PNB Savings Account- Interest Rates, Eligibility and Documents Required 2024

It’s important to save money regularly as it gives you a sense of financial steadiness. A savings account is a crucial money tool to help people keep their money safe and even earn extra cash through interest. This interest is like a reward for keeping your money in the account. Also, having a savings account makes it easy to keep track of your savings progress. Today, options like PNB savings accounts are also available. These banks offer several perks and act as guardians to protect your assets that you can withdraw in times of need. Whether you are saving for a particular goal, creating an emergency fund, or just putting money aside for later, a savings account is a practical tool that helps you reach your financial goals. 

An Overview of Savings Accounts with Punjab National Bank

Punjab National Bank has served as a vital financial institution for people’s financial requirements since its establishment on April 12, 1895. From savings to securities, this bank has multiple facilities for its customers. It offers different types of savings accounts, especially zero balance savings accounts of PNB, which is the main highlight. The leniency of minimum balance, interest rates, and convenience are some factors to consider in opening a PNB savings account.

Let’s explore details about PNB savings accounts, their types, eligibility and more.

Types, Limit & Eligibility: PNB Savings Account 

PNB provides various account options and services, with the added benefit of having different types of savings accounts. These are listed below:-

• PNB Savings Deposit General Account

This account is also known as the PNB Unnati Saving Fund Account. It can be opened either alone or in groups by the resident persons. These are available for trusts, clubs, societies, associations, Hindu Undivided Families, etc. If authorised by the RBI, it can be opened by institutions as well.

• Prudent Sweep from PNB

According to RBI guidelines, institutions and/or individuals can open these accounts with permission. Sweep in and out are performed if the balance transcends Rs 50,000, with Rs 5,000 being the minimum amount.

• PNB Rakshak Plus Plan

This account is perfect for defence personnel. It includes personal accident (death) insurance and air accident (death).

• Premium Savings Account

Individuals, clubs, trusts, etc., can open Premium savings accounts in PNB once they have met the eligibility standards by RBI (Reserve Bank of India) concerning KYC (Know Your Customer). Also, you won’t be charged for withdrawing or depositing cash at any branch, including the main branch, for this account.

• Basic Saving Bank Deposits Account (BSBDA)

This PNB savings account is simple for everyone to use and is a popular choice. Anyone can open this account, and they can do it together with kids under 10 and guardians. Many people who can’t read well or are visually challenged use this account because of its efficiency.

• Junior SF Account

This is a specially curated type of PNB savings account. It is available for minors above 10 years of age. They can open and maintain this account through their legally designated guardian.

The good news is there’s no limit to your Punjab National Bank savings account. However, you need to maintain a minimum balance. If not done so, charges could be imposed on the account holder.

Well, who is eligible to open a savings account at PNB? Consider the following criteria:-

• The applicant should be an Indian citizen.
• The applicant must be 18 years old and above. In the case of minors, the legal guardians or parents can open a savings account on their behalf.
• On approval from the bank, one can deposit an initial amount based on the balance requirement opted for.
• An identification and address proof approved by the government will be required.

Features and Benefits of Punjab National Bank

Punjab National Bank provides its customers with multiple features and benefits for opening a PNB savings account. A few are mentioned below:-

• The PNB basic savings account requires no minimum balance. It is a zero-balance savings account of PNB.
• The person holding BSBDA acquires a 20-leaf chequebook for the year from the bank branch.
• The bank also provides an ATM-cum-Debit card facility on opening a BSBDA with no charges imposed.
• One of the most efficient features of a PNB savings account is the availability of nomination facilities. It also ensures the safety of your money.
• Another exceptional feature of BSBDA is that there is no limit to how many deposits can be made. However, four withdrawals are permitted in a month with no limit to the ATM ones.
• For opening a bank account, the savings account must comply with the AML instructions by RBI.

PNB Savings Account Interest Rate

A savings account is essential as it helps maintain a monthly or long-term balance of your earnings. In this scenario, interest rates play a huge factor. What we often forget is that this rate also depends on our balance in the account. The higher the balance, the higher your earnings through interests. PNB allows a balanced interest rate on your savings account. If your account balance is below Rs. 10 lakhs, the interest would be 2.70% p.a. Whereas, the rate would be 2.75% p.a. On a balance above Rs. 10 lakhs. Furthermore, the interest rate for a balance of Rs 100 crores and above is 3% p.a.

PNB Savings Account Minimum Balance Requirements

PNB savings account allows customers to open a zero balance account. It helps those with a weak financial balance as it has no drawbacks. Thus, the availability of a PNB minimum balance savings account in PNB is great for such reasons.

For your convenience, refer to the following table:-

On the other hand, the amount varies for senior citizens and pensioners.

Punjab National Bank Savings Account Charges

Even though there are many advantages to having a PNB savings account, you may have to pay some charges in certain situations.

Below is the table referring to the charges for outward RTGS/NEFT/IMPS transactions in the savings account:-

Furthermore, the following table depicts the charges per quarter applicable for not maintaining a balance in the account:-

Similarly to the above is for the senior citizens and pensioners.

Documents Required for Punjab National Bank Account

One needs to fulfil the requirements for a PNB savings account opening. Thus, you will need the following documents for the same:-

• ID proof (Aadhaar card, voter card. Driver’s license, passport, etc.)
• PAN card
• Address proof like a utility bill, Aadhaar card, voter’s card, etc.
• Form 16 (only if PAN card is not available)
• At least two latest photographs
• Birth certificate in case of a minor applicant.

The documents required to open a current account in the same bank. They are listed below:-

• Specimen signatures and AOF/Application
• Identity & Address proof according to KYC norms
• Photographs
• In case of Company Memorandum & Articles of Association, Certificate of Incorporation, Board resolution, etc.
• Related documents for HUF, Trust, Firms etc
• Other documents based on RBI Guidelines

*Note:- (No requirement In the case of Micro Enterprises Udyog Aadhar)

How to Open a Punjab National Bank Savings Account?

It is imperative to know the PNB savings account opening procedure. There are two ways to open an account:-

Online Procedure

1. Visit the PNB official website.
2. Click on the ‘Product’ menu followed by the ‘Deposit’ menu and the ‘savings account’ section.
3. Thoroughly review all the different savings account details before selecting the one that suits you the best. Then, create a login and start investing.
4. Enter the details, such as your full name, email address, mobile number, and city.
5. Fill out the online form, including all your details and upload your KYC documents.
6. A TCRN (Temporary Reference Number) will be generated when submitting the application form.
7. Post the approval of your application, the account will be activated in 3-5 working days.

Offline Procedure

Offline procedure is the traditional method of opening a bank account. To open a savings account at PNB, you can visit the closest branch in your locality. You would require documents like ID proof, address proof, your latest photographs, etc. Additionally, the staff at the bank will guide you throughout the process.

Punjab National Bank Customer Care Number

Punjab National Bank provides multiple numbers to serve you better. 

Credit card helpline number: 1800 180 2345 or 0120-4616200

Balance enquiry of PNB savings account balance: 

• Missed call on Toll-free (1800 180 2223)
• Tolled no (01202303090) from the registered mobile

Additionally, below are some more contact details for your suitability:

Therefore, should you face any issues, do not hesitate to reach out to them.

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