Product Details
Bank Name
Punjab National Bank
Account Name
PNB SF Prudent Sweep Deposit Scheme for Individuals.
Account Type
Savings account
Interest Rate
Upto 10 lakh-2.70% and above 10 lakh 2.75%
Free Debit Card
Yes
Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Initial Deposit/Minimum Quarterly Average Balance Required: Rs.25000.
Debit Card Charges
NIL
NEFT Charges
Free if done through net banking/mobile banking.
IMPS Charges
Free if done through net banking/mobile banking.
Fees and Charges
PNB SF Prudent Sweep Deposit Scheme for Individuals.
Special Features
Sweep In and Out shall take place in savings accounts after the cut-off level of Rs.50,000 i.e., having a balance of over Rs.50,000 with a minimum Sweep-out/ Sweep-In of Rs.5,000 and thereafter in multiples of Rs.5,000 to fixed deposit.
Fixed deposits under this scheme can be issued for minimum period of 46 days and for maximum period of 179 days.
Eligibility Criteria
All individuals fall into the age group between 18 and 50 years.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
No charges for NEFT/IMPS transactions.
50% concession on annual maintenance charges for demat services for first year only.
Cons
Low interest rate for savings account.
PNB SF Prudent Sweep Deposit Scheme for Individuals.
The account offers low interest rate even the interest offered on sweep-in FD is low. The account comes with average value add benefits.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Visit a PNB Branch: Locate the nearest PNB branch to you.
Required Documents:
Proof of Identity: Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License.Proof of Address: Aadhaar Card, Passport, Voter ID, Driving License, or utility bills.
Photographs: Two recent passport-sized photographs.Account Opening Form: Obtain an account opening form from the bank representative. Fill in the form accurately and completely with all the required details.
Submit Documents and Open Account: Submit the completed form and all the required documents to the bank representative. The bank representative will guide you through the account opening process.