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.
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%|
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.
|Type of Savings Account||Rural||Semi- Urban||Urban||Metropolitan|
|Basic Savings Account||Nil||Nil||Nil||Nil|
|Premium Saving Account Product||Rs.50000 & above||Rs.50000 & above||Rs.50000 & above||Rs.50000 & above|
|PNB Rakshak Scheme||Nil||Nil||Nil||Nil|
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.
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’.
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.
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.
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.
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.
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.
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.
These are five popular types of savings account offered by PNB.