Punjab National Bank (PNB), one of the leading public sector banks in India, offers a Zero Balance Account facility to its customers. This type of account is designed to provide banking services to individuals who do not wish to maintain a minimum balance in their bank account. The Zero Balance Account offered by PNB comes with various features and benefits, making it a convenient and accessible banking option for those who may not have a large amount of funds to maintain in their account at all times. In this article, we will explore the key features of PNB’s Zero Balance Account, including the eligibility criteria, account opening process, benefits, and other important information.
Punjab National Bank (PNB)
Punjab National Bank (PNB) is one of India’s oldest and leading public sector banks, established in 1894. It offers a wide range of banking and financial services to individuals, businesses, and other entities, including savings and current accounts, loans, credit cards, insurance, and investment services. PNB is headquartered in New Delhi, India, and has a vast network of branches and ATMs across the country. Known for its commitment to customer service, PNB has won numerous awards for its excellence in banking operations and has implemented various digital initiatives for enhanced customer convenience. PNB is regulated by the Reserve Bank of India (RBI) and is a trusted financial institution for millions of customers in India.
Features and Benefits of PNB Zero Balance Savings Account
The PNB Zero Balance Savings Account comes with several features and benefits that make it a convenient banking option for individuals who do not wish to maintain a minimum balance. Some of the key features and benefits of PNB Zero Balance Savings Account are:
- No minimum balance requirement: One of the primary features of PNB Zero Balance Savings Account is that there is no requirement to maintain a minimum balance, making it suitable for individuals who may not have a large amount of funds to keep in their account at all times.
- Free ATM/Debit Card: PNB Zero Balance Savings Account holders are provided with a free ATM/Debit card, which can be used for cash withdrawals, balance inquiries, and other transactions at PNB and other bank’s ATMs across India.
- Online banking facilities: PNB Zero Balance Savings Account comes with online banking facilities, including internet banking and mobile banking, which allow customers to conveniently access and manage their account anytime, anywhere.
- Nomination facility: Account holders can avail the nomination facility, wherein they can nominate a person to receive the balance in the event of their unfortunate demise.
- Basic banking services: PNB Zero Balance Savings Account offers basic banking services such as fund transfers, demand drafts, and bill payments, enabling customers to manage their day-to-day banking needs efficiently.
- Interest on savings: PNB Zero Balance Savings Account earns interest on the balance maintained in the account, as per the bank’s prevailing interest rate, helping customers to earn a return on their savings.
- Access to other PNB products: PNB Zero Balance Savings Account holders can also avail other products and services offered by PNB, such as loans, credit cards, and insurance, based on their eligibility and requirements.
Eligibility Criteria PNB Zero Balance Savings Account
The eligibility criteria for opening a PNB Zero Balance Savings Account may vary and are subject to change. However, the general eligibility criteria for PNB Zero Balance Savings Account are as follows:
- Citizenship: The applicant should be a resident individual of India or a Hindu Undivided Family (HUF).
- Age: The applicant should be at least 18 years of age or above. In the case of minors, the account can be opened by the parent or guardian on behalf of the minor.
- KYC (Know Your Customer) norms: The applicant should fulfill the KYC requirements of Punjab National Bank, which may include providing valid identity proof, address proof, and other relevant documents as per the bank’s guidelines.
- Account type: The PNB Zero Balance Savings Account is primarily designed for individuals who do not wish to maintain a minimum balance. Hence, individuals who do not meet the minimum balance requirement of other regular savings accounts offered by PNB may be eligible to open a Zero Balance Savings Account.
- Other requirements: The applicant may need to provide additional information or fulfill other requirements as per PNB’s policies and procedures, which may vary from time to time.
Document for PNB Zero Balance Savings Account
To open a PNB Zero Balance Savings Account, you would typically need to provide the following documents as per Punjab National Bank’s Know Your Customer (KYC) requirements:
Identity Proof: You may need to provide any one of the following valid identity proof documents:
- Aadhaar Card
- Passport
- Voter ID Card
- PAN Card
- Driving License
- Government-issued photo ID card
- NREGA Job Card
Address Proof: You may need to provide any one of the following valid address proof documents:
- Aadhaar Card
- Passport
- Voter ID Card
- Utility bills (electricity bill, water bill, gas bill, etc.) not more than 3 months old
- Bank account statement
- Rental/lease agreement
- Property tax receipt
- Registered sale/lease deed
Passport-sized photographs: You may need to provide a few passport-sized photographs for account opening and verification purposes.
Other documents: Depending on the specific requirements of PNB and the type of account, you may also need to provide additional documents such as income proof, employment details, or other relevant information as per the bank’s guidelines.
How to apply for PNB Zero Balance Savings Account?
To apply for a Zero Balance Savings Account with Punjab National Bank, you can follow these steps:
- Visit the official website of PNB or go to the nearest PNB branch.
- Look for the Zero Balance Savings Account option or inquire with the bank representative.
- Gather the required documents, such as identity proof, address proof, photographs, etc.
- Fill out the account opening form with accurate details.
- Submit the application form along with the required documents to the bank representative at the branch or through the online application process.
- Complete the verification process as per PNB’s guidelines.
- Upon successful verification, receive your Zero Balance Savings Account details, including the account number and ATM/Debit card.
FAQ
A: A Zero Balance Savings Account is a type of bank account that does not require the account holder to maintain a minimum balance.
A: Eligibility criteria may vary among different banks. However, typically, individuals who do not wish to maintain a minimum balance or do not meet the minimum balance requirement of a regular savings account may be eligible to open a Zero Balance Savings Account.
A: Some benefits of a Zero Balance Savings Account may include no minimum balance requirement, no or low maintenance charges, ATM/Debit card facilities, and access to basic banking services.
A: Yes, most banks provide a Debit card facility with a Zero Balance Savings Account, which can be used for various transactions such as withdrawals, payments, and online purchases.
A: Some banks may offer the option to convert an existing savings account to a Zero Balance Savings Account. However, it is advisable to check with the bank’s specific policies and procedures.
A: While a Zero Balance Savings Account offers flexibility in terms of maintaining a minimum balance, there may be certain limitations or restrictions imposed by the bank, such as transaction limits, withdrawal limits, and account features. It is important to be aware of these before opening an account.
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