A personal savings account is very important for a student in order to plan a financially secure future in terms of education and career growth. Punjab National Bank is one of the leading government banks in India. The bank provides banking services to students who are below 18 years of age under the PNB Junior SF Account scheme.
PNB Junior SF Account or Vidyarthi SF account can be opened by a minor under the guardianship of their natural or legally designated guardian, regardless of their age. You can deposit your money in this account easily by online transfer from another account or by visiting the branch and depositing cash. Let’s check all the major factors, eligibility and other details of the PNB Junior SF Account.
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Table of contents
What is PNB Junior SF Account?
Minors who have reached the age of 10 (subject to providing adequate proof of age) are permitted to independently establish and manage savings bank accounts. The commencement of the account is contingent upon adherence to Know Your Customer (KYC) guidelines, completion of the Account Opening Form, and fulfilment of other necessary procedures, including providing photographs, proof of identity and address, among others. Check more details of the PNB Junior SF Scheme
| Particular | Concessions/Freebies |
|---|---|
| Minimum Quarterly Average Balance (QAB) | Zero |
| Initial Deposit | Zero |
| Free Cheque leaves | 50 cheque leaves per year |
| NEFT charges | Free upto Rs.10,000/-per day |
| Issue of Demand Drafts | Free for school/college fee |
| Issue of ATM/Debit Card (Rupay) | Allowed subject to debit upto Rs.5000/- per day |
| Internet Banking Facility | Allowed-only view facility |
| Mobile Banking Facility | Allowed-only view facility |
| On attaining majority revised instructions/ signature & a/c will be converted to “SBGEN”. | No overdraft facility |
| Charges for not maintaining QAB | Not Applicable |
| Ledger Folio Charges | NIL |
| Intersol transactions including cash withdrawals/deposits | Free |
Benefits of PNB Vidyarthi SF Account
The PNB Vidyarthi Savings Fund Account is a testament to how financial institutions are recognizing the unique needs of students and contributing to their holistic development. Check out these amazing benefits of the PNB Vidyarthi SF Account:
- Students can gain knowledge about budgeting, saving, and making wise financial decisions.
- The account can be used to support education in addition to being a tool for saving money. Students can save money for things like tuition, books, and other educational costs.
- The account helps children develop their saving habits early on by providing a platform for doing so.
- As they enter adulthood and begin to handle more complicated financial responsibilities, this behaviour can be extremely helpful. The account can be used as an emergency fund in case of unanticipated occurrences.
- Students can avoid burdening their relatives by using the money they have saved to deal with unforeseen circumstances.
- By eliminating the burden of going to a real bank branch, the offered debit card and mobile banking services make it simple for students to access their funds whenever they need to.
Eligibility Criteria
The eligibility criteria for opening a PNB Vidyarthi Savings Fund (SF) Account may vary slightly based on the specific policies and guidelines of Punjab National Bank (PNB). However, here are the general eligibility criteria that are typically required to open a PNB Vidyarthi SF Account:
- The account is usually available for students who fall within a certain age range, which may vary from bank to bank. Generally, the age range is between 10 years and up to 25 years.
- As the account is designed to cater to students pursuing education, you will likely need to provide proof of enrollment in a school, college, university, or any recognized educational institution. This can usually be done by presenting your school/college/university identity card or an offer letter.
- You might be required to be a resident of India to be eligible for the PNB Vidyarthi SF Account. You’ll need to provide valid proof of your residential address, which can include documents like utility bills, rental agreements, or any other official documents that establish your address.
- Like any other bank account, you’ll need to provide the necessary KYC documents. These typically include proof of identity (such as an Aadhar card, Passport, or Voter ID) and proof of address (utility bills, rental agreement).
- Since students in the eligible age range might not have reached the legal age of opening an account on their own, parental or guardian consent may be required. The guardian or parent will need to be present during the account opening process and provide their own KYC documents as well.
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How to Open PNB Junior SF Account?
Here is the process to open the PNB Vidyarthi SF Account, both online and offline:
Online Process
- Please go to https://pnbnet.org.in/OOSA/ to learn more about the PNB OOSA.
- Select the option ‘Click here to start a free online savings account.’
- When you first visit the website, you will see an application form.
- Fill in your name, birth date, address, and contact information.
- Select ‘Submit’ from the drop-down option.
- Your mobile phone and email address will be given a Temporary Reference Number (TCRN).
- Ensure that the TCRN is stored securely for future use.
- On the following page, you must input your TCRN number.
- The applicant must now submit an application to the bank, together with the TCRN, a photograph, identification, and proof of address.
- All KYC documents will be verified by the bank.
- Your savings account will be opened after your verification is complete.
Offline Process
- Contact your nearest Punjab National Bank branch.
- You must have all of the essential documentation before beginning the account opening procedure.
- Fill out the form with all of the required information.
- Check that the details on the KYC documents match.
- After you’ve finished the form, turn it in at the counter.
- Your documents and information will be verified by the bank.
- Your savings account will be opened after your verification is complete.
Documents Required for Opening the Account
To open a PNB Vidyarthi SF Account, students typically need to provide the following documents:
- Proof of Identity (Aadhar card, Passport, Voter ID, etc.)
- Proof of Address (Utility bill, Rental agreement, etc.)
- Passport-size photographs
- School/college/university identity card
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Overdraft Fees
It is always suggested to the students to check the entire schedule of charges regarding the PNB Junior SF Account. The bank usually charges for certain transactions like ATM withdrawals, balance enquiry through another bank’s ATM, chequebooks etc. Check the details of the charges below:
| 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 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 | You can share the ease of a PNB Debit card with your loved ones. Simply give them an add-on card. Customers of CBS locations are eligible for two complimentary add-on cards. The recipient of 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 |
PNB Junior SF Account Interest Rate
PNB provides interest rates on savings annually. You will receive interest on the money that will be in your account. The rate of interest on savings account varies depending on the total amount available in the savings account. Check the rate of interest below:
| 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. |
FAQs
SF Account refers to the bank account that SmartFunding maintains in order to pay out the investors’ investment amounts to sellers and collect the investors’ investment amounts and interest from the seller(s) or customer(s).
Ans. There are no yearly maintenance fees for the PNB Students Savings Account or the debit card. Demand drafts are free for all types of expenses, including exam and entrance fees. Ledger folio and incidental charges are not included in the bank account.
Ans. For the majority of savings accounts offered by Punjab National Bank, users are not required to maintain a Quarterly Average Balance (QAB). For other schemes, this can range from INR 1000 for rural areas to INR 3000 for urban areas.
No. There is no minimum or initial deposit required to open a PNB Junior SF Account. You can open the account with a zero balance facility.
As this account is primarily for minors who are above 10 years of age, the internet banking facility will be enabled but it will be ‘view-only’ mode.
This was all about the PNB Junior SF Account. This scheme is also famous as the PNB Vidyarthi SF Account. Always go through the details of the account and the documents required so that you can get an account with the bank hassle-free.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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