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Zero Balance, Zero Charges Saving Fund Account for Students

PNB Vidyarthi Savings Fund Account Scheme


Accounts can be opened in the name of students studying at VARIOUS RECOGNISED EDUCATIONAL INSTITUTIONS.The account will remain in this Scheme till the age of 21 years of the Account Holder.

Initial Deposit Amount/ QAB/Minimum Balance Required


Overdraft Facility

The overdraft facility shall be given to students (of reputed educational institutions only) who are staying away from their parents. It would be made available on the request of the student with the UNDERTAKING TO PAY/ CONSENT LETTER from earning parents/natural guardian/local guardian of student. In the first year of opening of account, the facility would be available up-to a maximum limit of Rs.5,000/-. Subsequent to the satisfactory conduct of the account, in second year it could be enhanced upto Rs. 10,000/-. Other terms & conditions of this overdraft facility would be as under:

Rate of Interest
The overdraft facility would attract at the rate of interest as applicable to Personal Loans to the general public.
Age of Student
The overdraft facility would be available for the students, having completed the age of 18 years
Contingent day to day needs of those students who are staying away from their parents for the study purposes having got an admission with recognised and reputed educational institutions.
For repayment purposes, a single post dated cheque must be obtained from earning parents/natural guardian/local guardian of student and kept on record.
Recovery Aspects
The overdraft facility must be brought into credit once in 3 months, failing which recovery process be started. The facility would be recalled and the student would not be eligible for this overdraft facility at any branch of our Bank. In any case, this facility should not be allowed to continue when the student is in the final year of study at that educational institution, i.e. account has to be got into credit at least six month before the expiry of the tenure of the study period without any further continuation of overdraft facility.

Attractive Freebies/Concessions

The following freebies are also admissible:

Demand drafts for all types
   of fees/examination fees
Free of cost
Initial Deposit Amount
The account will be opened without any initial deposit, i.e., it will be Zero Balance Saving Fund Account
Incidental Charges
Ledger Folio Charges
Retail Internet Banking    Services
Intersol transactions    including cash    withdrawal/deposits Free
ATM Card/DEBIT CARD Free (However, annual maintenance charges are to be recovered ) 
Cheque Book Facility Free (2 cheque books in a year)

All other guidelines of the Bank regarding photographs, introduction, nomination facility, KYC norms, etc., as applicable to Savings Fund Account would also continue to remain applicable to these accounts

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