How to Open PNB Bank Minor Account Online – 2024

This blog post discusses opening a PNB minor account opening online. A bank account helps teach children the value of savings and money from young age. It also allows parents to save for their education or future needs. Opening an account for children in PNB bank is simple. One just needs to visit the nearby branch with few required documents. This blog post will detail the process and requirements to open a minor bank account in PNB bank in simple steps.

Punjab National Bank Account for Minors 

A minor account PNB is a basic savings account that can be opened by a guardian on behalf of their child who is still a minor (below 18 years of age). Such an account allows the child’s earnings and savings to be deposited in a safe place and earn interest until they become an adult.

How to Open Punjab National Bank Minor Account Online? 

If you wish to teach your child the importance of saving money from a young age, opening a bank account for them is a great option. Through a Punjab National Bank minor account, you can help your child safely deposit birthday money or other earnings. Here are some key things to know about Punjab National Bank minor account opening online: 

• Only a legal guardian above 18 years can open the account for their minor child. Basic KYC documents of both the guardian and child are required.
• Minimum initial deposit of Rs. 1000 is required to open the account. This ensures the child learns to regularly save even small amounts.
• The guardian becomes the operator of the account and can transact on behalf of the minor. Transactions are recorded in the minor’s passbook.
• Interest is paid annually at 3% if the minimum balance criteria is met. This incentivizes the child to save more and watch their money grow over time.

These steps will help in minor account opening online PNB with the comfort of your home. 

How to Open Punjab National Bank Minor Account Offline? 

For parents who wish to open a savings account for their minor child without online processing, PNB provides the offline account opening option as well. Here are the basic steps to open a minor account through the physical branch:

• Visit the nearest PNB branch with the child and guardian’s ID and address proof.
• Collect the account opening form from the branch and fill details of minor and guardian.
• Submit required documents and initial deposit of Rs. 1000.
• Staff will verify documents and process account opening.
• Receive activated passbook with account and IFSC details same day.
• Guardian becomes the nominee and can operate account on minor’s behalf.
• Start using account for saving allowances, gifts or deposits from guardian.
• Regular savings incurs interest as per bank rules.
• Hassle-free operation and transactions through branch like deposits, withdrawals, checks etc.
• Funds safe until minor turns 18 when account ownership is transferred.

Types of Punjab National Bank Savings Account 

PNB offers different types of savings accounts catering to specific customer segments. Let’s look at type of saving account for PNB account opening online minor and adults:

1. Regular Savings Account

A basic savings account for individuals to park deposits and earn interest. Minimum monthly balance of Rs. 1000 applies.

2. Salary Savings Account

Tailored for salaried individuals with benefits like priority banking. No minimum balance required.

3. Student Savings Account

For students aged 12-25 years to develop savings habits. Interest rate is higher at 4% on deposits.

4. Minor Savings Account

Can be opened for children below 18 years by their guardian. Growth of deposits until maturity.

5. Pensioner Savings Account

Special concessions for senior citizens like higher interest rates and exemptions. Added benefits.

Services With Punjab National Bank Savings Account for Minors 

When opening a savings account for your child with PNB, you gain access to useful banking services and benefits. This helps you easily manage your child’s finances.

• Guardians can deposit cash or issue cheque deposits on behalf of the minor.
• Easy fund withdrawals for expenses through cheque or cash by the guardian.
• Periodic statements andpassbooks provided to track transaction history.
• Higher interest rates of 3% per annum offered to boost savings.
• Safety of balances until the minor turns 18 when account ownership shifts.
• Online banking enquiry option for guardians to check account details anytime.

Fees and Charges 

While opening and maintaining a minor account with PNB has several benefits, you need to be aware of certain fees and charges payable in some cases.

A few important points to note:

• No maintenance charges if the monthly average balance is above Rs. 1000.
• 16,000+ PNB ATMs can be used for 3 free cash withdrawals, then a fee applies.
• Cheque deposit or cash deposit transactions are free up to Rs. 1 lakh/month.

Documents Required 

To smoothly open a savings account for your minor account in PNB, you must submit certain basic KYC documents. Having them ready saves time:

• Birth certificate of the minor child as proof of identity and age.
• Address proof of the guardian like Aadhaar card, Voter ID, Passport etc.
• ID proof of the guardian like PAN card, Driving License.
• Minor’s passport size photographs.
• Signed application form with details like name, address etc.

Transaction limit of Punjab National Bank Minor Account 

As a minor cannot personally transact on their bank account, PNB specifies certain transaction limits to regulate activities by the guardian:

• Initial deposit amount should be a minimum of Rs. 1000 to open the account.
• Monthly cash deposit limit is Rs. 1 lakh by the guardian from their own funds.
• Cash withdrawal capped at Rs. 10,000 per month by the guardian on behalf of minor.
• Unlimited number of cheque deposits allowed from third parties into minor’s account.

Punjab National Bank Minor Account Opening Application Form 

To start the process of PNB minor account opening online, the first step is filling out the application form correctly. The form collects basic KYC details of both the minor applicant and their legal guardian. Along with the duly filled and signed form, other supporting documents pertaining to identity and address of minor and guardian should also be submitted. The application form is available with bank staff or can be downloaded from the PNB website easily. Click here to download the PNB minor account opening form. Guardians must carry all documents to a branch to start the minor savings bank account process quickly.

Eligibility Criteria for Punjab National Bank Minor Account 

There are some basic eligibility norms one must satisfy to open this savings account for their minor child with PNB.

• The minor applicant must be below 18 years of age. There is no maximum age limit.
• Guardian PNB online minor account opening must be the natural or court-appointed guardian of the minor.
• Guardian must be a major (above 18 years) and KYC compliant with valid ID/address proof.
• Guardian should have an existing savings account with PNB in good standing.
• Minimum initial deposit of Rs. 1000 is required at the time of account opening.

Final Word 

Opening a minor bank account for a child in Punjab National Bank is a simple process as long as the basic documents are submitted. It teaches children good financial habits from a young age. Choosing PNB bank is also a good option as it is a public sector bank and assures safety of funds. This blog post aims to help understand how to open a minor bank account for a child or ward in PNB bank easily. Please contact the nearby branch for any other assistance.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.