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Punjab National Bank (PNB) Vidyarthi SF Account

One of the most memorable periods of anyone's life is when they are a student. This presents an excellent choice to take advantage of this opportunity and improve as a person. Parents would also feel responsible for ensuring that their child does not experience financial hardship while attending college, whether in India or a foreign country. A student savings account will help immensely in this regard.

As soon as a student turns 21, their account is automatically converted to a savings account. Some students can also access their accounts until they turn 25, depending on their circumstances.

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One of India's oldest and largest banks, Punjab National Bank, was founded in 1894 and had its headquarters in New Delhi. It has more than 12,240 branches nationwide and abroad. You can open a Punjab National Bank savings account online or via its mobile banking app if you would like.

Punjab National Bank's savings accounts are designed to meet the demands of a wide range of customers. When parents or guardians want to create a bank account for their child who will likely be studying abroad or away from home, the Punjab National Bank Vidyarthi SF Account is the most suitable option.

The Punjab National Bank launched this savings account to assist students at accredited educational institutions. The Punjab National Bank Vidyarthi SF Account offers numerous perks, including a zero-balance savings account, making it ideal for students.

The Punjab National Bank Vidyarthi SF Account provides clients with a secure and convenient way to keep their money. Besides offering competitive interest rates on fixed deposits, Bank provides ATMs conveniently located throughout the country that you can easily use to increase your income.

Name Punjab National Bank
Official Site www.pnbindia.in
Customer Care Numbers 1800 180 2222, 1800 103 2222, 0120-2490000, or 011-28044907
Credit Card Helpline 1800 180 2345 or 0120-4616200
Balance Enquiry 1800 180 2223 or 0120-2303090
Email Id care@pnb.co.in
Feedback Form  https://www.pnbindia.in/feedback.aspx
Complaint / Service Request https://www.pnbindia.in/ccsrms-status.aspx
Tracking Complaint / Service Request https://www.pnbindia.in/ccsrms-status.aspx

What Does Punjab National Bank Offer With Its Saving Accounts?

  • Online banking service is available for you
  • Mobile Banking Application
  • An SMS alert feature
  • Providing an electronic statement
  • Using an ATM or a debit card as a method of payment
  • Passbook
  • Also provides Chequebook

This article will focus on the PNB Vidyarthi SF Account benefits, charges, and how to open it.

Characteristics and Benefits of the PNB Vidyarthi SF Account

There are many advantages to having this account. PNB Vidyarthi SF account benefits are as follows:

  • Zero Balance Account

Unlike other savings accounts, the PNB Vidyarthi SF Account does not require an opening balance, nor does it impose monthly fees. While some banks impose minimum deposits, students are not subject to such restrictions when opening a savings account.

  • Reduced Fees

Punjab National Bank Vidyarthi SF Account does not charge an annual fee for their accounts or debit cards. Any expense, including admission or examination fees, can be paid with a free demand draft.

Demand drafts for all education-related expenses, such as tuition, exams, and other school-related expenses, are provided at no charge to the student. There are no hidden fees, including those for ledger folios. There is no charge for withdrawals, deposits, etc., made between PNB branches by students who have a PNB Vidyarthi SF Account.

  • No-Cost Debit Card

Punjab National Bank Vidyarthi SF Account provides complimentary debit cards to its student account holders, so they don't have to carry cash when making online or in-store purchases. Using a debit card is easy. A student can use BBank's services to buy things and pay for necessities. Students can access their savings accounts whenever cash is needed by using their debit cards. However, there is a nominal maintenance fee per year.

  • Access to a Chequebook

Any individual who opens a Punjab National Bank Vidyarthi SF Account receives 2 cheque books having 20 cheque leaves each per year.

  • Account Tenure

Students can use the Punjab National Bank Vidyarthi SF Account until they are 21. Once the student turns 21, the account automatically changes to a regular savings account. However, the account's benefits may extend until the student is 25 years old, depending on the circumstances.

  • Overdraft Facility

The guardian should execute the necessary documentation to avail of the Overdraft facility under this scheme. The first-year OD facility is up to Rs. 5,000/- and can be enhanced to Rs. 10,000/- if satisfactory.

A summary of the features of the Punjab National Bank Vidyarthi SF Account can be found in the following table:

Particular Features
Average Minimum Balance (AMB) NIL
Initial Deposit Zero
Interest Rate 2.70% p.a. / 2.75% p.a.*
Minimum Age 10
Free Cheque leaves Free (Maximum of 40 annual cheque leaves – i.e., 2 chequebooks of 20 leaves each)
NEFT charges Up to Rs.10,000 per day (free of charge)
ATM/Debit Card It is free of charge; however, maintenance fees are required on an annual basis.
Issue of Demand Drafts Fees for school or college are free
Issue of ATM/Debit Card (Rupay) Up to Rs.5000/- per day may be debited
Internet Banking Facility An allowed-only viewing facility
Mobile Banking Facility An allowed-only viewing facility
Overdraft The first-year OD facility is up to Rs. 5000/- & may be enhanced to Rs. 10,000/- if satisfactory.
Charges for not maintaining AMB N/A
Nomination Available
Ledger Folio Charges NIL
Incidental Charges NIL
Intersol transactions, including cash withdrawals/deposits No Charges

 *Savings Account Interest Rates: (WEF 04th April 2022)

Particulars Rate Of Interest
Saving Fund Account Balance below Rs.10 Lakh 2.70% p.a.
Saving Fund Account Balance of Rs.10 Lakh & above 2.75% p.a.

Discontinuation of Features

All concessions and freebies under the Minor Account scheme will be withdrawn once the account holder reaches the age of 21. A mandate/authorization letter must be obtained from the student to open an account under the scheme described above. This letter must state that the student account will be automatically converted into a General Category Savings Fund Account upon age 21.

As part of opening a Punjab National Bank Vidyarthi SF Account, the Cessation Date must also be given. This must include the date/year when the student will likely be leaving the institution or when they reach the age of 21 years old. In addition, the student must provide proper proof.

The special freebies/concessions under the PNB Minor scheme will be discontinued once the minor account is converted to a general Savings Fund account. Charges for SF accounts will be the same as those for regular savings accounts.

Requirements for the PNB Vidyarthi Savings Account

Parents or guardians can also open a Punjab National Bank Vidyarthi SF Account on behalf of a child. The child must be studying in a recognized institution to be eligible to receive the student savings account. Students under 21 are eligible to open the PNB Vidyarthi SF Account.

As a requirement for opening an account, you must comply with the Know Your Customer (KYC) guidelines, complete the Account Opening Form and provide other requisite information, such as photographs, proof of your identity, and proof of your address.

Documents to Apply for a PNB Vidyarthi SF Account

You need to submit the following documents to open a Punjab National Bank Vidyarthi SF Account:

  • Identity (ID) Proof: Any official government-approved proof of identity.
  • Proof of Address: Any government-approved proof of address for the student.
  • A student identification card from the institution.
  • To prove one's age, the student must provide a birth certificate.

Here are the documents necessary to open a new Vidyarthi SF account at PNB:

ID proof

  • Aadhaar card
  • PAN card
  • Voter ID (Age 18 and over)
  • Driving license (Age 16 and over)
  • Passport

Address Proof

  • Aadhaar card
  • PAN card
  • Voter ID (Age 18 and over)
  • Driving license (Age 16 and over)
  • Voter ID

Photographs

  • You will need to provide recent passport-sized photographs.

Punjab National Bank Vidyarthi SF Account: Overdraft and its Charges

You can only use the service for a maximum of 5,000 rupees in the first year. If the account is used responsibly for a year, it can be upgraded to 10,000 rupees the following year.

Additionally, this overdraft Punjab National Bank Vidyarthi SF Account has the following provisions:

  • Interest would be charged on overdrafts based on the standard unsecured personal loan interest rate.
  • Those undergraduates and graduate students who have reached the age of majority (i.e., 18) are eligible to use the overdraft facility.
  • A student attending a reputable academic institution away from home could access funds to cover the cost of their basic living expenses.
  • It is necessary to obtain and maintain on file a single postdated check from the student's working parents, legal guardian, or local guardian to make repayments.
  • After three months of not bringing the overdraft facility into credit, the Bank will initiate the recovery procedure. The student will no longer be able to apply for an overdraft at any of the Bank's branches.
  • The student's overdraft privileges should be terminated during the last year of school. The account should be brought to a positive balance six months before the academic year ends.

Punjab National Bank Vidyarthi SF Account: Fees and Additional Charges

Cash Transaction Intersol transactions are free, including cash withdrawals/deposits
ATM transaction at own Bank There is no charge for using PNB's networked ATMs
Cash withdrawal at ATMs in India For cash withdrawals: Rs. 38/- for every transaction

 

For PNB-SBI ATM sharing arrangements: Rs. 22/- for every transaction

Cash withdrawal at ATMs in outside India Rs. 150/- for every transaction
Balance inquiry at Other banks Rs.8/- for every transaction

 

For international transactions: Rs. 15/- for every transaction

 

For PNB-SBI ATM sharing arrangements: Rs. 10/- for international transactions

Add-on debit card With a PNB Debit card, you can share the convenience with your loved ones. Just gift them an add-on card. Customers of CBS branches are eligible to receive two add-on cards for free. The person receiving the card does not need to have a PNB account.
Issue of DD drawn on base Bank/banks branch by cheque/transfer There is no charge
Cheque Books You get 2 free chequebooks per year

How to Open a Savings Account With PNB?

Online Account Opening with PNB Through OOSA

  1. Please visit the PNB OOSA website at https://pnbnet.org.in/OOSA/
  2. Choose the option 'Click here to open an online saving account without E-sign.'
  3. Upon entering the website, you will see an application form.
  4. Enter your name, date of birth, address, and contact information.
  5. Choose 'Submit' from the menu.
  6. A Temporary Reference Number (TCRN) will be sent to your mobile phone and email address.
  7. Ensure that the TCRN is kept safe for future use.
  8. On the next page, you will need to enter your TCRN number.
  9. The applicant must now apply to the Bank along with the TCRN, photograph, ID, and proof of address.
  10. The Bank will verify all KYC documents.
  11. Once your verification is complete, your savings account will be opened.

Offline Opening of a PNB Account

  1. Get in touch with your nearest Punjab National Bank branch.
  2. Before starting the account opening process, you must have all the necessary documents.
  3. Complete the form with all the necessary information.
  4. Ensure that the KYC documents match the details.
  5. After you have completed the form, submit it at the counter.
  6. The Bank will conduct verification of your documents and information.
  7. Once your verification is complete, your savings account will be opened.

Other Types of PNB Savings Accounts

Apart from the Punjab National Bank Vidyarthi SF Account, the following are a few other types of accounts which can be opened with PNB:

Online Savings Account

  • Savings Deposit Account (General): Entry-level savings account from PNB can be opened by anyone with an initial deposit of Rs 500. The PNB account also includes an ATM, a debit card (individual accounts), and other services such as free transfer of funds within PNB accounts and free access to the internet.
  • Premium Saving Account Product: In addition to offering various premium and exclusive benefits and features to their premium customers, Punjab National Bank provides a Platinum Debit Card with accidental protection of Rs 2 lakh.
  • PNB SF Prudent Sweep Deposit Scheme: To help you earn a higher interest rate on your savings, Punjab National Bank offers the Prudent Sweep Deposit Scheme. This scheme enables you to automatically transfer your balance from your savings account to a fixed deposit account.
  • PNB Family Protection Account: As a term assurance plan with a return of premium bundled with a savings account, a PNB Family Protection Account provides a monthly income benefit to the nominee in the event of the death of the Life Insured and helps manage family expenses.
  • PNB Junior SF Account: This account type is designed to provide minors with an attractive savings fund account from the beginning, providing them with exclusive features and benefits. Punjab National Bank offers efficient savings fund accounts for minors.
  • PNB Rakshak Scheme: There's a specially designed saving account exclusively for Defence Personnel, Para Military Forces, and Police officers at Punjab National Bank called Rakshak Scheme.
  • PNB Shikshak Scheme: This savings account scheme offered by the PNB is specially designed for permanent teachers in recognized schools, colleges, and universities.

Offline Savings Account

  • PNB Power Savings: Punjab National Bank launched its Power Savings savings account as a way of empowering women and assisting women.
  • PNB Pension Savings Account: Pensioner or Prospective Pensioner who has instructed their pensions to be credited into this account has secure access to their monthly pensions. It is an interest-bearing savings account used only by pensioners who receive a monthly pension.
  • Scheme for OD to Pensioners Account: Pensioners can use this facility when withdrawing pensions from the Bank or having a fixed deposit with a bank.
  • Basic Saving Bank Deposit Account (BSBDA): A Basic Savings Bank Deposit Account, or BSBDA, is a Savings Account without a minimum balance but a maximum balance requirement.
  • SF Prudent Sweep: This savings account is available to individuals through Punjab National Bank. It has many excellent features and benefits, making it a popular choice among savings account holders.
  • New Salary Saving Products: The scheme is open to the regular employees of central and state governments, public companies, government-semi-government corporations, MNCs, and reputed educational institutions. Contract employees are not eligible.

Wrapping Up

No doubt, every parent is concerned for the well-being of their kids, but these concerns multiply when they travel internationally or elsewhere. In such a situation, the Vidyarthi Savings Bank Account comes in handy. When creating an account for their kid who is likely studying abroad or otherwise away from home, the Punjab National Bank Vidyarthi SF Account is the most suitable option.

This account has numerous advantages, including the absence of fees (both recurring and one-time), a low minimum balance requirement, and no need to deposit anything to open an account.

FAQs

What is the Vidyarthi SF account in PNB?

As already stated, PNB Vidyarthi SF Accounts are zero-balance savings accounts, which means they do not require any opening balance, as there are no minimum balance requirements. Also, they do not charge maintenance fees for them.

What is the maximum amount that can be deposited into a student account at PNB?

A maximum amount of Rs.1,00,000/- can be transferred daily, and third parties cannot withdraw any amount from a withdrawal slip.

What is the PNB SF junior account?

Minors of any age can open savings accounts with their natural or legally appointed guardians. Minors who have reached the age of 10 years (by providing proof of their age or consent) may open and operate their savings bank accounts independently after obtaining satisfactory evidence of their age.

What are the types of accounts available at Punjab National Bank?

Customers can open a savings account only if they are resident individuals.

What is the process for adding new funds to your account?

If you wish to add funds to your new account, you can do so through UPI, IMPS, or NEFT or visit the nearest branch. You can also use mobile banking, internet banking, or any other application you prefer.

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