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PNB Savings Account Interest Rates

PNB Savings Account Interest 2020-21

Last Updated 05th Aug 2020

6th August 2020 – RBI keeps Repo Rate unchanged at 4%

Saving Account Interest Rate
Saving Deposit (General) Account 3.00% - 3.25%
Premium Saving Account Product 3.00% - 3.25%
PNB Prudent Sweep for Individuals 3.00% - 3.25%
PNB SF Prudent Sweep for the Accounts of Institutions 3.00% - 3.25%
Total Freedom Saving Fund Salary Account 3.00% - 3.25%
High End Salary Account 3.00% - 3.25%
Family Protection Account 3.00% - 3.25%
PNB Junior SF Account 3.00% - 3.25%
PNB Vidyarthi SF Account 3.00% - 3.25%
Basic Saving Bank Deposit Account (BSBDA) 3.00% - 3.25%
PNB Rakshak Scheme 3.00% - 3.25%
PNB Shikshak Sweep Scheme 3.00% - 3.25%
Scheme For Providing Overdraft Facility To Pensioners 3.00% - 3.25%
PNB Power Savings 3.00% - 3.25%

PNB Bank Savings Accounts Interest Rate

PNB offers an interest rate ranging between 0.00% to 3.25% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With PNB Savings Account youth and minors can get additional benefits on their Savings Account.

Features

PNB Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on PNB Savings Account varies as per the Savings Account product. Some of the key features and benefits of PNB savings account are:

  • It offers interest rates from 0.00% to 3.25% p.a. You can easily access PNB Savings Account anywhere through a large network of branches and ATMs.
  • If you want to transfer funds from PNB Savings account to any other bank account, you can do it through modes such as RTGS, IMPS, NEFT and UPI facilities.
  • To maintain PNB Savings account, you require a minimum balance of Rs. 500 to 1,000.
  • PNB personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with PNB Savings Account.
  • With Auto Sweep Facility of PNB, your account can be linked to Multi Option Deposit MOD account.

PNB Savings Account Rates

Saving Account Interest Rate Minimum Balance
Saving Deposit (General) Account 3.00% - 3.25% Rs. 500 to 1,000
Premium Saving Account Product 3.00% - 3.25% QAB Of Rs. 50,000
PNB Prudent Sweep for Individuals 3.00% - 3.25% QAB Of Rs. 5,000 for Rural or Semi Urban and Rs. 10,000 for Urban or Metro areas
PNB SF Prudent Sweep for the Accounts of Institutions 3.00% - 3.25% QAB Of Rs. 5,000 for Rural or Semi Urban and Rs. 10,000 for Urban or Metro areas
Total Freedom Saving Fund Salary Account 3.00% - 3.25% NIL
High End Salary Account 3.00% - 3.25% NIL
Family Protection Account 3.00% - 3.25% N.A
PNB Junior SF Account 3.00% - 3.25% NIL
PNB Vidyarthi SF Account 3.00% - 3.25% N.A
Basic Saving Bank Deposit Account (BSBDA) 3.00% - 3.25% NIL
PNB Rakshak Scheme 3.00% - 3.25% N.A
PNB Shikshak Sweep Scheme 3.00% - 3.25% NIL
Scheme For Providing Overdraft Facility To Pensioners 3.00% - 3.25% N.A
PNB Power Savings 3.00% - 3.25% Rs. 500 in Rural, Rs. 1,000 in Urban

PNB Savings Account Products

  • Saving Deposit (General) Account: PNB offers interest rates ranging between 3.00% to 3.25% on Saving Deposit (General) Account.You can open a Saving Deposit (General) Account in PNB by depositing Rs. 500 to 1,000 amount as minimum balance.
  • Premium Saving Account Product: If you have deposited your excess funds in a Premium Saving Account Product, you can get interest at 3.00% to 3.25% on your account. This account can be opened by anyone with a minimum age of 18 years.
  • PNB Prudent Sweep for Individuals: PNB provides interest rates ranging between 3.00% to 3.25% on PNB Prudent Sweep for Individuals. The minimum balance requirement to open this account is QAB Of Rs. 5,000 for Rural or Semi Urban and Rs. 10,000 for Urban or Metro areas.
  • PNB SF Prudent Sweep for the Accounts of Institutions : You can get interest at 3.00% and 3.25% respectively on PNB SF Prudent Sweep for the Accounts of Institutions in PNB. The account can be opened in PNB by depositing QAB Of Rs. 5,000 for Rural or Semi Urban and Rs. 10,000 for Urban or Metro areas amount. The debit card available for this account are .
  • Total Freedom Saving Fund Salary Account : If you have deposited your excess funds in a Total Freedom Saving Fund Salary Account , you can get interest at 3.00% to 3.25% on your account.
  • High End Salary Account: You can get interest at 3.00% to 3.25% in High End Salary Account. This account can be opened in PNB by depositing a minimum amount of NIL after an age of .
  • Family Protection Account: The interest that you can earn on .Family Protection Account is in the range of 3.00% to 3.25% respectively. The debit card available for this product is
  • PNB Junior SF Account: PNB provides interest rate at 3.00% to 3.25% on PNB Junior SF Account. Further, to open this Saving Account, the minimum balance requirement is NIL. You can open this account at a minimum age of 10 years.

FAQs

How much interest is charged by PNB on Savings Account?

PNB offers an interest rate of 0.00% to 3.25% on Savings Account.

What is the minimum amount required for opening Savings Account in PNB?

The minimum amount required for opening Savings Account in PNB is Rs. 500 to 1,000.

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

The Balance Non Maintenance Charges on Savings Account by PNB are Rs. 15 to Rs. 250.

What are the PNB ATM Transaction charges on Savings Account?

PNB ATM Transaction charges on Savings Account are From Rs. 15 to 250 as per location, category and deficit in QAB as per brackets in Rs.100.

How does PNB calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by PNB to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does PNB offer Debit Card to the account holder?

Yes, various Debit Cards are offered, differing according to the product. Some of the popular savings account products of PNB with the type of Debit Card offered are listed in the table below.

Saving Deposit (General) AccountATM Cum Debit card
Premium Saving Account ProductPlatinum Debit Card
Total Freedom Saving Fund Salary Account PNB Debit or ATM Card
High End Salary AccountPlatinum Debit Card
PNB Junior SF AccountRuPay ATM or Debit Card
PNB Vidyarthi SF AccountATM Card or Debit Card
Basic Saving Bank Deposit Account (BSBDA)Debit Card or ATM Card
PNB Shikshak Sweep SchemePlatinum Debit Card
PNB Power SavingsPlatinum Debit card

Interest rate on all PNB deposits products listed in the table above is 0.00% to 3.25%.

What is the eligibility criteria to open a savings account in PNB?

Eligibility criteria for PNB savings account -

  • This account is for resident Indians of 18 years of age and above can open a sole or joint account.
  • Minors above the age of 10 can also open a savings account.
  • In addition, illiterate and visually impaired persons can also open their account with necessary safeguards.

PNB News - Aug 2020
  • 2020-06-04 : PNB cut rates on savings account deposits
    Punjab National Bank reduced the interest rate on savings account deposits by 0.50 percentage point. The new rate for deposits up to Rs 50 lakh stands at 3% from earlier 3.50%. The new rates will effective from 1 June 2020.
  • 2019-08-30 : Government proposes Public Sector Banks Merger to increase profitability
    In a bid to encourage customer and investors confidence in the public sector banks, the Government is planning to merge major PSBs. This includes the merger of Punjab National Bank, Oriental Bank of Commerce and United Bank that will be India’s second-largest bank. The alliance of major banks might increase banks profitability by encouraging investments in savings and current accounts and retail loans growth.
  • 2019-07-09 : Customers to avail free banking services across PSBs soon
    The customers of a Public Sector Banks (PSBs) like State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) will soon get free access to the banking services like transferring money, withdrawing cash, opening new savings account, availing personal and auto loan offers, opening a fixed deposit account among others. Also, the banks will soon be implementing doorstep banking services to ease the life of the customers, especially the senior citizens.
  • 2018-03-31 : PNB hikes FD rates
    PNB has raised it term deposit rates across all tenors. The new rates now range from 6.40% to 6.85%. There rates are effective from March 1, 2018.
  • 2017-08-18 : Punjab National Bank revises interest rates on saving accounts
    Following the footsteps of SBI, Punjab National Bank (PNB) has also decided to slash its savings bank deposit rate. Post revision, customers maintaining savings bank account balance of Rs. 50 lakh and above will continue to earn interest at 4 per cent per annum while those maintaining account balance of below Rs. 50 lakh will earn interest at the rate of 3.5 per cent per annum from earlier 4 per cent. The revised rates will come into effect from 19th August, 2017.
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