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PNB Savings Account Interest Rates

PNB Savings Account Interest 2022

Last Updated 12th Jan 2022

Saving Account Interest Rate
Saving Deposit (General) Account 2.80% - 2.85%
Premium Saving Account Product 2.80% - 2.85%
PNB Prudent Sweep for Individuals 2.80% - 2.85%
PNB SF Prudent Sweep for the Accounts of Institutions 2.80% - 2.85%
Total Freedom Saving Fund Salary Account 2.80% - 2.85%
High End Salary Account 2.80% - 2.85%
Family Protection Account 2.80% - 2.85%
PNB Junior SF Account 2.80% - 2.85%
PNB Vidyarthi SF Account 2.80% - 2.85%
Basic Saving Bank Deposit Account (BSBDA) 2.80% - 2.85%
PNB Rakshak Scheme 2.80% - 2.85%
PNB Shikshak Sweep Scheme 2.80% - 2.85%
Scheme For Providing Overdraft Facility To Pensioners 2.80% - 2.85%
PNB Power Savings 2.80% - 2.85%
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PNB Bank Savings Accounts Interest Rate

PNB offers an interest rate ranging upto 2.85% 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 2.85% 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 2.80% - 2.85% Rs. 500 to 1,000
Premium Saving Account Product 2.80% - 2.85% QAB Of Rs. 50,000
PNB Prudent Sweep for Individuals 2.80% - 2.85% 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 2.80% - 2.85% 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 2.80% - 2.85% NIL
High End Salary Account 2.80% - 2.85% NIL
Family Protection Account 2.80% - 2.85% N.A
PNB Junior SF Account 2.80% - 2.85% NIL
PNB Vidyarthi SF Account 2.80% - 2.85% N.A
Basic Saving Bank Deposit Account (BSBDA) 2.80% - 2.85% NIL
PNB Rakshak Scheme 2.80% - 2.85% N.A
PNB Shikshak Sweep Scheme 2.80% - 2.85% NIL
Scheme For Providing Overdraft Facility To Pensioners 2.80% - 2.85% N.A
PNB Power Savings 2.80% - 2.85% 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.

Compare Savings Account Interest Rates of All Banks

PNB Savings Account Products

  • Saving Deposit (General) Account : PNB offers interest rates ranging between 2.80% to 2.85% 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 2.80% to 2.85% 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 2.80% to 2.85% 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 2.80% and 2.85% 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 2.80% to 2.85% on your account.
  • High End Salary Account : You can get interest at 2.80% to 2.85% 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 2.80% to 2.85% respectively.
  • PNB Junior SF Account : PNB provides interest rate at 2.80% to 2.85% 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?

As per the current rates, PNB offers maximum interest rate of 2.85% 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 - Jan 2022
  • 2022-01-12 : Punjab National Bank Hikes Minimum Balance for Savings Account
    Punjab National Bank (PNB) has decided to hike the minimum quarterly average balance (QAB) to Rs10,000 in Delhi, Mumbai, Kolkata, and Chennai. The public sector bank (PSB) has also decided to increase charges for various services by up to 50% from January 15 2022.
  • 2021-12-06 : Punjab Bank Introduces New App for Disabled
    PNB has launched a new Andriod-based App, PNB Pride- CRMD Module Tool, to help differently-abled employees. The app will aid Special Mention Account Borrowers for banking services.
  • 2021-12-01 : PNB Revises Savings Account Rates
    Punjab National Bank has decreased the interest rate on savings account from 1st December 2021. For a balance below Rs. 10 Lakhs, the rate is 2.80 per cent. Also, the bank offers 2.90 per cent for the balance of Rs. 10 Lakhs and above.
  • 2021-11-10 : Punjab National Bank Cuts Saving Interest Rate
    Punjab National Bank (PNB) has decreased interest on savings accounts for the customers with balances less than Rs 10 lakh. The bank is offering an interest rate of 2.80 percent per annum. The benchmark lending rate has also been decreased by 50 basis points to 6.50 percent.
  • 2021-09-01 : PNB cuts interest rate on savings account
    Punjab National Bank has decreased the interest rate of savings account. The rates have been slashed by 10 basis points, the new rates are 2.90% for existing as well as new account holders. The effective rates are applicable from September 1, 2021.
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