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PNB Bank Savings Account

Punjab National Bank is a state-owned bank based in New Delhi. One of the oldest banks in India, PNB was founded in 1894. It was registered by the Indian Companies Act and was operational in Lahore before Independence. Now the bank has nearly 7000 branches all over the country.

PNB Savings Account Interest Rate

PNB offers the following interest rates for its Savings Account:

  • 3.5% p.a. for savings deposit balance up to Rs 50 lakhs
  • 4% p.a. for savings deposit balance above Rs 50 lakhs

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Types of PNB Savings Account

Savings Deposit - General Account: Resident individuals can open this type of account singly or jointly. Associations, Trusts, Clubs, Societies, Hindu Undivided Families (HUFs), etc. can open this account if specially permitted by RBI.

PNB Premium Savings Account: Individuals can open this type of account either singly or jointly. Even Associations, Trusts, Clubs, Societies, Hindu Undivided Families (HUFs), etc. can also open this type of account if they fulfill the eligibility criteria set by the Reserve Bank of India as well as the bank's ‘Know Your Customer (KYC) Guidelines’. The bank offers facilities for cash withdrawal at all branches and cash deposit at the base branch for free.

Family Suraksha Bachat Khata: TROP or Term Assurance with Return of Premium plan is bundled with savings account for this type of accounts. In case of the demise of the person whose life was insured, the monthly income benefit goes to the nominees to help them manage the family’s expenses. This product is a mixture of savings fund and insurance plan. It is available to any individual between the age of 25-60 years.

PNB Prudent Sweep: This type of account can be opened as per RBI's directives. Sweep In and Out of funds in the savings account takes place in terms of Rs.10,000 whenever the account has a balance over Rs. 40,000. Staff members of PNB can open accounts under this Scheme.

PNB Junior SF Account: PNB offers attractive savings fund to minors through this type of account. Children above the age of 10 years can open this account. They can operate it through their natural or legally appointed guardians.

PNB Vidyarthi SF Account: These accounts are specially designed for students. The students should be under 21 years of age and must be enrolled at a recognized educational institution to avail this facility.

Basic Savings Bank Deposit Account: These accounts can be opened by resident Indians, individually or jointly. Kids above 10 years of age can also open this account under guardianship. Even illiterate and visually impaired individuals can open this account.

Total Freedom Salary Account: This account is for corporate employees to have their salary credited to it. They can enjoy an overdraft facility of the last salary credited, up to Rs. 50,000   (whichever is lower).

High-End Salary Account: This type of account is meant for permanent employees of an organization who draw a minimum salary of Rs. 1 lakh per month. The salary gets credited to this account. Customers can enjoy overdraft and other facilities.

PNB SF Prudent Sweep Accounts For Institutions: This type of account is primarily for institutions but can be opened by individuals in consensus with the Reserve Bank of India. Any registered institution can open a PNB SF Prudent Sweep Savings account. Even the staff members of PNB are eligible to open this account. A minimum annual balance of Rs.40,000 should be kept in this account. The quarterly balance must be Rs.10,000 for institutes from urban areas and Rs.5,000 for institutes from rural areas. Once the account balance exceeds Rs. 10 lakhs, the sweep in and sweep out feature gets activated, which takes place in multiples of Rs.1 lakh. The tenor of this sweep savings ranges from seven days to a year - depending upon the discretion of the customer. Two remittances of maximum Rs.25,000 are allowed per month. 100 cheque leaves are issued for free in every financial year. This account offers the added benefits of online banking for transferring and receiving funds, etc.

PNB Rakshak Scheme: PNB initiated this scheme for the Indian army, Indian navy, Airforce, BSF, CISF, ITBP, CRPF, coastguards, the state and metro police, etc. This scheme enables the mentioned groups of people to enjoy the benefits of various banking facilities such as drawing overdrafts, making debits despite insufficient funds, sweep in/out functions, etc. It is a zero balance account, with a lifetime unique number. The sweep in/out facility (in multiples of Rs 1000) is applicable once the account balance reaches Rs.10,000, the tenure being 7 days to 179 days. Each member gets an overdraft facility of up to 2 months of their net salary. Additionally, members receive a 5% concession on home loans up to a maximum of Rs.50 lakh. A free International debit card along with an accidental death insurance cover is provided to the members. Apart from these facilities, members get other regular banking services like net banking, phone banking, locker rental discounts, etc.

PNB Rakshak Scheme Accidental Insurance: PNB Shikshak Sweep Scheme: This was initiated by PNB to aid all the permanent teachers from schools, colleges and educational institutions in India. This scheme brings along many concessions and benefits for teachers along with the zero balance facility and the sweep in and sweep out features of savings accounts. All permanent teachers working in educational institutions in India are eligible to avail this scheme which offers a zero balance facility. The sweep in and sweep out, in multiples of Rs.1000, gets activated once the account balance reaches Rs.15,000. The tenure of the sweep FD is between 7 days to 179 days. Apart from this, members get 10% concession on Home and Auto loans up to Rs.50 lakh. Every member gets a free Platinum ATM debit card, a chequebook and net banking facilities which don't have an annual maintenance charge. The members get 50% concession on locker charges for the initial year of opening the account.

Demat maintenance charges are also waived for these accounts. Teachers get the benefit of overdraft of the lowest amount among a month’s salary or Rs.50,000.

PNB Power Savings: This was launched by the PNB as a medium for empowering the women of India. Any female Indian resident is eligible for this account. The auto-sweep facility in this account is optional - the customer can choose whether or not they would avail it. Women from rural areas must maintain a minimum quarterly balance of Rs.500 whereas the threshold is Rs.1000 for urban areas. Failing to maintain this minimum balance draws a penalty charge. Each account is given 40 cheque leaves for free every year. There is a concession of 25% of the locker rental charges during the first year. The loan processing fees are waived and a platinum debit card is given to the customers with a withdrawal limit of Rs.50000 per day. This account also provides an accidental death insurance cover.

PNB Pension Savings Account: Individuals who have regularly contributed a pension amount can avail a monthly pension after their retirement upon attaining 60 years of age, from this scheme by PNB. Since this is a zero balance account, there isn't any minimum deposit or minimum balance to be maintained in the account. Every customer is eligible for an overdraft facility of drawing the lower amount between Rs.1 lakh or four months of one’s monthly pension. Customers get 20 free cheques leaves in a year. All these customers are eligible for all banking facilities such as online banking, fund transfer, mobile banking, etc.

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PNB Savings Account Minimum Balance

Type of Savings Account

Minimum Balance

Savings Deposit - General Account

Rs. 500 - for rural areas

Rs. 1000 - for semi-urban areas

Rs. 1000 - for urban areas

Rs. 1000 - for metropolitan cities

Premium Savings Account

Rs. 50,000 and above (minimum Quarterly Average Balance -QAB)

Junior SF Account

Zero minimum QAB

Prudent Sweep

Rs. 5000 - for rural and semi-urban areas

Rs. 10,000 - for urban areas and metros

Total Freedom Salary Account

Zero

Vidyarthi SF Account

Zero minimum QAB

Basic Savings Bank Deposit Account

Zero

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