Punjab National Bank Current Account

Punjab National Bank Current Account

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Punjab National Bank Current Account

A current account is a fully-fledged business account used by many companies, firms, public enterprises, and businessmen; the likes of which require transactions on a frequent basis. Like any other account, these accounts include deposits, withdrawals, and transactions, albeit in a manner that suits the business customer. In this article, let us explore the various types of Punjab National Bank current account in detail.

Types of Current Account

Two types of current accounts are provided by Punjab National Bank, which includes:

  • PNB Smart Banking Current Account.
  • PNB Current Deposit Account.

PNB Smart Banking Current Account

This account is considered to be the most desirable current account rendering several features and privileges to the account holders. The account offers many banking needs for business with or without Sweep-in and Sweep-out facility. The Smart Banking Current Account has four different variants such as PNB Silver, PNB Gold, PNB Diamond and PNB Platinum.

The Particulars

The Variants

PNB Silver PNB Gold PNB Diamond PNB Platinum

The Minimum Quarterly Average Balance (QAB)

1,00,000

2,00,000

5,00,000

10,00,000

Initial Deposit

5,000

For Non Maintenance of QAB Charges (per quarter)

Rural/Semi-Urban Branches
below Rs. 1 Lakh,  Rs. 500

1000

2000

4000

Urban/Metro Branches

Below Rs.1 lakh but greater or equal to Rs. 10,000 Rs 500

Below Rs. 10,000 Rs 1000

The minimum amount required for Sweep-in and Sweep-out facility

Rs. 10,00,000

Sweep-in and Sweep-out in multiples of

50,000

The Tenor of Term Deposit that is applicable at the card rate

For 15 to 91 days. The amounts will be swept out on 5th and 20th of every month.

RTGS/NEFT charges

Free

Free Cheque Leaves (per quarter)

 

100

200

300

600

The Concessions for  Cash Deposit Charges- Base Branch

For Rs. 2 Lakh per day it is free after which there are charges

Up to Rs. 5 Lakh per day free after which there are charges

Up to Rs. 5 Lakh per day free after which there are charges

Up to Rs. 10 Lakh per day free after which there are charges

Local/ Outstation Non-base Branch

For Rs. 50,000 per day free thereafter applicable charges

For Rs. 1 Lakh per day free thereafter applicable charges

For Rs. 2 Lakh per day free thereafter applicable charges

Up to Rs. 10 Lakh per day free thereafter applicable charges

Concession made for Cash withdrawal Charges: i)Base Branch

Free

ii)Local or Outstation non-base branch, it is

Up to 25 %

Up to 50 %

Up to 75 %

Totally Free

The instant credit of outstation cheques where the outstanding maximum Amount at any point of time after ensuring six months of operation in the account.

Rs. 15,000

Rs. 20,000

 

Rs. 50,000

 

Rs. 1,00,000

 

 

The free collection of outstation Cheque per quarter maximum up to.

Rs 50 Lakh

 

Rs. 2 Lakh

 

Rs. 5 Lakh

 

Rs. 10 Lakh

 

(Issued in favour of the customer)

Per quarter

The Annual Custody Charges for Demat Services (except NSDL/ CDSL charges)

Waived

The Annual Custody Charges for Demat Services (except NSDL/ CDSL charges)

Free

Account Statements

Fortnightly Free

Fortnightly Free

Weekly Free

Free

For POS Machines the installation charges are

As per the given rates

50%

Free

Free

The Merchant Service Fee

Charges will be given at HO Level depending on the merit of every client.

Credit Card (Corporate, individuals ,partners proprietor, promoters and directors etc.)- Joining Fee,Renewal Fee or Annual Fee on Primary and Add- on Card

Free

PNB Fee Portal and Pay fee

Free

Fund Collection Module

 

Free

Door Step Banking Services

Applicable

Free

As per Sl. No. 9. i to 9.ii above

(The charges are finalized by Circle Offices)

Applicable

Rs. 2 Lakh per day free than as per terms decided by Circle Office)

Rs. 5 Lakh per day free than as per terms decided by Circle Office)

Rs.10 Lakh per day free than as per terms decided by Circle Office)

Advance against Clearing/Local Cheque  purchase

Rs. 25,000

Rs. 5,00,000

 

Rs. 1,00,000

 

Rs. 2,00,000

Other Terms and Conditions
  • Customer will be given the option to say ‘NO’ for sweep out sweep in the facility while opening the account.
  • The concessions/ freebies under all the variants are granted only if the prescribed Quarterly Annual Balance (QAB) is maintained in the previous quarter.
  • For new accounts, the concessions and freebies are enabled till completion of quarter and after completion of the quarter concessions and freebies will only be permitted if the customer has maintained prescribed average balance for the number of days which is the date to the opening of an account to last day of the quarter. Likewise, concessions are permitted for maintaining QAB in the previous quarter.
  • Rs.500 has to be paid for selecting the lower variant. It is free to upgrade the variant. The change in QAB which is from a lower/ higher variant is permitted only towards the end of the quarter.
  • Credit Card is provided to both the Corporate and the Individuals. This Credit Card is issued after three months.
  • The customer may opt a specific-period between for any number of days (from 15 to 91 days). No interest can be paid if FD under sweep runs less than 15 days. FD will be swept in on LIFO (Last In First Out) basis.
  • The total amount (Principal and interest) of FFD is credited on the due date or on premature cancellation in the related current account.

 

PNB Current Deposit Account

This account is a convenient product designed to make frequent transactions by individuals, firms, HUF, companies, institutions, etc. No limit has been specified for performing transactions on this account:

Eligibility

This account can be utilized by:

  • Individuals
  • Joint accounts
  • Sole proprietary
  • Partnership Firms
  • HUFs
  • Companies
  • Association of persons
  • Society
  • Trusts
  • Body Co-operative
  • Charitable and other Institutions.

Initial Deposit

  • The initial deposit for banks in the rural areas – Rs. 2,500
  • The initial deposit for banks at the Semi-Urban areas – Rs. 5,000
  • The initial deposit for banks in the urban areas – Rs. 10,000
  • The initial deposit for banks in Metropolitan areas – Rs. 10,000

Documents Required

The following  documents are required to open this type of current account.

  • Application (AOF) and Specimen signatures.
  • ID and address proof as per the KYC norms.
  • Passport-size photographs.
  • Company Memorandum and Articles of Association, certificate of incorporation, Board Resolution, etc.
  • Related documents in case of HUF, trust, firms, etc.
  • Documents mentioned in the RBI guidelines.

Nomination Facility

Any person abiding by the rules stated by the bank is considered eligible to avail the nomination facility.

Additional Facilities

  • 100% integrated and computerized network.
  • A wide network of ATMs providing round-the-clock services.
  • Free internet banking.
  • ATM cum Debit card.
  • Fast remittance of funds through NEFT/ RTGS.
  • Acceptance of standing instructions, Collection of cheques.

International Bank Account

Punjab National Bank provides the option of an international current banking account for Indian expatriates settled in U.K. The prerequisites for the same are as follows.

Features and Benefits

  • Manage your account 24 hours a day through online banking.
  • Facilitation through chequebook, debit card, net banking.
  • Free remittance to PNB India.
  • Minimum Quarterly Average Balance (QAB) of £100, which when converted in INR is 9,419.74.

Opening an Account

An individual can open an account either by visiting a branch or by sending the required documents via post.

Required Documents

Given below is a list of mandatory documents that are required to open a current account.

  • Identification proof
  • Address proof
  • Account opening form
  • For a joint account, separate documents of the above documents are required.

Here are the documents that should be sent by post to open a current account without visiting the bank.

  • Identification proof
  • Address proof
  • Account opening form
  • For a joint account, separate documents of the above documents are required.

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