The Punjab National Bank (PNB) Total Freedom Saving Fund Salary Account is an attractive option for corporate employees. They can get their salary credited into the account as well as avail an overdraft facility of up to Rs.50,000 or the last salary amount that is credited in the account, whichever is lower. The interest rate levied is as applicable to personal loans and adjusted in the next 6 months from the next salary credit.
Eligibility criteria for opening a PNB Total Freedom Saving Fund Salary Account:
The following criteria must be fulfilled in order to be eligible for the PNB Total Freedom Saving Fund Salary Account:
- Applicant should have a minimum of 10 accounts, (or)
- Applicant should have 75% of strength of permanent employees or in that location, whichever is lower.
Features and benefits of PNB Total Freedom Saving Fund Salary Account:
The important features and benefits of the savings account are:
- Minimum balance requirement – As it is a salary account, the minimum balance requirement for the Total Freedom Saving Fund Salary account is zero. If there is no salary credited into the account for the last consecutive months, when the account has been opened by the employer, then the account is deactivated without any notice. The account is then transferred to a general category Saving Fund Account.
- Cheque book facility – A total of 40 cheque leaves per year are provided for free at the time of account opening. This is in addition to 40 cheques allowed to general customers.
- Overdraft facility – Account holders of the Total Freedom Saving Up to Rs.50,000 of overdraft facility or last salary credited in the account, whichever is lower.
- Debit/ATM Card facility – Punjab National Bank also provides an ATM-cum-Debit Card facility at the time of opening a Total Freedom Saving Fund Salary Account. There are no additional charges for availing this facility. However, annual charges are applicable.
- Locker facility – Account holder can avail 50% discount in availing the locker facility, where you can get one locker, either small or medium size at the preferred branch. However, this is applicable only for the first year. Account maintenance charges towards the free D-mat account is levied by the bank for the first year only.
- Transaction limits – Free fund transfer of up to Rs.1 lakh is allowed daily from the account, if it is within the bank. Up to Rs.25,000 of draft is allowed to be issued for free per month.
Documents required for PNB Total Freedom Saving Fund Salary Account:
The following documents are required to open a Punjab National Bank Total Freedom Saving Fund Salary Account:
- Duly filled application form.
- Identity proof such as Passport, Driving License, Voter’s ID, Aadhaar Card.
- Address proof such as utility bills, Passport, Aadhaar Card, Voter’s ID, etc.
- PAN card or Form 60/61 if PAN not available.
- Birth certificate in case of a minor applicant.
How to apply for a Punjab National Bank Total Freedom Saving Fund Salary Account:
You can open a PNB Total Freedom Saving Fund Salary Account by filling in an online application form and submitting it online. You can make the application online at the Punjab National Bank’s registered website. You can also visit a PNB bank branch and fill the account opening form at the branch.
Fees and charges:
|Issuance of duplicate demand drafts||
|Demand draft cancellation charge||Up to Rs.1,000 - Rs.20/draft Above Rs.1,000 - Rs.100/draft|
|Demand draft revalidation||Rs.100|
|IMPS charges||Rs.5 per transaction plus service tax|
|Registration fee for standing instruction||Rs.50|
|Execution of standing instruction||Rs35 + Remittance Charges+ Out of pocket expenses|
|Charges for issuing add-on card||Rs.50 per card|
|Charges for issue of duplicate ATM PIN||Rs.25|
|Issue of ATM/Debit Card with photograph of the cardholder||Rs.25|
|Collection of local cheques through clearing||Nil|
|Collection of cheques through non-base outstation branches||Nil|
|Presenting cheques at outstation branches through inward clearing||Nil|
|Account closure charges||Rs.100 if the customer closes the account within 1 year of its opening|
The following charges are levied by PNB on NEFT transactions made by the accountholder:
|Up to Rs.10,000||Rs.2.50 + Service Tax|
|Rs.10,001 – Rs.1 lakh||Rs.5 + Service Tax|
|Rs.1,00,001 – Rs.2 lakh||Rs.15 + Service Tax|
|Above Rs.2 lakh||Rs.25 + Service Tax|
Inward NEFT transactions are free.
Given below are the charges that customers need to pay for RTGS transactions as per time varying tariff on outward RTGS transactions:
|Time of transaction||Time based tariff per transaction||RTGS charges|
|Rs.2 lakh to Rs.5 lakh||Above Rs.5 lakh|
|08:00 to 11:00||Nil||Rs.25 + Service Tax||Rs.50 + Service Tax|
|11:00 to 13:00||Rs.2||Rs.27 + Service Tax||Rs.52 + Service Tax|
|13:00 to 16:30||Rs.5||Rs.30 + Service Tax||Rs.55 + Service Tax|
|After 16:30||Rs.10||Rs.30 + Service Tax||Rs.55 + Service Tax|
PNB Total Freedom Saving Fund Salary Account FAQs
If I want to opt for an add-on card to my Total Freedom Saving Fund Salary Account from PNB, do I have to pay any fee?
Yes the bank charges Rs.50 for issuing an add-on card to your account.
What is the minimum balance required to be maintained in the Punjab National Bank Total Freedom Saving Fund Salary Account?
This is a salary account and therefore does not require a minimum balance to be maintained.
Does PNB charge for availing statement of accounts for the Total Freedom Saving Fund Salary Account?
No, the bank provides statement of accounts for free.
Do I have to pay any fee for SMS Alert charges to the bank?
Yes, you are required to pay Rs.15 + Service Tax per quarter in order to avail the SMS alert facility.
Is there any charge for inward NEFT charges for accountholder of the PNB Total Freedom Saving Fund Salary Account?
No, inward NEFT charges are free for accountholders of PNB BSBDA.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.