Savings accounts are provided by banks to its customers, to help them keep their financial savings in the safe custody of the bank, while making them earn an interest on the same. PNB promises complete safety of your money and ensures that it is within your easy reach. The bank offers attractive rates of interest on your savings account, to enhance your earnings. PNB has a widespread network of ATMs across the nation, which enables you to have access to your money as per your convenience. PNB’s online banking facility also provides the same facility. To suit the varied financial need of customers, PNB offers a wide range of savings accounts. Choose the one that suits you best.
Revision of Interest Rates on PNB Savings Bank Deposits
|Particulars||Rate of Interest|
|Saving Deposits Balance below Rs. 50 lakh.||3.50% p.a|
|Saving Deposits Balance of Rs. 50 lakh and above.||4.00% p.a|
Types of PNB Savings Account
PNB offers a different types of savings account which give customers the freedom to take their pick. These types are listed below –
Saving Deposit - General Account
This 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 Saving Account
This type of account can be opened by individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Each one of these entities have to fulfil the eligibility criteria (domestic depositors) of Reserve Bank of India, with regards to ‘Know Your Customer (KYC) Guidelines’. The cash withdrawal charges at all branches and cash deposit charges at base branch, for this type of account is free.
Family Suraksha Bachat Khata
This type of account bundles Term Assurance with Return of Premium (TROP) plan with savings account. In case the Life Insured dies, the monthly income benefit is given to the nominee to help him manage the family’s expenses. This product is an amalgamation of savings fund and insurance plan available to an individual, aged between 25-60 years.
PNB Prudent Sweep
PNB 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. 40,000 (with a minimum sweep-out/ sweep-in of Rs. 10,000). Staff members of PNB can also open accounts under this Scheme.
PNB Junior SF Account
Through this account PNB offers an attractive savings fund to minors. Minors above age 10 can open this account and operate it through his/her natural or legally appointed guardian.
PNB Vidyarthi SF Account
PNB Vidyarthi SF account can be opened in the name of students. These students must be enrolled at a recognised educational institutions. The account holder will be eligible for this scheme till the age of 21.
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). Illiterates and visually impaired people can also open this account.
Total Freedom Salary Account
Corporate employees can have their salary credited to this account, and 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 Savings Fund account is for permanent employees (of an organisation) who draw a salary of Rs. 1 lakh and above, per month. Their salary gets credited in this account, and they can enjoy overdraft and other facilities.
PNB SF Prudent Sweep For The Accounts Of Institutions
In consensus with the Reserve Bank of India, a PNB Prudent Sweep Account can be opened by individuals, though this type of savings accounts are primarily for institutions. The Prudent Sweep savings account can be opened even for a member of the bank.
Eligibility criteria of the PNB SF Prudent Sweep Savings Account:
- Any type of institution is allowed to open a PNB SF Prudent Sweep Savings account.
- Staff members of the Punjab National Bank are eligible to open a PNB SF Prudent Sweep savings account.
Features of the PNB SF Prudent Sweep savings account:
- The minimum annual balance should be Rs.40,000.
- The quarterly balance for a PNB SF Prudent Sweep savings account is Rs.5,000 for institutes from rural areas and Rs.10,000 for institutes from urban areas.
- Only once the savings account has Rs.10 lakh can a sweep in/sweep out take place.
- Sweep in and sweep out can be in multiples of Rs.1 lakh and can take place on a 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 in this case, is allowed two remittances a month with the maximum amount being Rs.25,000.
- Each institution gets 100 cheque leaves every financial year.
- Collection of outstation cheques are absolutely free provided the maximum amount is at Rs.25,000.
Institutions holding PNB SF Prudent Sweep savings accounts can enjoy the benefit of online banking for transfers, receiving funds, etc.
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, 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.
Features of the PNB Rakshak Scheme:
- 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.
- Since the savings account is a zero balance account, the minimum balance is nil.
- Each member is given a lifetime unique number.
- 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.
- Overdraft facility is available for each member 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 lakh.
- Every member is granted a free International ATM debit card that comes with an accident death insurance cover.
- For the ATM debit cards of this scheme, there are no AMC charges.
- Funds transferred between members belonging to the scheme are free of charge.
- 25% concession 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 members below the rank of an officer, they are granted accident insurance of Rs.3 lakh and Rs.5 lakh for air accidents.
- For officers below the rank of a brigadier, Rs.5 lakh accident insurance is granted and Rs.10 lakh in the case of an air accident.
- For a person holding the post of a brigadier or above, Rs.10 lakh accident insurance is granted and Rs.20 lakh in case of an air accident.
PNB Shikshak Sweep Scheme
The Shikshak Sweep Scheme was initiated by the Punjab National Bank to aid all permanent teachers from schools, colleges and education institutions across India. The Shikshak Sweep Scheme comes with many benefits and concessions for teachers along with the zero balance and sweep in/out features of savings accounts.
Features of the PNB Shikshak Sweep Scheme:
- All permanent teachers of schools, colleges and educational institutions in India are eligible for the scheme.
- Since the savings account is a zero balance account, there are no minimum balance requirements.
- A sweep in/out can take place once there is Rs.15,000 in the savings account. The sweep in/out can be in multiples of Rs.1,000 for a savings account and a fixed deposit.
- The tenure of the FDR is between 7 days to 179 days.
- 10% concessions on Home and Car loans up to Rs.50 lakh.
- For members who have less than Rs.15 lakh in their account, they can enjoy the benefit of the interest rates fixed for fixed deposits.
Benefits of the PNB Shikshak Sweep Scheme:
- Once the account is opened, every member is given a free ATM debit card which comes with no annual maintenance charge.
- A free Platinum ATM debit card is granted to all teachers with SMS alerts.
- Internet banking facilities come at no cost.
- Once the account is opened, a free cheque book is handed to the teacher.
- 50% concession for locker charges for the first year of opening the account.
- Demat maintenance charges for accounts have been waived.
- Teachers are given the benefit of the overdraft facility up to a month’s salary or Rs.50,000 - whichever is lower.
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:
- Any woman who is an Indian resident is eligible for PNB’s Power Savings account.
- The woman can even open a joint account under this scheme, though the first name of the account should be that of the woman.
- 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
- 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.
- The initial deposit to open the PNB Power Savings is Rs.500.
- For individuals not maintaining the minimum quarterly balance, penalty charges apply.
- Every customer under the PNB Power Savings gets 40 cheque leaves a year completely free.
- Every month, a customer is granted one free demand draft with the maximum being Rs.10,000.
- 25% concession for rental lockers for the first year of subscription only.
- No processing fee while availing House, Car or Personal loans.
- 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.
- For domestic shopping, the swipe limit is Rs.1.25 lakh.
- 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:
- The quarterly balance before death should have been Rs.25,000 or more.
- 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 the last 45 days.
- For those holding 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 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.
PNB Pension Savings Account
For those who have regularly credited a pension amount, they can avail a monthly pension post retirement - or above the age of 60, from the PNB Pension Savings Account Scheme.
Features of the PNB Pension Savings Account:
- Since the PNB Pension Savings Account is a zero balance account, there is no minimum deposit and minimum balance that has to be maintained.
- Every subscriber of the PNB Pension Savings Account 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 is given 20 cheques leaves for a year, completely free.
- No processing fee for retirement dues and pension cheques, as well as for the SMS alert.
- One can make a single demand draft with no processing fees, with the DD amounting to a maximum of Rs.25,000.
- All subscribers are eligible to all the facilities that come with online banking. No charges for NEFT transfers.
Documents required for Opening a Savings Account with PNB
The standard documents required to open any kind of savings account with PNB are listed below –
- Proof of identification issued by the government (PAN, passport, etc.)
- Proof of residence/address (telephone bill, electricity bill, rental agreement, etc.)
- Duly filled Account Opening Form
- Passport size photographs of the person(s) in whose name the account is being opened.
- Relevant documents in case of Associations, HUF, Clubs, Trust, Society etc.
PNB Savings Account Minimum Balance
The minimum balance to be maintained for each type of savings account has been mentioned in the table below.
|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|
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|
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