Punjab National Bank Current Account

Punjab National Bank (PNB) is perhaps one of India’s oldest banks. The bank was initially established in Lahore, Pakistan and was founded by a number of leaders from the Swadeshi Movement. Over a 100 years later, the bank has established itself as a multinational financial and banking institution.

The bank offers its customers a number of financial products and services that cater to almost every demographic. One of the many products that the bank offers its customers is the current account. A current account is a type of bank account that has been developed keeping in mind the nature of transactions for individuals who primarily carry out business activities. Current accounts permit account holders with the benefit of carrying out a large number of withdrawals and deposit transactions on a daily basis.

PNB offers its customers 2 variants of the current account, one of which is the Smart Banking Current Account. The Smart Banking Current Account comes with a host of features and benefits that cater specifically to the needs of the account holder. The current account comes in 4 variants: PNB Silver, PNB Gold, PNB Diamond, and PNB Platinum.

Features and Benefits

The Smart Banking Current Account offered by PNB can be opened with an initial deposit of Rs.5,000.
The minimum quarterly average balance to be maintained in this account differs depending on the variant of the account. The minimum quarterly average balance to be maintained for each of the accounts are as follows:
- PNB Silver: Rs.1 lakh
- PNB Gold: Rs.2 lakh
- PNB Diamond: Rs.5 lakh
- PNB Platinum: Rs.10 lakh
Much like the difference in the amount to be maintained as the minimum quarterly average balance, the penalty fee for non-maintenance of the minimum balance also differs. The non-maintenance charges for each variant of the account are as follows:
- PNB Silver: < Rs.1 lakh
  - Rural and Semi-urban branches: Rs.500 per quarter
  - Urban and metro branches–Below Rs.1 lakh but above Rs.10,000: Rs.500
Below Rs.10,000: Rs.1,000
- PNB Gold: Rs.1,000
- PNB Diamond: Rs.2,000
- PNB Platinum: Rs.4,000
Accounts that opt for the bank’s Sweep-in and Sweep-out facilities are required to maintain a minimum balance of Rs.10 lakh
The sweep-in and sweep-out facilities can only be carried out in multiples of Rs.50,000.
The tenor of the term deposit ranges from 15 days to 91 days and is swept in on the 5th and 20th day of each month. In cases where these days fall on holidays, the amount will be swept in the next working day.
An account holder who opts out of the sweep-in facility before 15 days will not have interest paid to them.
The bank offers its RTGS and NEFT transfers free of charge to the account holders.
Each variant of the Smart Banking Current Account receives a stipulated number of cheque leaves free of charge each quarter. The number of cheque leaves provided for the accounts are as follows:
- PNB Silver: 100
- PNB Gold: 200
- PNB Diamond: 300
- PNB Platinum: 600
Similarly, the concessions and charges on cash deposits made to the accounts differ based on each variant and they are as follows:
- PNB Silver: Upto Rs.2 lakh can be deposited at the bank branch free of charge every day. Deposits made above this amount come with additional transaction fees.
- PNB Gold: Upto Rs.5 lakh can be deposited to the account each day. A certain fee is applicable for charges made above this limit.
- PNB Diamond: Upto Rs.5 lakh cash deposits can be made to the account every day. Transactional fees are applicable for deposits above the limit mentioned.
- PNB Platinum: Upto Rs.10 lakh in cash deposits can be made free of charge on a daily basis. Amounts above Rs.10 lakh attract a transactional fee.
Cash withdrawal transactions made at the bank where the account is held do not attract any charges.
Doorstep banking facilities are provided free of charge to individuals who hold the Gold, Diamond, and Platinum account.
The sweep-in facility is not mandatory and the account holder can choose to opt out of the service.
Corporates, proprietors, partners, and individuals can obtain a credit card against their Smart Banking Current Account after maintaining the standards expected of the account consistently for a period of 3 months.
If the account holders operate their account in accordance with the rules set by PNB, account holders can avail instant credit of outstation cheques at any point regardless of the number cheques issued.

Types of Current 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
The Particulars	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.

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.

Documents Required

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.

FAQs

What is a current account with Punjab National Bank (PNB)?

A current account with Punjab National Bank (PNB) is a type of bank account primarily used by businesses, firms, and companies for frequent and high-value transactions. It facilitates daily business operations by providing easy access to funds.

Who can open a current account with PNB?

A current account with PNB can be opened by individuals, sole proprietorships, partnerships, limited liability partnerships (LLPs), private and public limited companies, associations, trusts, and societies.