New Delhi – In a customer-friendly move, Punjab National Bank (PNB) has announced that savings account holders will no longer face any penalty for not maintaining the minimum balance in their accounts. The decision, effective from July 1, is aimed at supporting economically weaker sections, including women, farmers, students, daily wage workers, and senior citizens.
This initiative is being widely appreciated as a major relief, especially for those who struggle to keep up with the minimum balance requirements in rural and low-income areas.
A Boon for Low-Income and Rural Customers
PNB’s latest move is expected to benefit millions of account holders, particularly from rural backgrounds and lower-income groups, who often face account closure or penalties due to non-maintenance of minimum balance. Now, customers can continue to operate their accounts freely without the fear of hidden charges or deductions.
By removing this financial burden, PNB aims to promote financial inclusion and make banking services more accessible for all.
Current Account Holders Not Included
It is important to note that this relaxation is only applicable to savings accounts. Customers with current accounts will still need to maintain the prescribed minimum balance as per existing rules. The new rule is specifically designed to assist those using PNB’s retail banking services for personal savings.
Interest Rates Slashed on Education Loans
In another positive development, PNB has also reduced interest rates on education loans offered under the Vidyalakshmi scheme. The bank has cut the rate by 0.2%, making higher education more affordable for aspiring students. This move is expected to ease the financial burden on families and open new doors for quality education.
Customer-Centric Reforms in Focus
Punjab National Bank’s latest announcements reflect a broader strategy to strengthen customer trust and encourage banking among underserved populations. By eliminating penalties and lowering loan interest rates, the bank reinforces its commitment to inclusive and accessible financial services.
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- My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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