PNB Savings Account

Punjab National Bank Savings account interest rates start at 2.80% p.a. and can reach 2.70% p.a. This account can be opened by residents, Hindu Undivided Families (HUFs), groups, societies, and so on. The minimum deposit amount starts at Rs. 500, and some accounts also require you to keep an average quarterly balance.

The Punjab National Bank Savings account also provides interesting features, benefits and a lot more to secure finances.

Interest Rates of PNB Savings Account 2024

Following is the PNB Saving Account interest rate-

Account Balances

Interest Rate

Below Rs. 10 lakhs

2.70%

Above Rs. 10 lakhs

2.90%

Characteristics of the PNB Savings Account

  • Rural deposits start at Rs. 500/- (minimum), semi-urban/urban deposits start at Rs. 1000/-, and metro deposits start at Rs. 2000/-.
  • PNB Savings Account Interest Rates go up to 4% on your savings, payable on a daily basis.
  • Maintenance of Quarterly Average Balance (QAB) of Rs.50,000 and above.
  • Get 40 free cheque leaves every year. On QAB of Rs.50000/- and above, 20 additional cheque leaves (5 leaves per quarter) would be granted.
  • Demat account, Nomination, NEFT/ RTGS, and SMS alert are all optional options.
  • Get a Platinum Debit Card with a QAB of Rs.50000 or above and accidental insurance of Rs.2 lakhs.
  • Charges for issuing Demand Drafts up to Rs.1.50 lac each quarter are reduced by 50%.
  • Only the first year gets a 50% discount on a small locker fee.
  • Get free online banking, mobile banking, ATM Debit Card issuance, and RTGS/NEFT costs.

How to Open a PNB Saving Account Online?

One can open a savings account with Punjab National Bank by visiting the local bank branch or online. PNB online open saving account procedure includes the listed steps-

Step 1: Go to the PNB website.

Step 2: To proceed, go to the 'Products menu, then to the 'Deposit' menu, then to the 'Savings Accounts section.

Step 3: Read and comprehend all of the different savings accounts' product features, perks, and terms and restrictions. Additionally, after selecting an account to invest in, create a login and begin investing.

Step 4: To proceed, enter your Full Name, Email Address, Mobile Number, and City.

Step 5: Fill out the online application form with all of your information and upload your Know Your Customer (KYC) documents.

Step 6: A Temporary Customer Reference Number (TCRN) is generated upon submission of the application form.

Step 7: After the application is approved, the account is activated within 3-5 working days.

Thus, one can open PNB online savings account by following these above-mentioned steps.

Offline Method to Open a Savings Account in Punjab National Bank

If you want to open any savings accounts offline from Punjab National Bank, you can do so by visiting the local PNB branch. This is the other method apart from the Punjab National Bank online savings account.

Documents Required

While applying for a new savings account with PNB, customers must submit the following documents-

  • Identity proof: Passport, driver's license, voter ID card, etc.
  • Proof of address: Passport, driver's license, voter identification card, etc.
  • PAN card.
  • Form 16 (only if PAN card is not available.)
  • Two recent passport-size pictures.

Who Can Open a Savings Account in PNB?

Customers must meet certain requirements in order to create a savings account with Punjab National Bank.

  • Should be an Indian citizen.
  • To be eligible, the applicant must be at least 18 years old. In the event of minors, the minor's parents or legal guardians can open the account on their behalf.
  • Once the bank has confirmed the application, the applicant must make an initial deposit based on the minimum balance requirement of a savings account he or she has chosen.
  • The applicant must provide government-approved proof of identification and address.

Types of Savings Accounts in Punjab National Bank

Following are the various types of Savings Accounts that can be opened at PNB-

- PNB Unnati Saving Fund Account/ PNB Saving Deposit General Account

This form of savings account can be opened by resident persons, either alone or in groups, as well as Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies, and so on. Institutions may also open this account if specifically authorized by the RBI.

- Prudent Sweep from PNB

PNB Prudent Sweep accounts can be formed in accordance with RBI guidelines for creating Savings Fund Accounts for individuals/institutions. Sweep In and Sweep Out are performed (in savings accounts) if the account balance exceeds Rs. 50,000 (with a minimum sweep-out/sweep-in of Rs. 5,000).

- PNB Rakshak Plus Plan

Defense personnel can open the account. Personal Accident (Death) Insurance and Air Accident (Death) Insurance will be supplied under the account. If any transactions are completed, a free SMS notification will be delivered.

- Premium Savings Account

Individuals (individually or jointly), Societies, Clubs, Associations, Hindu Undivided Families (HUFs), Trusts, and other entities are eligible to open this account. Each of these entities must meet the Reserve Bank of India's eligibility standards (domestic depositors) in terms of the 'Know Your Customer (KYC) Guidelines.' Cash withdrawal fees at all branches and cash deposit fees at the base branch are waived for this type of account.

Savings Bank Deposit Account Basic (BSBDA)

BSBDA can be opened by an individual in his or her own name or jointly by minors aged 10 and up (under guardianship). This account is also accessible to the illiterate and visually challenged.

Junior SF Account at PNB

PNB provides an appealing savings fund to youngsters with this account. Minors over the age of ten can open and manage this account through their natural or legally designated guardian.

Charges Associated with the PNB Savings Account

Type of Fee

Amount (Rs.)

Charges for Not Maintaining the Minimum Balance

Rs. 400 for Rural and Rs. 600 for Urban Account holders.

Cheque Transfer Charges

Rs. 150 - Rs. 500

Benefits of Opening Savings Account in PNB

A savings account with Punjab National Bank has several advantages. An overview is provided below.

  • With the help of Core Banking Solutions, you may easily access your account via Net Banking, Mobile Banking, and SMS Banking.
  • A substantial number of branches have safe deposit boxes.
  • Women, seniors, children, and army servicemen have special accounts that provide additional benefits.
  • Retail banking solutions that are highly adaptable to meet the demands of each individual.
  • Remittance time for NEFT/RTGS transactions is reduced.
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