Features and benefits of PNB Power Savings Account

January 14, 2023 Finance Talk Valli Sarvani No comments

The Punjab National Bank (PNB) launched a special savings account for women in the country. It is the Power Savings Account. It aims to help empower women by saving money in this account.

Here are the features and benefits of the Power Savings Account:

Any Indian resident woman can open a power savings account in the PNB.
Though the account can be opened jointly along with men, women should be the first or primary account holder of the account. In other words, a woman’s name should be the first name of the account, if a joint account is opened along with men.
Accountholders can opt for a sweep-in or sweep-out facility while opening the account. The sweep in / out facility allows depositors to earn more interest with their Flexi deposits. Under this facility, the excess amount over a specified amount is converted into fixed deposits. Also, if the money in the savings account is not sufficient to buy anything, the bank will transfer the deficit amount from the fixed deposit to the savings account. It does not affect the interest rate.
One can open a power savings account with ₹500. While the minimum quarterly balance in this account for rural women is ₹500, it is ₹1,000 for women in urban areas. If they do not maintain the minimum quarterly balance, they will be levied penal charges.
Each account holder can get up to 40 cheque leaves a year without any charge. In addition, they will be granted one free demand draft of up to ₹10,000 per month.
They will also get a 25% concession on the subscription to rental lockers. However, it is for the first year only.
Power savings accountholders need not pay a processing fee on various loans like home loans, car loans, and personal loans.
Customers will be given a platinum debit card. The daily withdrawal limit of the card is ₹50,000.
They are also eligible for an accidental death insurance cover of a maximum of ₹5 lakhs. But, the insurance coverage is subject to certain conditions.

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