How To Open a Zero-Balance Savings Bank Account in PNB?

Opening a zero-Balance Savings Bank Account in PNB is one of the top preferences that are being done by everyone right now. Especially the ones who are not having any zero balance can make their way through a zero-balance account.

Why is a zero-balance account so important?

There are multiple schemes of government that are highly in demand and are all monetary schemes. Thus with the advantage of a zero account balance, it becomes easy for those bank account users to use the right ways to allow Bank Accounts in the PNB Branches.

Operate PNB account from anywhere in the country

The users can operate the PNB accounts from anywhere in the country. Users have the option of opening a savings bank account in the closest them through the bank’s online facilities. There are certain eligibility criteria for opening a PNB Bank Savings Account.

Now let us read about everything you should know about the zero balance account opening–

What is PNB zero balance?

A PNB Zero Balance Account is also known as PNB Basic Saving Bank Deposit Account. The account is part of the financial inclusion program Pradhan Mantri Jan Dhan Yojana.

The goal of these zero-balance accounts, also known as basic savings accounts, is to provide formal banking services to economically disadvantaged members of society.

What is a basic savings account?

Customers of various banks can open a zero-balance account or a basic savings account. In order to save for the future, the customers are put across the country and allow opening a PNB savings account. Depositing of money can also be done through it.

Savings accounts come in a variety of sizes and shapes. A basic savings bank deposit account, also known as a zero balance account, is one type of savings account. It is, as the name implies, a basic savings account that is simple to open and manage.

What is the primary goal of financial inclusion?

The primary goal of these accounts is to promote financial inclusion by assisting individuals in opening a bank account with the fewest requirements.

Amount in lakhs	Interest
Almost Rs.50 lakhs	3.50%
Over Rs.50 lakhs	3.75%

                              

Customers with a PNB zero balance account receive the current PNB savings account interest rate. The interest rate is calculated on the daily closing balance and is credited quarterly to the bank account.

Can I open PNB savings account with a zero balance?

There will be no fee for not operating or activating an existing Basic Saving Bank Deposit Account. Following completion of KYC requirements, existing basic banking ‘no frills’ accounts will be converted to Basic Savings Bank Deposit Accounts (PNB Zero Balance Accounts).

Criteria for opening a PNB Zero Balance Account

People from all walks of life can open a basic savings account with PNB.

• Criteria for opening a PNB Zero Balance Account
• People from all walks of life can open a basic savings account with PNB.
• Individuals, either as a sole or joint account
• Minors 10+ years of age and older
• Minors under the age of ten who have natural or legal guardianship
• A person who is illiterate or visually impaired

Now let us think about the mandatory documents that are needed to open a savings account in PNB.

They are as follows:

• Pan Card or Form No
• Proof of identity & address (necessary)
• Driving License
• Job card & others
• Letter issued by national population register containing personal details, address
• Insurance of checkbook
• The checkbook is issued where there are leaves for charges.
• A checkbook is applicable
• The extent of transactions is no limit on the number of deposits that can be made in the month
• Customers can withdraw up to 4-5 times and ATMs are excluded without attracting any fees.
• Banks offer free debit cards to customers
• There are annual maintenance charges on the debit card

Kinds of PNB Zero Balance Account

Besides this basic savings account, PNB also offers a variety of zero balance accounts such as the PNB Vidyarthi SF account (for all students), the PNB Pension Savings account (for pensioners), and the PNB Junior SF account (for minors) (for minors).

Things to consider in mind before opening an account-

• Customers who open a PNB basic savings account should not have any other savings accounts with the bank.
• If the customer has other savings account with the bank, they must close it within 30 days of opening the basic savings account.
• Individuals who are interested should not have a BSBD account.

There is no minimum balance requirement because these are zero-balance accounts. The PNB Basic Saving Bank Deposit Account is a PNB Zero Balance Account. Individuals who do not have a savings account can open a PNB basic savings account without having to submit a lot of paperwork.

Individuals will be able to access other basic services as a result of this. The account has no minimum balance requirement and is a federal bank zero-balance account.

Cheque Book Issuance

A ten-leaf checkbook is provided free of charge. Checkbook fees would be applied later. Furthermore, there is no minimum initial deposit required for the account. 

Transaction volume

There is no monthly limit on the number of deposits that can be made, and customers can withdraw up to four times (excluding ATM transactions) without incurring any fees.

Allow a variety of banking products

Banks nowadays offer a variety of banking products to improve their customers’ banking experiences, and a zero-balance savings account is one of them. Account holders in a zero-balance savings account can keep their balance at zero.

What exactly is a zero-balance savings account?

A zero-balance savings account, as the name implies, is a 0-balance account in which the account holder is free to operate the account without maintaining a minimum balance.

You can also open an online bank account with a zero balance. The practice of a minimum Quarterly Average Balance (QAB) for a savings account distinguishes a zero balance account at the Bank of America from other savings accounts.

Accounts for salary variations at PNB

There is no minimum balance or maximum amount that can be deposited or held in the free remittance facility

• Waiver of retail loan processing fees
• Discounts on DD/BC issuance
• Free credit cards for life

How do I open a savings account with no balance?

Online and offline, Indian banks provide zero-balance savings account opening services. If you prefer to conduct your banking transactions in person, the steps below are for you:

Step 1: Go to your nearest bank.

Step 2: Ask the bank representative about the 0 balance account.

Step 3: Request an application for account opening.

Step 4: Carefully fill out the form and submit it along with the required documents such as address proof, identity proof, income proof, and a passport-size recent photograph of yourself.

The bank will notify you via SMS or email if the bank verification is successful. If the bank verification is successful, the bank will provide you with a customer ID and account number.

Here are ways in which you can zero balance-

If you do not want to go to the bank and prefer to do the procedure from the comfort of your own home, follow the steps for opening an online bank account with a zero balance.

Step#1: Use your mobile phone or laptop to access the preferred bank’s official website.

Step#2: Investigate the zero-balance account options and begin the process by completing the application form for a zero-balance savings account.

Step#3: Upload a digital copy of all required documents, such as an Aadhar card and a Pan card, and submit the application form.

Step#4: Obtain your KYC verification via video KYC online.

Step#5: After receiving your customer ID and account number, log in to net banking or mobile banking to create a password and begin conducting online transactions.

Is it a good idea to open a zero-balance account?

Yes, of course, it is good to keep an account ready with a zero balance. A zero-balance savings account not only relieves you of the burden of maintaining a minimum balance account, but it also assists you in managing your finances and tracking your expenses.

It assists you in lowering your expenses and instilling the habit of saving. The experts are the right kind of savings in the bank account. Call the experts at Bank Mitra if you are looking for more details and information about the same. 

In Conclusion

A zero-balance account, without a doubt, provides far more flexibility than a regular savings account that requires minimum balance maintenance. As a zero-balance account, it contributes to an individual’s financial inclusion.

It provides all of the banking services that a regular savings bank account provides to its customers, such as Internet banking, Mobile Banking, cards, customer support, and so on.

People also ask

what is a savings bank account.

A savings bank account is a type of deposit account offered by banks and other financial institutions to individuals to save and earn interest on their money. It is a basic type of bank account where customers can deposit and withdraw money, and earn interest on the balance they maintain in their account.

The interest rate on a savings account is typically lower than other types of investments but offers the benefit of safety and liquidity. Savings accounts are often used to save money for short-term goals or as an emergency fund. In most countries, savings accounts are insured by the government up to a certain amount, providing an additional layer of safety for depositors.

which bank is best for savings accounts in India?

There are many banks in India that offer competitive interest rates and other features for savings accounts. The “best” bank for a savings account may depend on individual preferences and needs, such as interest rates, minimum balance requirements, fees, accessibility, and customer service. Some of the popular banks for savings accounts in India are:

1. State Bank of India (SBI)
2. HDFC Bank
3. ICICI Bank
4. Axis Bank
5. Kotak Mahindra Bank
6. Punjab National Bank (PNB)
7. Bank of Baroda
8. Canara Bank
9. Union Bank of India
10. IDFC First Bank

which bank is best to open a savings account?

The “best” bank to open a savings account will depend on individual needs and preferences. Here are some factors to consider when choosing a bank to open a savings account:

1. Interest rate: Look for a bank that offers a competitive interest rate on savings accounts. This will help your money grow faster.
2. Fees and charges: Check the fees and charges associated with the savings account, such as account maintenance fees, ATM withdrawal charges, and penalties for non-maintenance of minimum balance. Choose a bank that offers low or no fees.
3. Minimum balance requirement: Some banks require a minimum balance to be maintained in a savings account. Choose a bank that has a low minimum balance requirement, or one that waives the requirement altogether.
4. Convenience: Look for a bank that has a wide network of branches and ATMs in your area, and offers online and mobile banking services for easy access to your account.
5. Customer service: Choose a bank that has good customer service and is responsive to customer queries and complaints.

how to open a savings bank account?

To open a savings bank account, you can follow these steps:

1. Choose a bank: Research and choose a bank that offers a savings account that meets your needs.
2. Gather required documents: You will typically need to provide proof of identity, such as a PAN card, Aadhaar card, or passport, and proof of address, such as a utility bill, rent agreement, or driving license. Some banks may also require passport-sized photographs.
3. Visit the bank: Visit the nearest branch of the bank you have chosen with the required documents.
4. Fill out the application form: Ask for a savings account application form and fill it out with your personal information, such as name, address, date of birth, and occupation.
5. Submit documents: Submit the required documents, along with the filled-out application form.
6. Fund the account: Deposit the initial amount required to open the account, which may vary depending on the bank and type of account.
7. Set up internet banking and other services: Some banks offer internet banking, mobile banking, and other services. Set up these services as per your preference.
8. Receive your account details: Once your account is open, you will receive your account number and other details. You may also receive a debit card and checkbook, if applicable.

How can I open a savings account in PNB online?

To open a savings account in Punjab National Bank (PNB) online, you can follow these steps:

1. Visit the PNB website: Go to the official website of PNB at www.pnbindia.in.
2. Click on “Apply Online”: On the home page, click on the “Apply Online” tab, and select “New Account Opening”.
3. Select “Savings Account”: From the list of account types, select “Savings Account”.
4. Fill out the application form: Fill out the online application form with your personal and contact details, such as name, address, mobile number, and email address.
5. Upload documents: Upload scanned copies of your proof of identity, such as a PAN card or Aadhaar card, and proof of address, such as a utility bill or passport.
6. Choose your branch: Select the branch where you want to open your savings account.
7. Verify details: Review and verify all the details filled in the application form.
8. Submit application: Submit the application form and wait for confirmation.
9. Visit the branch: Once your application is accepted, visit the selected branch with your original documents to complete the verification process.
10. Fund the account: Deposit the initial amount required to open the account.