PNB Current Deposit Account

• Instant money transfer
• 24x7 ATM withdrawals
• Attractive rate of interest

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Punjab National Bank (PNB) is one of the country’s oldest banks and was established over 100 years ago. In the last century, the bank has greatly broadened the scope of its practices. The services that PNB offers its customers spans a variety of financial products. Each of these products has been developed to cater to the specific needs of its customers.

One of the services that the PNB offers its customers is the current account. A current account is a type of bank account that has been specifically developed to meet the needs of individuals or groups that run businesses. The account gives the account holder the kind of liquidity that is not extended in a regular savings account. Customers who hold current accounts generally deposit and withdraw considerably larger sums on a daily basis.

PNB has two variants of the current account and customers can choose the one that best suits the needs of their business. One of these is the Current Deposit Account.

Features and benefits

• The account holder has to make an initial deposit at the time of opening their Current Deposit Account. The initial deposit amount varies based on the area in which the bank branch is located. The amounts are as follows:
  • Rural: Rs.2,500
  • Semi urban: Rs.5,000
  • Urban: Rs.10,000
  • Metropolitan: Rs.10,000
• The account does not have a limit on the number of transactions that can be carried out in a single day.
• The bank offers account holders free internet banking facilities.
• Account holders can set standing instructions against their account.
• The bank offers its Current Deposit Account holders a debit cum ATM card that is linked to their account.
• The bank also has a nomination facility that is extended to a select group of customers.

Eligibility Criteria

To open a Current Deposit Account with PNB, the applicant has to fall under at least one of the following categories:

• Sole proprietor
• Partnership
• Individuals
• Joint accounts
• Hindu Undivided Family (HUF)
• Society
• Trust
• Charitable institutions
• Companies
• Associations

Documentation

The following documents should be submitted to the bank at the time of opening the account:

• Application with specimen signatures
• Certificate of incorporation for companies opening an account
• Passport size photographs
• Proof of address
• Proof of identification

PNB aims to be a financial institution that creates value for both its customers and its stakeholders. Its goal is to set a benchmark for excellence in the banking industry and offers services that will facilitate that goal.

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