Punjab National Bank (PNB) is the second biggest commercial and state-owned bank in India with approximately 5,000 branches across 764 cities all over India. It was founded in 1894 and now serving almost 37 million customers worldwide.
PNB was ranked as the 248th largest bank in the world by the Bankers Almanac, London. In 2007, it has a total asset of US$ 60 billion.
Types of Savings Account at Punjab National Bank
Here is the list of PNB savings account that you can apply for depending on your needs:
1. PNB Prudent Sweep
All individuals and institutions can open this type of account. It has an initial deposit requirement of Rs. 500. The minimum quarterly average balance requirement is Rs. 5,000 for rural and semi-urban areas and Rs. 10,000 for urban and metropolitan areas. The incidental charges for not maintaining the required balance is Rs. 150.
2. Total Freedom Salary Account
The goal of this account is to offer corporate employees an attractive savings account. The nice thing about this type is it has no initial deposit and maintaining balance. It is a good way for all employees to have their own savings account apart from their payroll account.
3. PNB Vidyarthi SF Account
Vidyarthi SF account is intended for all students of recognized educational institutions in India. The account will remain until the account holder becomes 21 years old.
4. PNB Mitra SF Account
Mitra SF account was started to give the poorest of the society an opportunity to have their own savings account. This is a no frills savings account with zero initial deposit and maintaining balance. No check will be issued through this type of account.
5. PNB Rakshak Scheme
This type of account is a zero balance account that offers free transfer of funds, Internet banking, online trading and a lot more.
6. PNB Shikshak Sweep Scheme and Overdraft Scheme
Shikshak Sweep scheme was launched to offer a savings scheme to all permanent teachers of recognized educational institutions with zero initial deposit and maintaining balance.
7. Scheme for Providing Overdraft Facility to Pensioners
This kind of account is intended for all pensioners who like to have an account from PNB India.
Requirements for Opening a PNB Savings Account
Before you can get your own PNB account, you should apply first an account by going to the bank personally or through online application. However, you must gather foremost the necessary requirements and documents since all banks are looking for that.
You won’t be able to open account unless you submit these requirements. It is a mandatory every time you open a bank account in India and a part of the “KYC” or Know Your Customer of most of the Indian banks.
If you are looking for the complete list of requirements for applying a savings account in India, I made an article that details all of the requirements. You can visit the article here: Requirements for Opening a Bank Account in India
Tips on How to Open a PNB Savings Account
Basically, opening a PNB savings account is not difficult as long as you have the complete requirements for the application. You can get all requirements when you click the link above. Once you know the needed requirements, you should gather it first then visit any PNB branch near your place to start applying for an account.
When you arrived at the bank, you must fill up some application forms which you can download here and other required papers for opening an account. Make sure to furnish all blank information and write carefully not to make errors in writing.
You should wait for the completion of your application after submitting the application forms and required documents and IDs. It will be a good thing to wait for the result before leaving the bank.
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