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Fincash » Savings Account » Punjab National Bank Savings Account

Punjab National Bank Savings Account

Updated on August 2, 2022 , 16396 views

Punjab National Bank, also known as PNB bank, is owned by the Government of India. It is India’s first Swadeshi Bank, which was established by the spirit of nationalism and was the first bank solely managed by Indians with Indian Capital. During the long history of the Bank, seven banks have merged with PNB.

Currently, Punjab National Bank is headquartered in New Delhi and is the second-largest public sector bank in India, both in terms of business and its network. Post-merger with United Bank of India and Oriental Bank of Commerce, PNB has over 180 million customers, 10,910 branches and 13,000+ ATMs.

Punjab National Bank Savings Account

Speaking about revenue, PNB's domestic business increased by 5.2 % YOY to Rs. 11,44,730 crore as at the end of December’19 from Rs. 10,87,973 crore in December’18.

Types of Savings Account Offered by PNB Bank

1. PNB Basic Saving Bank Deposit Account

This account is meant for minors (10+ years), individuals (singly or jointly) and minors under natural or legal guardianship. Furthermore, an illiterate person and visually impaired person can also apply for this account. One of the best features of the account is it doesn't require any initial balance, which means it is a zero balance account.

The PNB Basic Savings Account offers a free ATM/Debit Card. Nomination Facility is also available as per normal rules.

2. PNB Saving Account For Premium Customers

This PNB savings account caters to premium customers. Individuals (either singly or jointly), Hindu Undivided Families (HUFs), Associations, Trusts, Clubs, Societies, etc., can open this account. The account requires a minimum quarterly average balance maintenance, i.e., is Rs 50,000 and above. There are no cash withdrawal charges at all branches.

The account offers free Platinum Debit Card with two add-on cards, along with an accidental insurance cover maximum Rs. 2 lakh. As listed in the table below, the initial deposit varies as per areas, and is subject to change for General SF A/c from time to time-

Area Initial Deposit
Rural Rs. 500
Semi Urban Rs. 1000
Urban Rs. 2000
Metro Rs. 2000

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3. PNB Prudent Sweep For Individuals

This account is meant for individuals only. There is an Quarterly Average Balance (QAB) requirement of Rs. 25,000, in case, if this is not maintained, then Rs. 400 will be charged. QAB for rural and semi-urban is Rs. 5,000 and for urban and metro areas, it is Rs. 10,000. Swipe in will take place after the cut-off balance of Rs.1 lakh and in multiples of Rs. 10,000. Swipe out will take place on 5th, 15th, and 25th of every month. In case of holidays on any one of these days, swipe out will take place on the next working day.

The tenure of this account ranges from 7 days to one year. Furthermore, customers get two free remittances and collection of cheques up to Rs. 25,000 per month.

4. PNB SF Prudent Sweep For The Accounts Of Institutions

This PNB savings accounts are primarily for institutions. Sweep in/Sweep out can take place after the cut-off balance of Rs.10 lakh in multiples of Rs.1 lakh. Sweep out can take place on a daily Basis.

The tenure ranges from seven days to a year - depending on the customer. The table below will guide you to the initial deposits for this account -

Area Initial Deposit
For Govt. Accounts NIL
Rural and Semi-Urban Rs. 5000
Urban and Metro Rs.10000

5. PNB Junior SF Account

This PNB savings account is meant for the minors. Minors above 10 years of age are allowed also to open the account and operate it independently. However, the bank would need a satisfactory age proof.

The account doesn't need any initial deposit, which means that the PNB Junior SF Account is a zero balance account. Some of the main features of this account are given in the table below-

Particular Concessions/Freebies
Free Cheque leaves 50 cheque leaves per year
NEFT charges Free upto Rs. 10,000 - per day
Issue of Demand Drafts Free for school or college fee
Issue of ATM/Debit Card (Rupay) Allowed subject to debit upto Rs.5000 per day
Internet Banking & Mobile Banking Facility Allowed-only view facility

6. PNB Rakshak Scheme

PNB Rakshak Scheme caters to all defence personnel - BSF, CRPF, CISF, ITBP, Research and Analysis Wing (RAW), Intelligence Bureau (IB), Central Bureau of Investigation (CBI) Indian Coast Guard Personnel & Para-Military personnel. It also includes State Police Force, Metro Police, cities following Police Commissionerate System - like Delhi Police, Mumbai Police, Kolkata Police, etc.

The account offers personal accidental death cover of Rs.3 lakh, air accident death insurance cover of Rs.1 lakh, and Personal Accident (Permanent Total Disability) cover of Rs.3 lakh. Furthermore, there is a concession for a Home Loan, car loan and personal loan.

Depositors under the PNB Rakshak scheme can make an auto sweep from their SF to a Fixed Deposit in their savings scheme account and vice versa.

7. PNB Power Savings

In order to cater to women of India, PNB bank has launched PNB Power Savings account so that women can easily manage their finances. Any Indian resident woman can open this account. Sweep in/out facility is optional while opening the account. Also, women can even open a joint account, though the first name of the account will be that of the woman.

Some of the main features of PNB Power savings account are listed below -

Particular Concessions/Freebies
Minimum Quarterly Average Balance (QAB) in Rural Rs.500
Initial Deposit in Semi - Urban Rs. 1000
Initial Deposit in Urban & Metro Rs. 2000
Free Cheque leaves 50 cheque leaves per year
NEFT charges Free
Issue of Demand Drafts Free one draft per month upto Rs.10,000
SMS alert charges Free

8. PNB Pension Savings Account

PNB Pension Savings Account, also known as PNB Samman Savings Account, is for all the employees retired from PNB bank who has given a mandate for the credit of their pension in the account. The account will be opened, preferably jointly with a spouse.

The account comes with zero balance maintenance. Further, nomination facility is allowed.

9. PNB MySalary Account

Regular employees of the Central & State Government, PSU, Government & Semi Govt Corporation, MNCs, reputed Institution, etc., can open an account here. There is no initial deposit required PNB MySalary Account.

There are account variants under PNB MySalary depending on the Gross Salary per Month-

Variant Gross Salary
Silver Rs.10,000 upto Rs.25,000
Gold Rs. 25,001 upto Rs.75,000
Premium Rs.75,001 upto Rs.150000
Platinum Rs.1,50,001 and above

Eligibility

Customers should meet the following criteria to open a savings account with the bank-

  • The person should be a citizen of India
  • The individual should be 18 years of age or above except in case of a minor savings account
  • The customers need to submit valid identity and address proof to the bank that is Government approved
  • Once the bank approves the submitted documents, the applicant will have to make an initial deposit depending upon the type of the savings account.

PNB Savings Account Opening

Visit the nearest PNB bank branch and request the bank executive for a savings account opening form. While filling the form, ensure all the fields are filled correctly. The details mentioned in the application form should match with your KYC documents. Following, the bank will verify your details. Upon successful verification, the account holder will get a free passbook, cheque book and debit card.

Punjab National Bank Savings Account Customer Care

For any queries, doubts, request or grievances, you can Call Punjab National Bank (PNB) customer care number @ 1800 180 2222

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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