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Punjab National Bank (PNB) offers a zero balance savings account to customers. With the recent financial crisis of COVID, we all have learned how much savings are important to us. And with PNB Zero Balance Savings Account one doesn’t have to worry about maintaining the minimum balance. PNB introduces its zero balance account as Basic Savings Bank Deposit Account.
If you have ever deposited your money in a savings account, you should know that the bank requires a minimum balance in the savings account. PNB charges INR 400 for people residing in rural and semi-urban areas and INR 600 for those in urban and metropolitan areas for non-maintenance of savings accounts. But this won’t be the case with the zero balance savings account.
As in the name itself, PNB doesn’t require any minimum balance to be maintained. So, even if your account balance is zero it is still active and you can deposit your money without any charges. For more information on the PNB Zero Balance Savings Account, let’s read further.
PNB Zero Balance Account Opening Online Procedure
In today’s digital era, everyone uses their smartphone daily for various things. So, why not use your smartphone to open a PNB Zero Balance Savings Account? You can easily open your zero balance savings account at PNB by visiting the bank’s website. Check out the steps below and see how it is done –
- Visit the PNB Zero Balance Account Opening Online Portal
- Click on the ‘Online Saving Account Opening Form’ button
- Now, the application form will appear on the screen
- Select State, City and Branch Office from the dropdown
- Choose the account type from the ‘Domestic’ or ‘NRI’ option
- Enter your name, mobile number and email ID
- Give consent to PNB to use your Aadhaar Card details
- Agree to the terms and conditions
- Enter the Captcha
- Click on the ‘Submit’ button
- You’ll receive a Temporary Customer Reference Number (TCRN) on your email or mobile
- Now, complete the online application form
- Visit the PNB branch office along with TCRN, ID and Address Proof both original and copies.
- After receiving the KYC documents, the bank will verify your details and activate your PNB Zero Balance Savings Account. Now, that your zero balance savings account PNB is activated, you can deposit your money.
How to Deposit in a PNB Zero Balance Savings Account?
You can deposit money in the PNB Zero Balance Account by visiting the branch office. In this, you need to fill in a deposit receipt and submit it to the bank representative along with the amount. When the deposit is approved, the money will show into your account. If you already have a savings or current account, using the net banking facility of PNB Savings Account, you can easily transfer money online.
The deposit can be done at PNB automated teller machine (ATM) or Cash Deposit Machine (CDM) as well. PNB Cash Acceptor cum ATM is a multifunction kiosk that accepts cash for your zero balance PNB account. It also comes with all other ATM functions.
In the CDM machine, you can deposit INR 2,000, 500 and 100. This machine is capable of accepting up to 300 currency notes at a time. You have an option of depositing money by entering the PNB zero balance savings account number or swiping your debit card.
The maximum amount per transaction one can be deposit through this PNB Kiosk is
- INR 2,00,000 (if you’ve given the PAN number for your zero balance account PNB)
- INR 49,900/ (in the case PAN number is available against the PNB savings account)
When you use the CDM machine, there will be instant credit in your PNB account with immediate receipt. The kiosk comes with other functions like balance inquiry, PNB Savings Account Mini Statement, fund transfer, PIN change, etc.
What is PNB Zero Balance Account Limit?
There is no limit on the amount and the frequency of deposits in the zero balance PNB savings account. You can have a minimum of six withdrawals in a month, including ATM withdrawals. PNB Zero Balance Savings Account holders can use the six free withdrawals at all ATMs.
PNB ATM Card or ATM cum Debit Card is available to the account holder without any charge. Using this, you can withdraw the amount through an ATM as per existing ATM guidelines i.e.,
- Free withdrawal at PNB ATMs
- Withdrawal charges are applicable if you withdraw money at another Bank’s ATMs over and above free monthly transactions
Your withdrawal limit will be based on the PNB debit/ATM card. The following debit card options are available to the zero balance account holders.
|Type of Card||Cash Withdrawal Limit Per Day (In INR)||Cash Withdrawal Limit for One Time (In INR)||ECOM/POS Combined Limit (In INR)|
How to Check PNB Zero Balance Account Minimum Balance?
PNB mPassbook, which is a digital version of your PNB Zero Balance Passbook, helps customers access their mini statements. So, keep track of your savings accounts transaction details through PNB mobile app.
If you’re a retail customer of PNB, you can use this app on your registered mobile number. You can download the app on your Android or IOS smartphone.
PNB Zero Balance Savings Account Customer ID is based on registration, so you can check multiple accounts at once.
- You can log in to your account using M-Pin. This saves you the time of entering usernames and passwords again and again.
- Easily view mini statements of your savings account
- Download and save the account statements on your smartphone
- Get an email showing your detailed zero balance account statements using the app
Other than the statements of Zero Balance Savings Account PNB, you can check Current, Overdraft and Recurring accounts through this app.
- Download interest or TDS certificates using the PNB app
There is another way of checking the minimum account balance by giving missed calls to the toll-free number 1800 180 2223 and tolled number 0120-2303090. When you give a missed call at these numbers, you can get the account balance through SMS.
Eligibility Criteria for Online Bank Account Opening with Zero Balance
You can check out the PNB zero balance account eligibility below –
- Individuals aged 18 years and above
- One can open it singly or jointly
- In the case of minors, the minimum age requirement is 10 years
- Minors can get the advantage of zero balance savings to accounts under legal guardianship
- For an illiterate or a visually challenged person, the account benefits are available with the usual safeguards
Documents Required for PNB Account Opening Online
You need the below documents for PNB Account Opening Online.
- Aadhaar Number
- Proof of application for enrolment of Aadhaar (if don’t have an Aadhaar Card)
- Permanent Account Number (PAN)
- Form No. 60, as per the income tax rules, 1962
- Nature of business or professional activity
Note – The enrolment for Aadhaar should not be older than six months.
If you don’t submit PAN, provide a certified copy of an Officially Valid Document (OVD) such as a Passport, Driving License, Voter’s Identity Card, Job Card issued by NREGA (signed by the State Govt.), Letter issued by the National Population Register with your details like name and address, one recent photograph.
In case you’re not eligible to be enrolled for an Aadhaar number or are not a resident, submit the following documents.
- Certified copy of an OVD with identity and address details
- One recent photograph
- PAN or Form No. 60
If the OVD provided by a foreign national doesn’t have the details of address, he/she needs to submit the documents issued by the Government departments of foreign jurisdictions and a letter issued by the Foreign Embassy or Mission in India as proof of address.
When the ID proof relating to the Aadhaar number or PAN number does not have your current address, an OVD shall be submitted to the bank for this purpose.
Even if the OVD does not contain an updated address, submit one of the following
- Utility bills not more than two months old (electricity, telephone, post-paid mobile phone, piped gas, water bill)
- Property or Municipal tax receipt
- Pension or family pension payment orders (PPOs) for retired employees of Government Departments or Public Sector Undertakings
- Letter of allotment of accommodation from the current employer issued by State Government, Central Government, statutory/regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies
- Leave and license agreements with employers allotting official accommodation
Note – You need to submit an updated Aadhaar or OVD with your current address within three months of submitting the above documents.
What if You Don’t Have Officially Valid Documents for PNB Zero Balance Savings Account?
In such a case, instead of opening a PNB Zero Balance Savings Account, get Small Savings Account from PNB. With this, you can start saving your money and can apply for the documents in the meantime. And this PNB savings account comes with the following conditions –
- Aggregate credits not exceeding INR 1 Lakh in a year
- PNB Account Withdrawal Limit not more than INR 10,000 in a month
- PNB Saving Account Minimum Balance is NIL and the maximum balance permitted is INR 50,000 at one point in time
- This small savings account is valid for twelve months
PNB Zero Balance Savings Account Interest Rate
On your zero balance account, you will get the following interest rates –
|Account Balance (In INR)||Interest Rate (per annum)|
|< 10 Lakh||2.75%|
|10 Lakh and above||2.80%|
Note – The above rate of interest is applicable from 16th February 2022.
If you compare the PNB savings account rate of interest with its competitors, you’ll find PNB offers the best zero balance savings account.
PNB Zero Balance Savings Account Terms and Conditions
Take a look at the below conditions before applying for a zero balance account PNB.
- If you already have a savings account in PNB, you’re required to close such accounts within 30 days of opening the PNB Zero Balance Savings Account.
- The customer will get services of deposits and withdrawals at the bank branch, ATM, receipt or credit of money through electronic payment and deposit or collection of cheques drawn by State or Central Government agencies and department
- No charge on a non-operative or activation of an in-operative saving account
- The existing basic banking ‘no frill’ accounts convert into a PNB Zero Balance Account after completion of KYC norms.
Frequently Asked Questions
1. What is the PNB Saving Account Minimum Balance for this Type of Account?
There is no minimum balance requirement in this PNB savings account.
2. Is there a PNB Zero Balance Account Withdrawal Limit?
Yes, you can make up to six free withdrawals in a month. Afterward, a charge of INR 5 per INR 1,000 withdrawal will be charged.
3. Do I Get a Free Cheque Book in a PNB Zero Balance Savings Account?
Yes, you do get 10 cheque leaves free per year. If you apply for further cheques leaves, INR 3 for digital mode, INR 4 for branch and INR 5 for non-personalized will be charged per leaf.