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PNB Savings Account Interest Rate 2021

PNB Savings Interest Rate

Last Updated 15th Jul 2021

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

PNB offers an interest rate ranging upto 3.00% 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. PNB also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

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 upto 3.00% 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 an 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 the Auto Sweep Facility of PNB, your account can be linked to a Multi Option Deposit MOD account.

PNB Savings Account Rates

Saving Account Interest Rate Minimum Balance
Saving Deposit (General) Account 3.00% - 3.00% Rs. 500 to 1,000
Premium Saving Account Product 3.00% - 3.00% QAB Of Rs. 50,000
PNB Prudent Sweep for Individuals 3.00% - 3.00% 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% - 3.00% 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% - 3.00% NIL
High End Salary Account 3.00% - 3.00% NIL
Family Protection Account 3.00% - 3.00% N.A
PNB Junior SF Account 3.00% - 3.00% NIL
PNB Vidyarthi SF Account 3.00% - 3.00% N.A
Basic Saving Bank Deposit Account (BSBDA) 3.00% - 3.00% NIL
PNB Rakshak Scheme 3.00% - 3.00% N.A
PNB Shikshak Sweep Scheme 3.00% - 3.00% NIL
Scheme For Providing Overdraft Facility To Pensioners 3.00% - 3.00% N.A
PNB Power Savings 3.00% - 3.00% Rs. 500 in Rural, Rs. 1,000 in Urban

Eligibility & Documentation Required for Opening Savings Account in PNB

To open a savings account in PNB, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is PNB Savings Account Interest Rate Calculated?

As per the RBI mandate, PNB calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by PNB to calculate interest on Savings Bank Account on the basis of daily balance in the account

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

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PNB Savings Account Products

  • Saving Deposit (General) Account : PNB offers interest rates ranging between 3.00% to 3.00% 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 3.00% 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 3.00% 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 3.00% 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.
  • 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 3.00% on your account.
  • High End Salary Account : You can get interest at 3.00% to 3.00% 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 3.00% respectively.
  • PNB Junior SF Account : PNB provides interest rate at 3.00% to 3.00% 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.

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FAQs

How much interest is charged by PNB on Savings Account?

As per the current rates, PNB offers maximum interest rate of 3.00% on Savings Account. PNB provides this interest on the minimum balance maintenance of Rs. 500 to 1,000. The interest rate may however vary across the PNB savings account product.

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

The minimum amount required for opening a 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.The minimum balance requirement in PNB savings account is Rs. 500 to 1,000.

What are the PNB ATM Transaction charges on Savings Account?

PNBcharges ATM Transaction on Savings Account are From Rs. 15 to 250 as per location, category and deficit in QAB as per brackets in Rs.100.This charge may further depend upon the savings account product of PNB and the debit card types offered with the bank.

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, PNB offer Debit Cards to the account holders 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

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

To open a savings account in PNB you need to fulfill the following eligibility criteria:

  • 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.
  • You must have your basic KYC done

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PNB News - Jul 2021
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2021-03-17 : PNB launches special salary account
    Punjab National Bank (PNB) has launched a new salary account called PNB MySalary Account. The account is for salaried people and divided into three categories: silver, gold, premium, and platinum. The account comes with accidental insurance and an overdraft and sweep facility.
  • 2020-12-29 : PNB completes IT integration of all branches of two merged entities
    Punjab National Bank clarified that the customers of the former OBC Bank are now migrated to CBS of PNB wherein they can transact seamlessly via existing branches and digital banking channels like internet banking and mobile banking. The amalgamation of PNB, United Bank of India and OBC has come into effect from April 1, this year. The merger created the second-largest nationalized bank in terms of business and total branches.
  • 2020-08-17 : PNB launched campaign to promote digital banking.
    Punjab National Bank launched DIGITAL APNAYEN a campaign to encourage customers to use digital banking channels. It is striving to encourage customers to use digital channels and participate in the noble cause of donating to the PM CARES Fund for COVID-19 by PNB.
  • 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.
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