10 Mins

Introduction

Punjab National Bank offers different types of savings accounts for different types of investor needs. All the PNB Savings Accounts offer an interest of 3%. PNB offers net banking and also mobile banking facilities. It also allows investors to choose their account numbers and offers personalized cheque books. The article covers PNB savings account, its features, benefits, interest rates and types in detail.

PNB Savings Account – Features and Benefits

PNB Savings Account Features

  • Minimum account balance: The minimum amount of balance for PNB savings account differs from the account types. Following are the minimum account balance requirements for different PNB savings accounts.
  • Maximum account balance: Also, there is no limit on the maximum amount of balance in PNB savings accounts.
  • ATM facility: The bank has a widespread ATM facility for all its customers to withdraw money as and when they require.
  • Nomination facility: The bank allows its customers to nominate a beneficiary for their accounts.
 Types of Punjab National Bank Savings AccountMinimum Balance
Savings Deposit – General AccountINR 500 to INR 1000
Premium Savings AccountINR 50,000 (minimum Quarterly Average Balance -QAB)
Junior SF AccountINR 0 QAB
Prudent SweepINR 5,000 to INR 10,000
Total Freedom Salary AccountZero
Vidyarthi SF AccountINR 0 QAB
Basic Savings Bank Deposit AccountZero

PNB Savings Account Benefits

  • A safe form of investment: Saving in a PNB savings account is considered safe as it is not subject to volatility.
  • Internet banking facility: PNB offers internet banking facilities to all its customers. Furthermore, through internet banking, one can transfer money, pay bills, make a balance enquiry, and shop at the comfort of their home. They can also invest in term deposit schemes like recurring deposits and PNB FD schemes.
  • Mobile banking facility: PNB offers mobile banking and also SMS banking facilities to all its customers. Furthermore, this will help them to operate their bank account from anywhere by just using their mobile phone. Moreover, they can transfer, transact, make a balance enquiry, and shop online using their mobile phones. They can also invest in term deposit schemes like recurring deposits and PNB FD schemes. 
  • Bill payments: PNB allows its customers to schedule their bills such as the following: electricity bills, water bill, mobile bill etc. They can also invest in SIPs through this. By doing so, one will not miss a bill payment or an instalment of an investment.
  • Choice of account number and personalized cheque books: PNB offers its customers to choose their account number. It also offers personalized cheque books to the account holders.
  • Deposit lockers: Punjab National Banks savings account comes with a safe locker facility. Also, the account holders can store important items like documents and jewellery in their bank lockers.

PNB Savings Account Interest Rates

Following are the PNB Bank savings account interest rates.

 Types of Punjab National Bank Savings AccountPNB Interest Rate on Savings account
Saving Deposit (General) Account3%
Premium Saving Account Product3%
PNB Prudent Sweep for Individuals3%
PNB SF Prudent Sweep for the Accounts of Institutions3%
Total Freedom Saving Fund Salary Account3%
High-End Salary Account3%
Family Protection Account3%
PNB Junior SF Account3%
PNB Vidyarthi SF Account3%
Basic Saving Bank Deposit Account (BSBDA)3%
PNB Rakshak Scheme3%
PNB Shikshak Sweep Scheme3%
Scheme For Providing Overdraft Facility To Pensioners3%
PNB Power Savings3%
Note: Interest rate on savings account of PNB are subject to change

Interest on a PNB savings account is guaranteed. Also, the interest is paid to the account holder every quarter as per Reserve Bank of India regulations. Furthermore, interest on PNB savings accounts is taxable under the head ‘Income from Other Sources’. The account holders have to show their interest income while filing their income tax returns.

However, all individuals and HUFs are eligible to claim a tax deduction under Section 80TTA of the Income Tax Act, 1961. Furthermore, the tax deduction under Section 80TTA is up to INR 10,000 per annum on the interest income from a savings bank account. Also, the interest income from savings accounts in a cooperative society and post office is eligible for deduction under Section 80TTA. Furthermore, one can use an Income Tax Calculator to estimate their tax liability.

How to open a PNB Savings Account?

One can open PNB savings account by either visiting the nearest bank branch or online. Opening the PNB savings account online is simple, and the following are the steps:

  • Visit the PNB website.
  • Under the main menu, select the ‘Products’ and go to the ‘Deposit’ menu and select the ‘Savings Accounts’ section to proceed.
  • Read and understand about all product features, benefits, terms and conditions of all the different savings accounts. Also, upon shortlisting the account to invest, create a login and start investing.
  • Enter the details such as Full Name, Email ID, Mobile Number, and City details to proceed.
  • Fill all the required details in the online application form and also upload Know Your Customer (KYC) documents.
  • Upon submission of the application form, a Temporary Customer Reference Number (TCRN) is generated.
  • Upon approval of the application, the account gets activated in 3-5 working days.
However, before opening the PNB Savings account, an individual should meet the following eligibility criteria:
  • Indian Citizen. 
  • Should be 18 years and above.
  • In case of a minor, the account can be jointly held with a parent or guardian.
Documents Required

Following are the documents required to open PNB savings account:

  • For Identity proof one can submit the following: Voter ID, Driving License, Aadhar Card, PAN Card, Senior Citizen Card, and any Government ID card.
  • For Residence proof one can submit the following: Aadhar Card, Utility bills, Passport, Bank statement with cheque, and the certificate is given by Post Office.
  • PAN Card or Form 16 with reasons for not providing a PAN Card
  • Two recent passport size photographs of the applicant

Types of Savings Bank Accounts

Following are the types of PNB savings accounts:

  • PNB Unnati Saving Fund Account
  • PNB Saving Account Product for Premium Customers
  • SF Prudent Sweep Deposit Scheme for Individuals
  • PNB SF Prudent Sweep For The Accounts Of Institutions
  • PNB Junior SF Account
  • Basic Saving Bank Deposit Account (BSBDA) or Zero Balance Account
  • PNB Rakshak Scheme
  • Scheme For Providing Overdraft Facility To Pensioners
  • PNB Power Savings
  • Samman Saving Accounts
  • PNB My Salary Account
  • Premium Saving Account PNB Best Customer
  • PNB Pratham Saving Account

Types of Savings Bank Accounts: In Detail

PNB Unnati Saving Fund Account

  • Following are the Minimum Quarterly Average Balance
    • Rural: INR 500
    • Semi-Urban: INR 1,000
    • Urban: INR 2,000
    • Metropolitan: INR 2,000
  • Nomination Facility: Available
  • Cheque Book: 25 free personalized multi city cheque leaves per year.
  • Free transfer of funds within Punjab National Bank accounts
  • Free internet banking and also hassle-free account transferring from one branch to the other
  • Deposits are insured by DICGC up to INR 5,00,000 per customer.
  • ATM Cum Debit card
  • Quick remittance of funds through NEFT/RTGS
  • Deposit Lockers: Available

PNB Saving Account Product for Premium Customers

  • Minimum Quarterly Average Balance (QAB): INR 50,000
  • Following are the Initial Deposit Amounts:
    • Rural: INR 500
    • Semi-Urban: INR 1,000
    • Urban: INR 2,000
    • Metropolitan: INR 2,000
  • No Charges for non-maintenance of QAB.
  • Free cash withdrawals at all branches
  • Cash Deposit Charges: Free at home branch. Also, for non-home branch and outstation, 50% discount on the applicable charges.
  • Free RTGS and also NEFT
  • Debit Card: Available
  • Cheque Book: Available, 20 free cheques leaves per year.

PNB SF Prudent Sweep Deposit Scheme for Individuals

  • Minimum Quarterly Average Balance (QAB): INR 20,000
  • Non Maintenance charges of (QAB): INR 400 per quarter
  • Sweep in and also Sweep Out facility: Available, cut off level is INR 50,000
  • Internet Banking facility, ATM Card and also Cheque book facility is available

SF Prudent Sweep For The Accounts Of Institutions

  • Minimum Quarterly Average Balance (QAB): INR 1,00,000
  • Sweep in and also Sweep Out facility: Available, cut off level is INR 5,00,000
  • Free RTGS and also NEFT
  • Internet Banking facility and also Cheque book facility is available
  • Free Outstation cheque collection: Up to INR 25,000 per month

PNB Junior SF Account

  • The Junior Savings Fund account is an attractive scheme for a minor.
  • Initial Deposit And Minimum Balance: Zero
  • Non Maintenance charges of (QAB): Nil
  • Cheque Book: Available, 50 free cheque leave per year
  • NEFT Charges: Free up to INR 10,000 per day
  • Demand Draft: Free for college or school fee
  • Debit Card: Available
  • Mobile and Internet Facility: View only facility
  • Overdraft Facility: Not available

Basic Saving Bank Deposit Account (BSBDA)

  • Initial Deposit And Minimum Balance: Zero
  • Nomination Facility: Available
  • Cheque Book: Available, ten fee cheque leaves per year.
  • Debit Card: Available
  • Free Deposits at a bank branch and also ATMs and CDMs

PNB Rakshak Scheme

  • This savings scheme is for all defence personnel. Also, the bank offers zero balance saving account to family members
  • Personal Accidental Cover (Death): INR 30 lakh.
  • Air Accident Insurance cover (Death): INR 100 lakh.
  • Personal Accident cover (Permanent Total Disability): INR 30 lakh.
  • Following are the Sweep Facility limits:
    • Threshold amount: INR 10,000
    • Minimum Sweep In/Out: INR1,000
  • Overdraft Facility: Available, up to last three months Net Salary or Pension amounting from INR 75,000 to INR 3,00,000.
  • Loans: Available at concession rates
  • Locker: Available at concession rates. Also, 25% of AMC charges are waived off for three years.

Scheme For Providing Overdraft Facility To Pensioners

  • Pensioners who draw their pension from the bank branches are eligible for this.
  • ESI pensioners and also pensioners who have taken a loan against pension are not eligible for overdraft under this scheme.
  • Overdraft Limit: One-month net pension
  • Repayment: The overdraft is regularized from the pension that is payable for the next month.

PNB Power Savings

  • The scheme is an exclusive scheme for women.
  • Following is the Minimum Quarterly Average Balance (QAB)
    • Rural: INR 500
    • Others: INR 1,000
  • Non Maintenance charges of (QAB): Applicable charges
  • Cheque book: Available, 50 free cheques leaves per year.
  • NEFT Charges: Free
  • Demat Account: Concession at 25%.
  • Platinum Debit Card: Available
  • Sweep Facility: Available, however subject to certain terms and conditions
  • SMS Alert: Available

Samman Saving Accounts

Minimum Quarterly Average Balance (QAB): Zero

Initial Deposit and also Non Maintenance charges of (QAB) is zero

Joint account: Available

Nomination facility and also overdraft facility is available

Cheque book: Available, 50 cheques leaves free per year.

NEFT Charges: Free

SMS Alerts: Available

PNB My Salary Account

  • Following are the Types of Accounts:
    • Silver: INR10,000 & above up to INR25,000 per month
    • Gold: INR 25,001 & above up to INR75,000 per month
    • Premium: INR75,001 & above up to INR 1,50,000 per month
    • Platinum: INR1,50,001 and above per month
  • Minimum Quarterly Average Balance (QAB) and also the Initial Deposit amount is zero
  • Nomination Facility: Available
  • Overdraft Facility and also Sweep Facility is available
  • Personal Accident Cover: Available
  • Locker: Available
  • Cheque Book: Available
  • Internet Banking and also SMS Alerts: Available

Premium Saving Account PNB Best Customer

  • Minimum Quarterly Average Balance (QAB): INR 1,00,000 for a minimum duration of 1 year
  • Nomination Facility: Available
  • Debit Card: Personalized available
  • Cheque Book: Available
  • SMS Alert: Available
  • Locker: Available, at 25% concession on Annual Charges

PNB Pratham Saving Account

  • Minimum Quarterly Average Balance (QAB): INR 1,00,000 per quarter
  • Nomination Facility: Available
  • Cheque book and also passbooks are available
  • RTGS, NEFT and also IMPS is available at applicable charges
  • Locker: Available, at 25% concession on Annual Charges

Frequently Asked Questions

What is the minimum balance in the PNB savings account?

The minimum account balance for PNB savings accounts varies from one type to another. However, all account’s minimum balance requirement is in the range of INR 0 to INR 50,000.

Does PNB offer the facility of internet banking on a savings account?

Yes, PNB offers net banking facilities to their savings account holders. Also, these are as per Reserve Bank of India regulations.

At what frequency will the interest be paid to me?

The interest on savings accounts with PNB is paid every quarter to the account holders.

What are the balance non – maintenance Charges on PNB Savings Account?

PNB charges its customers an amount of INR 25 to INR 250 for non-maintenance of quarterly average balance. Also, the charges will depend on the branch’s location, which is rural, semi-urban, urban, and metropolitan.

What are the PNB ATM Transaction charges on Savings Account?

PNB allows its customers to withdraw money from ATMs for free of cost for five transactions. For all further transactions, the bank will charge INR 20 per transaction.

Does PNB offer a Debit Card to the account holder?

Yes, PNB offers debit cards to its account holders at free of cost. It also charges an annual fee of INR 100 post the first year until the card expires.

Can minors operate a savings account singly?

All minors above the age of 10, can open and operate their PNB Junior SF account independently.