PNB Power Savings Account: Punjab National Bank is offering a Savings Account for women. Many facilities are being offered to women on this account for free. The name of the account is PNB Power Savings. Any Indian woman citizen can open this savings account in single or joint. The condition with a joint account is that the first name must be of the woman.
The first feature of PNB Power Savings is that with this account, the female customer gets the option of sweep facility. Under the sweep-in facility, if more money is deposited in the savings account than a fixed limit, then the extra money is automatically converted into FD and there is an FD interest. Once the money in the savings account falls below the fixed limit, the FD ends automatically and the money starts counting in the savings account itself. This is called sweep out. In PNB Power Savings, the woman will have the choice of whether she wants to take the sweep facility or not.
How many rupees will open and how many withdrawals per day
PNB Power Savings Account can be opened anywhere in the village or city. In the village, you can open this account with 500 rupees. Apart from this, this account will be opened in semi-urban areas from Rs 1000 and in urban/metro cities from Rs 2000. Talking about the minimum quarterly average balance of the account, it is Rs 500 in rural areas and Rs 1000 for other areas. A charge is payable for not maintaining fixed balance. You can withdraw cash up to 50 thousand rupees per day from an ATM. Up to Rs 1.25 lakh can be paid daily on POS for domestic shopping.
Free and discounted facilities
1. In this account, a chequebook of 50 checks is available annually.
2. NEFT facility is available for free.
3. Platinum Debit Card is available free on bank account.
4. Free SMS alert facility.
5. Free Accidental Death Insurance cover up to Rs 2-5 lakhs.
6. Every month a draft up to Rs 10000 can be made for free.
7. There is no documentation charge in case of taking home loan, vehicle loan, personal loan.
8. There is no charge for the account statement.
9. There is no charge for signature attestation, duplicate passbook, interest certificate, balance certificate.
10. There will be a 25 percent discount in fees for opening a demat account.
11. For a small locker, there is a 25 percent discount in the rent of the first year locker.
Conditions also apply
Insurance claims up to Rs 5 lakh will be admissible if
- The quarterly average balance in the account during the last calendar quarter is Rs. 25000 / – or more.
- There should be at least one transaction on POS/e-commerce during the last 90 days.
- As per the current guidelines, the Platinum Debit Card should be used within 45 days. If the customer opts for the classic debit card then the personal accident cover will be limited to an amount of Rs 1 lakh.
- If the customer has a platinum debit card and used in the last 45 days but does not meet the terms a and b, then the insurance claim will be limited to Rs 2 lakh.
The facility of exemption from NEFT charge and a free demand draft in the month will be available only if the quarterly average balance of Rs 5000 / – has been kept in the account in the previous quarter.
Advantage of additional reward points
In the PNB Power Savings Account, women customers are given additional reward points as compared to other customers for making transactions through Internet banking and mobile banking. Here are the rewards on transacting through Internet banking…
Rewards on transactions through mobile banking
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