Whenever you would open a savings account deposit with a bank, they would most probably require you to keep a minimum balance in your account. This minimum balance requirement can be problematic as the bank would charge you if you don’t maintain it.
However, as per the PNB basic saving bank deposit account, you don’t need to have any minimum balance. Here your minimum balance can be zero. The bank in this savings account provides various other facilities.
So in this blog, you will find out the benefits of a PNB basic bank deposit account and the eligibility to apply for a PNB basic bank deposit account. You can apply for this best Zero Balance Savings Account if you find it interesting.
The benefits of PNB basic savings bank deposit account
The minimum balance requirement:
One of the most exciting features of this account is the zero minimum balance requirements. Even if you have zero rupees in your account, you won’t get charged. You also don’t need to add an initial balance to the account when opening the savings account.
Your bank provides a nomination facility in this savings account.
Cheque book issuance:
The bank will issue a cheque book of 20 leaves free of cost in a year. However, cheque book charges would be applicable.
There is no limit on the number of deposits and four withdrawals in a month: There is no limit to the number of deposits you can make in a month. However, a maximum of four withdrawals can be made in a month.
No charge on Debit Card:
You get a facility of Debit Card with no charges.
The account would be subjected to RBI instructions on Know Your Customer (KYC) / Anti Money Laundering (AML) for opening of bank accounts issued from time to time.
Minimum age to open an account:
The applicant should be more than 10 years of age to be eligible. A minor can open an account under a legal guardian.
Eligibility criteria to apply for a PNB savings bank deposit account
An individual can open an account either singly or jointly.
The age to be eligible to apply is 10 years and above. However, in the case of a minor, legal guardianship is required.
An illiterate or visually impaired person is also eligible to open a saving account under the scheme with usual safeguards.
The documents required for opening the PNB savings bank deposit account
Proof of Identity:
You can carry an Aadhaar card, PAN card, voter ID, driving license, passport, etc as proof of your identity.
Proof of Address:
The address proof can be your Aadhaar card, utility bills (electricity and telephone bills), passport, driving license, voter ID, etc.
Form 16 needs to be carried only be filled by those who do not have a PAN card
You also need to carry your recent passport size photographs.
PNB is one of India’s oldest and most trusted public sector banks. The PNB basic saving bank deposit account is very interesting since it has various advantages. You can open the account at the age of 10 years. You also don’t need to maintain a minimum balance in your savings account. However, you need to check the charges in the savings account before applying. After reading this blog, you know the benefits of the PNB basic saving bank deposit account and the eligibility criteria to apply for it. You can apply for the PNB zero balance savings account if you find the features interesting. However, do check and compare the features and charges with others to make an informed decision.