PNB Savings Accounts in 2024 – Interest Rates, Benefits and Charges

PNB Savings Accounts in 2024 - Interest Rates, Benefits and Charges
PNB Savings Accounts in 2024 – Interest Rates, Benefits and Charges

As one of the top public sector banks in India, Punjab National Bank (PNB) offers customers a wide range of savings account variants. From interest earnings, and zero balance accounts to special accounts for women and pensioners – there are tailored products for diverse needs.

This comprehensive guide details key features of PNB savings accounts in 2024. Learn about the latest interest rates, minimum balance rules, associated charges, and more to make an informed choice.

Types of PNB Savings Accounts in 2024

PNB provides feature-rich savings accounts for varying customer segments. Check popular picks:

Regular Savings Account

The regular savings account from PNB is apt for salaried individuals and families. It offers:

  • ATM-cum-Debit Card – For cash withdrawals and payments
  • Internet Banking – For online transactions
  • Mobile Banking – Via SMS and app-based facilities
  • Cheque Book – 25 leaves free per year

Basic Savings Account

The basic savings account requires:

  • No minimum balance
  • No initial deposit
  • Free ATM-cum-Debit card – For withdrawals and payments

It allows basic banking suitable for weaker sections like laborers.

Small Account

As per RBI norms, this basic account permits:

  • Deposits upto ₹1 lakh a year
  • Maximum balance of ₹50,000 at any point
  • Limited facilities – No chequebook, loans, or OD

Upon submitting officially valid KYC documents within 12 months of opening, small accounts get converted to regular savings accounts automatically.

PNB Salary Account

This zero balance account is apt for:

  • Salary account of employees
  • Pension account of retirees

Customers can avail of free unlimited transactions, mobile banking, etc.

PNB Savings Account Interest Rates

As per revised RBI guidelines w.e.f 01 Jan 2022, all banks including PNB must offer a uniform interest rate on savings accounts to all customers. This eliminates the differential rates for normal and bulk balances.

The latest PNB savings account interest rates across balance slabs are:

Savings Account BalanceInterest Rate
Up to ₹10 lakh2.70% per annum
₹10 lakh to ₹100 crore2.75% per annum
Above ₹100 crore3% per annum

These rates are irrespective of customer type – individuals, HUFs, senior citizens, etc. Interest calculation is done daily and credited quarterly.

Do note, that PNB reserves the right to revise interest rates from time to time in line with RBI monetary policies and bank policies.

PNB Savings Account Minimum Balance 2024

Though PNB offers specialized zero balance accounts, regular savings accounts require maintaining an Average Quarterly Balance (AQB). The minimum balance rules for PNB savings accounts are:

PNB Account TypeMetro & Urban BranchesSemi-Urban BranchesRural Branches
Regular Savings Account₹2000₹1000₹500
Small AccountNot applicable
Salary AccountNil
Basic Savings AccountNil

Failure to maintain the stipulated minimum AQB will attract quarterly penalty charges.

See also  PNB Bank Circle Offices & Branches

PNB Savings Account Charges and Fees

Though most basic facilities are free, regular savings account holders must pay certain service charges and fees like:

  • Chequebook charges – Beyond the free limit
  • Cash deposit and withdrawal charges – Beyond the free limit
  • Debit card annual/replacement fee
  • Account closure charges – Within 12 months
  • SMS alert charges

Key additional services like NEFT, RTGS, locker, DD, fund transfer, etc. also have specified fees.

Check the official PNB website for the latest rates of all charges and fees.

PNB Savings Account Transaction Limits

PNB savings accounts come with predefined free limits and charges for cash and digital transactions:

Transaction TypeFree Limit Per MonthCharges Beyond Free Limit
Cash Withdrawals5 withdrawals₹2 per ₹1000
Cash Deposits3 transactions₹50 per transaction
Debit Transactions50 transactions₹10 per transaction

There may be separate limits for 3rd party cash payments. Check with your PNB branch for account-specific transaction limits.

How To Open a PNB Savings Account?

Follow this simple procedure to open a PNB savings account:

Step 1: Visit the nearest PNB branch

Step 2: Select the desired account type

Step 3: Fill account opening form

  • Provide personal and KYC details
  • Affix passport-size photo
  • Signature across photo

Step 4: Attach KYC documents like:

  • Aadhaar
  • PAN Card
  • Address Proof

Additional documents may be needed for minors and trusts.

Step 5: Pay the initial deposit as per the minimum balance rules

Visually verify entered details before submission. PNB officials will process the application and open new savings account upon verification.

You will receive a welcome kit with account details, internet banking credentials etc. shortly.

How To Close a PNB Savings Account?

Follow the below process at the home branch:

Step 1: Request closure form

Step 2: Settle pending deposits and charges

Step 3: Withdraw the account balance completely

Step 4: Submit closure request with:

  • Account closure form
  • Copy of KYC documents
  • ATM/Debit cards
  • Passbook
  • Unused cheque leaves

Officials will process the request and close your PNB savings account permanently post verification. Collect closure acknowledgment letters before leaving the branch.

Top Benefits Of PNB Savings Account

Opting for the right savings account variant allows enjoying key benefits like:

✔️ Higher interest rates up to 3%

✔️ Zero balance accounts

✔️ Unlimited free transactions

✔️ Free platinum debit card

✔️ Free SMS alerts

✔️ Internet and mobile banking

✔️ Doorstep banking

✔️ Free lockers

✔️ Cash pickup and delivery

So analyze your needs, average monthly balance, and preferred location to open a suitable PNB savings account.

We hope this detailed guide about the latest PNB savings account interest rates, minimum balance rules, zero balance variants, charges, and opening procedure assists you in making an informed decision.

Opt for specialized salary or pension accounts if eligible. Senior citizens can inquire about higher savings interests. Evaluate account-specific transaction limits before selecting your preferred PNB savings account in 2024.

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