook.
Once you are aware of the type of savings accounts available, PNB savings account interest rate, minimum balance requirements, penalties and other details, you can proceed with the account opening process. However, ensure you select the right savings account type to benefit from your choice.
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