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​Punjab National Bank (PNB) Savings Accounts: Ai image 02

​Punjab National Bank (PNB), one of India's oldest and largest public sector banks, offers a diverse range of Savings Bank (SB) accounts designed to cater to the financial needs of individuals, institutions, and specific customer segments. A PNB savings account is not just a place to park funds; it is a gateway to a host of modern banking services, security, and wealth accumulation through interest earnings.

​I. The Core Product: PNB Savings Deposit (General) Account

​The PNB Savings Deposit (General) Account forms the foundation of the bank's retail banking offerings. It is the most common and standard savings product.

​A. Eligibility and Account Holders:

The account can typically be opened by:

• ​Resident Individuals (singly or jointly).
• ​Hindu Undivided Families (HUFs).
• ​Associations, Clubs, Societies, and Trusts.
• ​Institutions specially permitted by the Reserve Bank of India (RBI).
• ​Minors, often operated by a natural or legal guardian, or independently by minors aged 10 years and above (with specific transaction limits).

​B. Minimum Balance Requirements (Quarterly Average Balance - QAB):

The requirement for maintaining a Minimum Average Balance (MAB) or Quarterly Average Balance (QAB) varies depending on the branch's location (tier of the city):

• ​Rural Branches: Typically ₹500/-
• ​Semi-Urban Branches: Typically ₹1,000/-
• ​Urban/Metropolitan Branches: Typically ₹2,000/- Failure to maintain the prescribed QAB may attract non-maintenance charges, although these charges are subject to change and are often waived for specific schemes or segments (like Basic Savings Bank Deposit Accounts).

​C. Interest Rate:

Interest on the savings account balance is calculated daily and credited semi-annually. The interest rate is regulated by the RBI and varies based on the total account balance:

• ​Balances Below a certain threshold (e.g., ₹10 Lakhs): A standard rate (e.g., 2.70% p.a.).
• ​Balances Above a higher threshold (e.g., ₹10 Lakhs or ₹100 Crores): Marginally higher rates may be offered to incentivise larger deposits.

​D. Key Features and Services:

• ​Debit Card: Issuance of an ATM-cum-Debit Card, often a Rupay or Visa/MasterCard variant, with daily withdrawal and Point of Sale (POS)/e-commerce limits.
• ​Cheque Book: Free personalized multi-city cheque leaves are provided annually (e.g., 25 leaves per year).
• ​Digital Banking: Free access to Internet Banking (Net Banking) and Mobile Banking (PNB ONE app) for secure and convenient transactions.
• ​Remittance Services: Availability of fast fund transfer services like NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service). Online NEFT/RTGS is often offered free of charge.
• ​Passbook/Statements: A physical passbook is issued for recording transactions, and e-statements are generally available free of cost.
• ​Nomination Facility: Available for eligible persons as per rules, ensuring the smooth transfer of funds to a nominee upon the account holder's demise.
• ​Deposit Insurance: Deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5.00 Lakhs per customer.

​II. Diverse Savings Account Variants

​PNB offers specialised savings products tailored for different demographics and financial goals, often with varied features and minimum balance requirements:

1. ​Basic Savings Bank Deposit Account (BSBDA):
   • ​Zero Balance Account: No minimum balance requirement.
   • ​Purpose: To promote financial inclusion, especially for low-income groups.
   • ​Features: Free ATM-cum-Debit Card, basic banking services, and a maximum of four free withdrawals per month. It is subject to certain limitations on aggregate credits and balance as per RBI guidelines.
2. ​PNB Unnati/General Saving Fund Account:
   • ​This is often the standard or general saving account for resident individuals, with the city-based QAB requirement.
3. ​PNB Power/Pearl/Women Power Saving Scheme:
   • ​Target: Women customers (typically 18 years and above).
   • ​Features: Often includes concessions on locker rent, higher Personal Accidental Insurance (PAI) cover, and exclusive debit card benefits. Some variants offer a zero-balance account for the family of the primary woman account holder.
4. ​PNB Growth, RISE, and Other Select Schemes:
   • ​Target: Youth, minors (PNB GROW/RISE for ages 10+ or 18-28).
   • ​Features: Zero MAB option, specialized debit cards with higher limits, concessions on Education Loan processing/documentation charges, and lifestyle benefits like loyalty reward points or free subscriptions.
5. ​PNB Secured Saving Scheme / PNB SF Prudent Sweep Deposit:
   • ​Feature: Auto-sweep facility, where the balance exceeding a certain threshold is automatically transferred to a fixed deposit (FD) for a short period to earn higher interest.
6. ​PNB Samman/Rakshak Saving Account:
   • ​Target: Serving and retired Defence/Police personnel.
   • ​Features: Zero MAB, substantial Personal Accident Insurance (PAI) and Air Accidental Insurance (AAI) cover, and various concessions on loans and charges.

​III. Operational and Documentation Requirements

​A. Account Opening Process:

PNB allows both online and offline account opening:

• ​Online (Instant Account): Through the bank's official website or PNB ONE app, using Aadhaar authentication and Video KYC (V-KYC) for instant account opening, subject to full KYC compliance within a stipulated period.
• ​Offline (Branch Visit): Visiting a PNB branch, filling out the Account Opening Form (AOF), and submitting the requisite documents.

​B. Essential Documents (KYC Norms):

As per Know Your Customer (KYC) norms, applicants must provide:

• ​Identity Proof: Passport, Voter ID Card, Aadhaar Card, PAN Card, or Driving License.
• ​Address Proof: Utility bills (electricity, telephone, gas) not older than two months, Passport, or Aadhaar Card.
• ​Photographs: Two recent passport-size photographs.

​C. Transaction Limits and Charges:

• ​Cash Transactions: Free cash deposits at the home branch. Limits on free cash withdrawals/deposits at non-home branches and limits on the number of free cash transactions per month/quarter apply, beyond which a nominal fee is charged.
• ​Debit Card Limits: Daily limits are set for ATM cash withdrawals and POS/e-commerce transactions, varying based on the type of debit card issued (e.g., Classic, Platinum).
• ​Debit Entries: Generally, a limit is placed on the number of non-electronic debit transactions allowed per half-year (e.g., 40 entries), with charges applicable for exceeding this limit. However, electronic transactions (ATM, SI, IBS debits) are usually excluded.

​IV. Advantages of a PNB Savings Account

​Choosing a PNB savings account comes with several distinct advantages:

• ​Trust and Stability: Being a major public sector bank, PNB offers the trust and security associated with a government-backed institution.
• ​Wide Branch Network: A vast network of branches and ATMs across the country ensures accessibility to banking services even in remote locations.
• ​Diverse Product Basket: The availability of specialized accounts (for women, youth, salary holders, etc.) means customers can select a product that best fits their unique requirements.
• ​Digital Excellence: Strong digital platforms (PNB ONE, Internet Banking) ensure banking services are available 24/7.
• ​Concessions and Freebies: Many schemes include free insurance cover, concessions on locker rent, and waivers on charges for online funds transfers.

​In conclusion, the Punjab National Bank savings account is a versatile and secure financial instrument. By offering a range of products from the basic Zero Balance BSBDA to premium variants with enhanced features, PNB ensures it remains a competitive and customer-centric choice for all segments of the Indian populace.

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