PNB Savings Account

Savings Account is the simplest bank product. It is the core product of any bank. Punjab National Bank (PNB) also offers regular savings account along with different types of savings account as well.  

One of the main features of savings account is the interest rate. Different savings account offers different interest rate.

PNB saving account interest rate

The interest on PNB savings account is revised at a regular intervals. Currently, the bank give a rate of interest between 3.25% p.a. to 3.80% p.a.

Balance Rate Of Interest
Upto Rs. 5 Lac 3.25%
More than Rs. 5 Lac to Rs. 50 Lac 3.50%
Above Rs. 50 Lac 3.80%

PNB Saving Account Minimum Balance

Most savings accounts have minimum average balance requirement. The minimum balance requirement is to be maintained on a monthly or a quarterly basis by the customer. PNB Customers need to maintain a minimum quarterly average balance and penalty is levied in case of non-maintenance.

Different types of PNB Savings Account have different minimum balance requirements.

E.g.,PNB Basic Saving Bank Deposit Account (BSBDA) is a zero balance account and do not carry any minimum balance. However, this account is primarily meant for individuals who don’t have a savings account.

The minimum balance requirement for customers of PNB Savings account is Rs.2,000 for urban areas.

The minimum balance of PNB Savings Bank also depends on the branch location. Customers of bank branches at rural areas need to maintain a lower minimum balance.

PNB Saving Account Minimum Balance Requirement

Type of Savings Account Rural Semi- Urban Urban Metropolitan
Basic Savings Account Nil NilNilNil
SAVING ACCOUNT-GENERALRs.1000 Rs.2000 Rs.2000 Rs.2000
Premium Saving Account Product Rs.50000 & above Rs.50000 & above Rs.50000 & above Rs.50000 & above
PNB Rakshak Scheme Nil Nil Nil Nil

How to open a PNB Savings Account

Individuals have the option to open a PNB Savings Account by visiting a bank branch or online. Most of the savings account of PNB can be opened online.

Types of Savings Account that can be opened online

  • Saving Deposit (General) Account
  • Premium Saving Account Product
  • SF Prudent Sweep Deposit Scheme
  • Family Protection Account
  • PNB Junior SF Account
  • PNB Rakshak Scheme
  • PNB Shikshak Scheme
  • PNB Vidyarthi SF Account

Steps to open PNB online saving account

Step 1: Go to the bank’s official website/portal of the bank and click on ‘savings accounts’ option from the online service’ option.

Step 2: You will be redirected to the online opening page. Click on open online savings account.

Step 3: An online form will appear. Fill the online form with your details such as your state, name and other details. After you fill up all the details, click on ‘Submit’.

Open a savings account though offline method

Step 1: Visit the nearest PNB Branch with the required documents

Step 2: Tell the customer executive that you wish to open a new savings account. Fill up the new account opening form.

Step 3: Make sure that the details mentioned is as per the KYC documents

Step 4: Submit the form to the customer executive and your account should be opened after the verification of the documents.

Types of PNB savings account:

Basic Saving Bank Deposit Account (BSBDA)

PNB Bank also offers zero balance savings accounts to its customers. With a zero balance savings account, you don’t have to keep any minimum balance in your bank account.

Features of PNB Zero Balance Account

  • There is no minimum balance.
  • It can be opened by an individual singly or jointly.
  • Minors can open this account under natural and legal guardianship.
  • Illiterate and visually impaired person are also eligible to open this savings fund.
  • A cheque book of 20 leaves is issued to account holders.
  • Customers can make unlimited deposits but customers can make up to four free withdrawals in a month including ATM withdrawal.
  • Free debit card is also issued to the customers.
  • The savings account does not have any annual maintenance charges.

Saving Deposit (General) Account

This is a regular savings account that can be opened by individuals, jointly, trusts, societies and Hindu Undivided Families (HUFs) etc.

The savings account is currently giving an interest rate of 3.50% on balance up to Rs. 50 lakhs and 4.00% if the balance exceeds Rs.50 lakh.

Many savings account has an initial deposit requirement that customers have to deposit to open the savings account. And the initial deposit requirement in this savings account is Rs.500. It also comes with average balance requirements that will vary according to the branch location. The minimum quarterly average balance for rural areas is Rs.1,000 while it is Rs.2,000 for metros.

Customers can also open the saving account online as well.

Bank customers get 20 free personalised multi city cheque leaf per half year, funds can be transferred free of cost within PNB accounts, free internet banking and you can transfer your savings account from one branch to another without changing your account number.

Premium PNB Saving Account

The premium saving account is for people who want extras from their saving account. This premium savings account comes with a minimum quarterly balance of Rs.50,000.

Loan takers also get a concession if they maintain the quarterly balance for two consecutive quarters. Customers get a concession on upfront fee and processing fee. The concession is applicable for a housing loan of up to Rs.50 lakhs and Car Loan up to Rs. 6 lakhs.

Customers also get a 50% discount on issue of draft up to Rs. 1 lakh per quarter and 50% discount on locker rent for the first year.

PNB savings account holders get a premium debit card along with two add on cards and 60 free cheque leaves in a year.

Family Protection Account

The family protection account gives the benefits of a savings account along with insurance benefit. While opening this account, customers are required to submit a prescribed application form for insurance product along with the account opening form of the savings account.  

The minimum and maximum age for opting for this product are 25 years and 60 years. The maximum maturity age is 75. In this plan, there is the option to get the premium returned. It comes with a term option of 10 years and 15 years. Customers can opt for a monthly and annual payment of the premium.  

PNB Rakshak Plus Scheme

This type of savings account is meant for defence personnel. All defence personnel, i.e. individuals belonging to the three wings of defence, can open a salary account. BSF, CRPF, CISF, ITBP, State Police Force, Metro Police, Research and Analysis Wing (RAW), Intelligence Bureau (IB), Central Bureau of Investigation (CBI) Indian Coast Guard Personnel & Para-Military personnel can open this savings account.

The needs of defence personnel are very different from a regular individual. PNB Rakshak Plus Scheme keeps that in mind.  

Here are some of the features of PNB Rakshak Plus Scheme:

  • It provides personal accidental (Death) cover of Rs.30.00 lakh.
  • Air Accident (Death) Insurance cover of Rs.100.00 lakh is offered.
  • Insurance cover of 30.00 lakh towards personal Accident (Permanent Total Disability) is applicable.
  • Account-holders can opt for the overdraft facility up to last 3 months of Net Salary/ Pension amounting from Rs.75,000 to Rs.3 lakh.
  • Concessional interest rate and service charges are applicable while taking a housing loan, car loan, education loan and personal loan.
  • Financial assistance of Rs. 1 lakh per year for four years or the actual expenditure whichever is less, is available for the education of one child in case of accidental death.

These are five popular types of savings account offered by PNB.

Savings Account