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Home >> Personal Banking >> Savings Fund Account >> PNB Prudent Sweep
 
 
Basic Eligibility
 
Accounts can be opened As per RBI directives for opening Saving Fund Accounts of individuals/institutions. Staff members are also eligible to open their accounts under this Scheme.
 
Features
 

Initial Deposit Amount Required: Rs. 500/-.

Minimum Quarterly Average Balance Required: Rs. 5000/- for Rural/Semi-Urban & Rs.10000/- for Urban/Metro areas.

Incidental Charges: Rs. 150/- per quarter for not maintaining stipulated Quarterly Average Balance for Rural/Semi-Urban areas and Rs. 300/- for Urban/Metro areas. It will be for operative as well as in-operative accounts under this category.

SWEEP IN AND OUT:

Sweep In and Out shall take place in Savings Accounts after the cut off level of Rs.40,000/- i.e., having a balance of over Rs.40,000/- with a minimum Sweep-out/ Sweep-In of Rs.10,000/- and thereafter in multiples of Rs.10,000/- to/from Fixed Deposit.


FDR’s under this scheme can be issued for minimum period of 7 days and for maximum period of 179 days.

Operational Modality: Debit mandates either through clearing /transfer/cash or in case the customer withdraws the amount from “PNB PRUDENTSWEEP” Account, this type of situations would be treated as under:

(a) In Rural/Semi Urban areas, the balance available upto Rs.15,000/- in the Prudent Sweep account would be utilized. For further needs, withdrawal will be allowed from Fixed Deposit in the multiples of Rs.10,000/-, on Last In First Out Basis (LIFO).

(b) In Urban/Metro areas, the balance available upto Rs.40,000/- in the Prudent Sweep account would be utilized. For further needs, withdrawal will be allowed from Fixed Deposit in the multiples of Rs.10,000/-, on Last In First Out Basis(LIFO).

Attractive freebies/Concessions: In addition, certain freebies are also admissible, some of which are as under:

1. Free ATM Card facility, however, annual maintenance charges are to be recovered.
2. Free Retail Internet Banking Services
3. Free 100 cheque leaves in a Financial year, this includes 40 cheque leaves provided free to saving customer.
4. 50% concessions on annual maintenance charges for De-mat Services for first year only.

 
 
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