Like other banks, Punjab National Bank (PNB) offers a variety of banking services to its customers and applies service charges for these facilities. Additionally, PNB imposes penalties on customers in certain cases, including failure to maintain the required minimum balance in savings accounts. If you are a PNB account holder, this information is important for you.
PNB Savings Account Types
PNB allows customers to open different types of savings accounts, including:
- Basic Savings Account
- PNB Unnati Saving Fund Account
- PNB Prudent Sweep Account
Each of these accounts has specific requirements regarding minimum balance maintenance.
Penalty for Not Maintaining Minimum Balance
If you fail to maintain the required minimum balance, PNB may deduct a penalty directly from your account. The penalty charges vary based on the account type and location.
Minimum Balance Requirements for Different Accounts
- Basic Savings Account – No minimum balance required
- PNB Prudent Sweep Account – Minimum balance of ₹25,000 required, otherwise, a penalty will be charged
- PNB Unnati Saving Fund Account – Minimum balance requirements based on account location:
- Rural Areas: ₹500
- Semi-Urban Areas: ₹1,000
- Urban & Metro Areas: ₹2,000
What Happens If You Don’t Maintain the Minimum Balance?
If the minimum balance is not maintained in your PNB savings account, the bank will automatically deduct the penalty from your account.
To avoid unnecessary charges, customers should regularly check their balance and ensure they meet the minimum balance requirements as per their account type.
