PNB Current Account – Types, Features & Application Guide

Tushar, an ambitious retail shopkeeper, recently shared how the Punjab National Bank (PNB)  has become his trusted financial partner. The PNB Current Account offers exceptional benefits and services to its retail business. Tushar needs to manage his finances, streamline his operations, and grow his business efficiently.

PNB has emerged as a reliable banking partner for businesses of all sizes in India, especially small business owners like Tushar, who require practical and cost-effective banking solutions.

Tushar found the PNB Current Account particularly advantageous for managing his daily business transactions and addressing his financial requirements effectively.

Here’s how the PNB Current Account has benefited Tushar:

“When I opened my PNB Current Account, I was impressed by how well it catered to my business’s retail needs. Running a retail shop involves frequent transactions, managing cash flow, and ensuring seamless banking. PNB exceeded my expectations, making it an integral part of my business growth and financial management.”

• Affordable Banking Solutions: PNB offers a cost-effective banking experience with services for small business owners like me. This includes low maintenance fees and affordable transaction charges, which are perfect for my retail operations.
  
  
• Convenient Digital Banking: PNB provides free and user-friendly digital banking services, including UPI, NEFT, RTGS, and IMPS transactions. This has reduced my operational hassles and improved efficiency.
  
  
• High Transaction Limits: The PNB Current Account offers reasonable transaction limits, which are ideal for my daily business operations involving frequent sales and purchases.
  
  
• Dedicated Relationship Manager: PNB assigns a dedicated relationship manager to current account holders. This personalised service has been invaluable in managing my cash flow, loans, and financial planning.
  
  
• Interest on Balance: I earn a 2.75% Interest rate on the balance maintained in my current account, which helps me grow my savings while managing my business finances.
  
  

Tushar’s Annual Savings and Benefits:

Low Maintenance Fees: Saves ₹5,000 annually (compared to other banks with higher fees).
Free Digital Transactions: Saves ₹3,000 annually (on UPI, NEFT, RTGS, and IMPS charges).
Dedicated Support: Saves ₹7,000 annually (on financial advisory and cash management services).
Interest Earnings: Earns ₹2,000 annually (on balance maintained).

Tushar’s Total Savings and Benefits: Almost ₹17,000+ per year!

Types of PNB Current Accounts with Features and Benefits 

Tushar, tell us about the features and benefits of different types of PNB's current accounts, which help in business areas that enhance the user's financial life. Here is the info:

1. PNB Pragati Current Account

The PNB Pragati Current Account is an ultimate banking solution designed to meet the needs of small and medium-sized businesses, including retail shopkeepers, traders, and entrepreneurs. The PNB Pragati Current Account helps business owners manage their finances efficiently while saving on operational costs. Here’s a detailed look at its features and benefits:

Key Features of PNB Pragati Current Account:

• Low Minimum Balance Requirement:
  • The account requires a low minimum balance, making it accessible for small businesses and startups.
    
    
  • Monthly Average Balance: ₹25,000 (Prime) | ₹50,000 (Prime Plus)
    
    
• Free Digital Banking or Transaction Services:
  • Enjoy free digital transactions, including UPI, NEFT, RTGS, and IMPS, enabling seamless and cost-effective fund transfers.
  • Access to PNB’s internet banking and mobile app for 24/7 banking convenience.
    
    
• High Transaction Limits:
  • The account offers reasonable transaction limits for businesses with frequent daily transactions.
    
    
  • Daily Transaction Limit: Up to ₹1,00,000 (can be customised based on business needs)
    
    
• Dedicated Relationship Manager:
  • PNB provides a dedicated relationship manager to assist with account management, financial planning, and resolving queries.
  • Personalised support ensures smooth banking operations for business owners.
    
    
• Affordable Maintenance Fees:
  • The account comes with low maintenance charges, making it a cost-effective choice for small businesses.
    
    
• Interest on Balance:
  • Earn a nominal interest rate on the balance maintained in the current account, helping businesses grow their savings.
    
    
  • Interest Rate: Up to 2.70% per annum on the account balance.

Benefits of PNB Pragati Current Account:

• Cost-Effective Banking:
  • With low maintenance fees and free digital transactions, businesses can save significantly on banking costs.
  • Ideal for small businesses with limited budgets.
    
    
• Enhanced Efficiency:
  • Digital banking services streamline operations, allowing business owners to focus on growth rather than administrative tasks.
  • Quick and hassle-free fund transfers improve cash flow management.
    
    
• Personalised Support:
  • The dedicated relationship manager ensures that businesses receive tailored financial advice and solutions.
  • Assistance with loans, overdrafts, and other banking needs.
    
    
• Flexibility in Transactions:
  • High transaction limits and no penalties for exceeding them provide flexibility for businesses with varying transaction volumes.

2.   PNB Expert Current Account

The PNB Expert Current Account is designed for growing businesses, professionals, and enterprises that require advanced banking solutions with higher transaction capabilities and premium services. With its remarkable features, competitive pricing, and dedicated support, this account is an excellent choice for business owners who are looking to scale their operations efficiently.

Key Features and Benefits of PNB Expert Current Account

• Higher Transaction Limits
  • Daily Transaction Limit: Up to ₹5,00,000 (customisable based on business requirements)
  • Ideal for businesses with high transaction volumes, such as wholesalers, manufacturers, and service providers.
    
    
• Low Monthly Average Balance Requirement
  • Monthly Average Balance: No need to maintain a minimum balance.
  • Ensures accessibility for growing businesses while maintaining a zero balance.
    
    
• Free Digital Banking Services
  • UPI, NEFT, RTGS, and IMPS transactions: Free of cost
  • Enables seamless and cost-effective fund transfers for vendors, suppliers, and clients.
    
    
• Competitive Maintenance Charges
  • Monthly Maintenance Fee: ₹1,000 (urban branches) | ₹500 (rural branches)
  • Offers premium services at an affordable price compared to other banks.
    
    
• Interest on Balance
  • Interest Rate: Up to 2.5% per annum on the account balance
  • It helps businesses earn a competitive return on their idle funds.
    
    
• Wide Network of Branches and ATMs
  • Access to over 10,000+ PNB branches and 13,000+ ATMs across India.
  • Ensures convenience for businesses operating in multiple locations.

Tushar’s Annual Savings and Benefits with PNB Expert Current Account

Tushar, a growing entrepreneur, switched to the PNB Expert Current Account and experienced significant savings and benefits:

• Low Maintenance Fees:
  • Saves ₹12,000 annually (compared to other banks charging ₹2,000/month).
    
    
• Free Digital Transactions:
  • Saves ₹7,200 annually (on UPI, NEFT, RTGS, and IMPS charges).
    
    
• Interest Earnings:
  • Earns ₹25,000 annually (on an average balance of ₹10 lakh at 2.5% interest).
    
    
• Dedicated Support:
  • Saves ₹20,000 annually (on financial advisory and cash management services).

Tushar’s Total Savings and Benefits: Almost ₹64,200+ per year!

Punjab National Bank Current Account Fees and Charges

Here’s a detailed breakdown of the Punjab National Bank's Current Account charges for you to consider:

Tushar said: Punjab National Bank's current account helps me like a loyal financial partner with low fees and charges. It’s perfect for my daily business routine and needs, saving me time and money. I also enjoy zero hidden charges and seamless transactions, which is why I call it my loyal financial partner.

Notes:

• Free Digital Transactions: PNB offers free UPI, NEFT, RTGS, and IMPS transactions for most current accounts, making it cost-effective for businesses.
  
  
• Customisable Limits: Transaction limits and fees can be customized based on business requirements and account type.
  
  
• GST Applicable: All charges are subject to GST at the prevailing rate.

Punjab National Bank Current Account Eligibility & Required Documents

Here’s a combined table outlining the Eligibility for opening a Punjab National Bank Current Account:

Here’s a combined table outlining the Required Documents for opening a Punjab National Bank Current Account:

How to Open a Punjab National Bank Current Account?

Offline Application:

Step 1: Visit the nearest Punjab National Bank branch. You can find the nearest branch using the Branch Locator.

Step 2: To initiate the application process, you request a current account opening application from Punjab National Bank branches.

Step 3:  Fill in the required details and attach the necessary documents, such as address proof and income proof (if required).

Step 4: After completing your form, submit it to the bank representative.

Step 5: Wait for 24 hours.

Step 6:  When Punjab National Bank verifies your documents, the bank will open your current account.

Online Application:

Step 1: Visit the official website of the Punjab National Bank and hover over the “Products” section.

Step 2: A pop-up will appear, click on the “Deposit” option in the upper left corner.

Step 3: Select the “Current Account” option.

Step 4: You will see all of Punjab National Bank's current accounts. Select one according to their needs, then click here for the direct link.

Punjab National Bank Current Account vs Competitor Banks

Here’s a detailed comparison of Punjab National Bank's current account with competitor banks, highlighting key features, benefits, and differences:

Key Takeaways:

• PNB offers low minimum balance requirements and affordable fees, making it ideal for small businesses and rural entrepreneurs.
  
  
• SBI has the largest branch network, making it convenient for businesses operating in remote areas.
• HDFC Bank and ICICI Bank provide premium services and higher transaction limits, catering to high-value businesses.
  
  
• PNB stands out for its free digital transactions and low cash deposit/withdrawal charges, which reduce operational costs for businesses.

FAQs

1. What are the benefits of a PNB current account?
   Enjoy features like overdraft facilities, free digital banking, and tailored solutions for businesses.
   
   
2. What is the minimum balance for a PNB current account?
   The minimum balance varies by account type, typically ranging from ₹5,000 to ₹1,00,000.
   
   
3. How to open a PNB current account?
   Submit KYC documents, proof of business, and an application form at a PNB branch or online.
   
   
4. What are the charges for a PNB current account?
   Charges depend on the account type and services used, including non-maintenance fees and transaction fees.
   
   
5. Can I open a PNB current account online?
   Yes, PNB offers online account opening through its website or mobile app with document upload and verification.

Apply for Loans Fast and Hassle-Free

Apply Now

About the Author

LoansJagat Team

We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?