Punjab National Bank Current Account
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 | 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 |
| |||
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.
Post by Bennisha
IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.
We are available online!