Managing finances as a student can be challenging, especially for those living away from home. To address this issue, the PNB Vidyarthi SF Account, offered by Punjab National Bank, provides a simple and convenient way to manage savings, with numerous benefits tailored specifically for students.
PNB Vidyarthi SF account can be opened by a minor under the guardianship of their natural or legally designated guardian, regardless of their age. This article will explore the features, benefits, eligibility, and other important details, helping students and parents understand why this PNB vidyarthi sf account is an excellent option for managing finances during studies.
Table of contents
- What is PNB Vidyarthi SF Account?
- Key Features and Benefits of the PNB Vidyarthi SF Account
- Eligibility Criteria for PNB Vidyarthi SF Account
- Documents Required for Opening PNB Vidyarthi SF Account
- How to Open PNB Vidyarthi SF Account?
- PNB Vidyarthi SF Account: Overdraft Facility and Charges
- Fees and Additional Charges of PNB Vidyarthi SF Account
- Differences Between the PNB Vidyarthi SF Account and the PNB Junior SF Account
- FAQs on PNB Vidyarthi SF Account
What is PNB Vidyarthi SF Account?
The Punjab National Bank Vidyarthi SF Account is a zero-balance student savings account who enrolled in recognized educational institutions. This PNB student account is designed to help students manage their finances with ease while focusing on their studies. Here’s why PNB Vidyarthi SF Account a great choice for students:
- No Minimum Balance: Students don’t need to maintain a minimum balance, making it easier to manage their money.
- Good Interest Rates: The account offers attractive interest rates on fixed deposits, helping students grow their savings.
- Easy ATM Access: Students can easily withdraw money from ATMs across the country, anytime they need it.
- Tailored for Students: This account is specially made to meet the needs of students at accredited institutions.
- Convenient for Parents/Guardians: Parents or guardians can open the account for their child, especially if the student is living away from home.
- Simple Requirements: The account has minimal requirements, offering lots of benefits and making it easy to open and manage.
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Key Features and Benefits of the PNB Vidyarthi SF Account
The PNB Vidyarthi SF Account offers a range of features tailored to meet the unique needs of students living away from home in India, with added convenience for their parents. Explore the amazing features and benefits of this PNB student account:
- Zero-Balance Account: No initial deposit or minimum balance requirement.
- Age-Based Account Conversion: The account remains valid until the student turns 21. Post-21, the account automatically converts to a regular savings account. In some cases, the benefits may extend up to 25 years.
- No Maintenance Charges: Free from maintenance charges, making it easier to manage finances.
- Free Demand Drafts: Students can make demand drafts for tuition fees and examination fees at no extra cost.
- No Incidental Charges: No ledger folio or incidental charges are applied to the account.
- Free ATM Debit Card: The student receives a free ATM debit card upon account opening. While there are no charges for using the card, annual maintenance fees are recovered by the bank later.
- Free Banking Services: Transactions like withdrawals and deposits are free of charge.
- Cheque Books: The account holder is provided with two cheque books (20 cheque leaves each) when the account is opened.
Eligibility Criteria for PNB Vidyarthi SF Account
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 student must be studying at a recognized institution for opening this PNB student account.
- The student should be below the age of 21 to open the account. The account can be extended until the student turns 25, depending on certain conditions.
- 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.
Documents Required for Opening PNB Vidyarthi SF Account
Opening a PNB Vidyarthi SF Account requires a few essential documents to ensure smooth processing. These documents help verify the student’s identity, age, and guardianship details, if applicable. To open a PNB Vidyarthi SF Account, students will typically need to provide the following documents:
| Document Type | Required Documents |
| Proof of Identity | – Aadhaar card – PAN card – Voter ID (Age 18 and over) – Driving license (Age 16 and over) – Passport |
| Proof of Address | – Aadhaar card – PAN card – Voter ID (Age 18 and over) – Driving license (Age 16 and over) – Voter ID |
| Photographs | – Recent passport-sized photographs |
| Additional Documents | – School/college/university identity card – Birth Certificate: To verify the student’s age. |
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How to Open PNB Vidyarthi SF Account?
To apply for a PNB Vidyarthi SF Account, you can visit your nearest Punjab National Bank branch or apply online (if available in your region). Ensure that all required documents are ready and meet the eligibility criteria before submitting the application. Once your application is approved, the bank will issue an ATM card, cheque books, and provide details about your PNB student account.
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PNB Vidyarthi SF Account: Overdraft Facility and Charges
The overdraft facility available for the Punjab National Bank Vidyarthi SF Account allows an initial limit of INR 5,000 during the first year. With responsible usage and proper management of the account for one year, the overdraft limit can be increased to ₹10,000 in the subsequent year.
Key points regarding the overdraft service:
- Interest Charges: Interest will be applied on the overdraft amount, calculated according to the standard rate for unsecured personal loans.
- Eligibility Criteria: The overdraft facility is open to undergraduate & graduate students aged are 18 years or older.
- Purpose of Overdraft: This facility can be used by students studying far from home at recognized institutions to meet essential living expenses.
- Repayment Process: A postdated check from the student parents/legal/local guardian must be provided and kept on record for repayment.
- Recovery Procedure: If the overdraft remains unpaid for more than three months, the bank will begin recovery procedures, and the student or account holder minor will no longer be eligible for any further overdraft services at the bank.
- Termination of Facility: The overdraft facility is typically ended during the student’s final academic year. The account must be settled with a positive bank balance at least six months before the conclusion of the academic year.
Fees and Additional Charges of PNB Vidyarthi SF Account
It is always suggested to the students to check the entire schedule of charges regarding the PNB Vidyarthi SF Account. The bank usually charges for certain transactions like ATM withdrawals, balance enquiry through another bank’s ATM, cheque books etc. Check the details of the charges below for this PNB student account:
| 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 cheque books per year |
PNB Vidyarthi 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. |
Differences Between the PNB Vidyarthi SF Account and the PNB Junior SF Account
The PNB Vidyarthi SF Account and the PNB Junior SF Account cater to different age groups and offer distinct features. The key differences between the PNB Vidyarthi SF Account and the PNB Junior SF Account are as follows:
| Feature | PNB Vidyarthi SF Account | PNB Junior SF Account |
| Age Eligibility | For students up to 21 years old | For minors under 10 years old (opened by parents/guardians) |
| Opening Deposit | Requires an initial deposit | No initial deposit required |
| Minimum Balance | No overdraft facility, but balance requirements may apply | No minimum monthly balance requirement |
| Cheque Books | Includes two cheque books (20 leaves each) | Not applicable |
FAQs on PNB Vidyarthi SF Account
The PNB Vidyarthi SF Account is a zero-balance savings account for students at recognized institutions. It offers no opening balance or monthly fees, also offers a free debit card, free demand drafts for education expenses, free inter-branch transactions, and two cheque books. The account is valid until the student turns 21, extendable to 25, after which it converts to a regular savings account.
SF Account refers to the bank account that Smart Funding 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 Vidyarthi 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.
The PNB Vidyarthi SF Account offers a variety of benefits designed to support students. It requires no initial deposit, minimum balance, or maintenance charges. It also provides free demand drafts for tuition, exam, and education-related expenses.
The PNB Vidyarthi SF Account is for students up to 21 years old, requiring an initial deposit and offering cheque books. Whereas, the PNB Junior SF Account is for minors under 10, requires no deposit, has no minimum balance, and doesn’t offer cheque books.
The eligibility criteria to open a PNB Vidyarthi SF Account is that the student must be enrolled in a recognized institution and be under 21 years old. The account can be extended up to 25 years in some cases.
No, the account is available for students below 21 years. However, it can be extended until 25 years based on specific conditions.
The documents are required to open a PNB Vidyarthi SF Account are: Proof of identity (e.g., Aadhaar card, PAN card), proof of address, recent passport-sized photographs, school/college identity card, and a birth certificate.
Yes, if the student is under 18, parental or guardian consent and presence is required.
The initial overdraft limit is ₹5,000, which can increase to ₹10,000 after one year of responsible usage.
The account will convert to a regular savings account once you turn 21, though it can be extended up to 25 years under certain conditions.
This was all about the PNB Vidyarthi 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.
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