For parents or guardians who wish to open an account on behalf of their child, who is probably studying elsewhere - away from home - the PNB Vidyarthi SF Account is probably the best option out there. Punjab National Bank has rolled out this savings account with the focus of benefitting students studying at recognized institutions, with minimum requirements yet with quite a few privileges. With the primary benefit of the PNB Vidyarthi SF Account being a zero-balance savings account, the account comes with a number of privileges that would work like a charm for any student.
Features and benefits of the PNB Vidyarthi SF Account
- As already mentioned, the PNB Vidyarthi SF Account is a zero-balance savings account. With this, there is no initial deposit, minimum balance requirement and there are no maintenance charges.
- Demand drafts that have to be made for tuition fees, examination fees and for any other reasons related to the education of the individual is absolutely free.
- There are no ledger folio and incidental charges as well.
- Banking facilities for shopping and buying what’s necessary for a student is free of charge as well.
- Intersol transactions - withdrawals, deposits, etc. - are free for the student holding the PNB Vidyarthi SF Account.
- When opening the account, the student is granted a free ATM debit card. Though, the annual maintenance charges will be recovered by the bank later on.
- As soon as the PNB Vidyarthi SF Account is opened, the customer is granted two cheque books with 20 cheque leaves each.
- The PNB Vidyarthi SF Account is valid till the student attains the age of 21. After the age of 21, the account is converted to a general savings account. For some students, depending on their situation, the benefits of this account can be extended till the student is 25 years of age.
- There is no overdraft facility with the PNB Vidyarthi SF Account.
Eligibility for the PNB Vidyarthi SF Account
The PNB Vidyarthi SF Account can be opened by parents or guardians on behalf of their child. For the child to be eligible for this student’s savings account, he/she has to be studying in a recognized institution. The PNB Vidyarthi SF Account is applicable for students that are below the age of 21 only.
Documents required to apply for the PNB Vidyarthi SF Account
- Identity proof of the student - any valid identity proof that has been government approved.
- Address proof of the student - any valid address proof that has been approved by the government.
- Institution identity card of the student.
- Birth certificate of the student - to prove one’s age.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.