A salary account is a savings account specifically designed for salaried employees, where the employer deposits monthly salaries. Punjab National Bank (PNB) offers various salary account variants to cater to different income groups and government/private employees. It offers zero balance salary accounts, competitive interest rates and other attractive benefits for account holders. 

PNB Salary Account Benefits

The salary accounts of PNB come with multiple facilities for the account holders, which include the following:

Zero Balance Account

• Maintaining a Total Freedom Saving Fund Salary Account in PNB requires no minimum balance. 
• This type of account can be accessed and maintained even when no balance is left. 
• Such accounts only get deactivated or transferred to a normal savings account when no salary is credited for consecutively several months. 
• Thus, you can access your salary accounts with a zero balance without worrying about fines and penalties.

Overdraft Facility

• Punjab National Bank also offers account holders an overdraft facility, allowing them to save up to ₹50,000 or their last credited salary. 
• This feature is one of the unique benefits that PNB offers, making it an excellent choice for salary accounts.

Cheque Book Facility

• Punjab National Bank also offers chequebooks for salary account holders without additional charges. 
• Likewise, all account holders or employees are provided with 40 cheque leaves every year, in addition to the 40 cheque leaves assigned to general customers. 
• This allows you to opt for cash withdrawals directly from the bank.

Locker Facility

• One of the key benefits of having the Total Freedom Saving Fund Salary Account in PNB is the locker facility, allowing you to get a 50% discount on a locker. 
• However, it is essential to note that this offer applies to salary account holders only in the first year of the account opening. 
• You can opt for a small or medium-sized locker based on the availability of the PNB branch.

ATM or Debit Card Facility

• Punjab National Bank's salary holders are offered debit or ATM card facilities. 
• You can opt for these when you open your Total Freedom Saving Fund Salary Account in the bank. 
• You can avail of this facility free of cost. 
• However, only the annual charges for maintaining these cards are applicable. 
• You can use these cards to withdraw cash from PNB ATMs for free and monitor your salary account's transaction history.

Transaction Limits

• Punjab National Bank mandates a few transaction limits for those with salary accounts. 
• These include fund transfers of a maximum of ₹1 Lakh daily from the Total Freedom Saving Fund Salary Account whenever it is within the bank. 
• The bank can also issue a draft of a maximum of ₹25,000 every month without any additional charges.

PNB Salary Account Eligibility

To be eligible for having a salary account at Punjab National Bank, you need to satisfy the following criteria:

• You must be employed at a company which has a tie-up with PNB.
• The company opting for salary accounts in PNB must have at least 10 accounts.
• The company opting for salary accounts in PNB must have at least a strength of 75% of permanent employees in the exact location of the bank.
• Depending on the type of salary account you choose, you must have all the documents required to open it at PNB.

PNB Salary Account Opening Documents Required

Employers wishing to open salary accounts in PNB must submit specific documents to the Bank to process their application without any hassle. Thus, all employees must submit the following documents to their employer:

• A duly filled application form to open a salary account.
• Identity proof
• Address proof
• Aadhaar card
• PAN card or Form 60/61
• Voter ID card
• Driving licence
• Passport
• Birth certificate in case the employee is a minor
• An ID card which must be issued by the Central or State Government
• Appointment letter from the company (as proof of employment with the company)

Please note that there can be additional requirements for documents from PNB based on your application and company policies. Also, it is essential to note that ID cards issued by the company can not be regarded as proof of ID when opening a salary account. Whatever ID proof you submit should be issued by the Central or State government.

PNB Salary Account Opening Charges

Opening a salary account in PNB or Total Freedom Saving Fund Salary Account. However, all other fees and charges related to a salary account in PNB are subject to GST (Goods and Services Tax) as applicable.

PNB Salary Account Opening Minimum Balance

Maintaining a minimum balance in your PNB salary accounts is not required. These accounts can be opened and maintained even with a zero balance. Therefore, no penalties or fines are charged for not keeping the account for a certain amount.

PNB Salary Account Maintenance Charges

The following table mentions the maintenance charges of a salary account in Punjab National Bank:

PNB Salary Account Interest Rate

The interest rate for PNB salary accounts is the same as their regular savings accounts. As of now, Punjab National Bank offers 2.70% per annum on balances below ₹10 lakh and 2.75% per annum on balances of ₹10 lakh and above.

How to Open a PNB Salary Account Online?

Employers of a firm are usually responsible for opening salary accounts  for their employees, following the below steps:

• Visit the official website of Punjab National Bank.
• Navigate to the necessary option to open the Total Freedom Saving Fund Salary Account application form.
• Fill in the required details in the form in their designated places.
• Submit the form along with the necessary documents.

How to Open a PNB Salary Account Offline?

The process of opening a salary account in Punjab National Bank offline involves the following simple steps:

• Visit the nearest branch of PNB.
• Navigate to the necessary authority at the bank and ask for an application form to open a salary account.
• Fill in the required details.
• Submit the duly filled application form along with the necessary set of documents.

Once the bank verifies the application, the salary account will be activated, and the account holder will receive the credentials to access the account, along with a chequebook, ATM card and other booklets.

How to Close Salary Account in PNB?

To close a PNB salary account, follow the given steps:

• Download the account closure form from the bank's official website or visit the bank to receive the closure form.
• Fill in the required details.
• Submit the form by physically visiting the bank.

Bottom Line

Opening salary accounts is one of the most convenient ways to ensure hassle-free and seamless salary disbursement. Likewise, PNB salary accounts have several benefits and features for corporate employees. They enable them to manage their finances effectively without worrying about fines and penalties for not maintaining their salary accounts with a minimum balance. Thus, make sure to research and inquire well regarding the same for a better approach.

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