Punjab National Bank

Punjab National Bank is a banking Services Company nationalized by the Government of India and has interests in insurance sector too. The state-owned corporation has its headquarters in New Delhi. The bank has 7001 branches and 10681 ATMs which are located across 764 cities. Punjab National Bank has seven branches in the UK along with its presence in Kowloon, Kabul, Dubai and Hong Kong. The bank also owns half of the Druk PNB Bank in Bhutan and owns its five branches. It also owns 20 % of Everest Bank Limited in Nepal which has 50 branches. In Kazakhstan, PNB owns 84% of the JSC (SB)PNB Bank.  

History of Punjab National Bank

Punjab National Bank is regulated by Reserve Bank of India and is a PSU which works under the Central Government. The bank was registered under the Indian Companies Act on 19 May 1894 with its office being located in Anarkali Bazaar in Lahore, Pakistan. The founding leaders of Punjab National Bank were Dyal Singh Majithia, Lala Harkishen Lal, Lala Lalchand, Kali Prosanna Roy, E.C.Jessawala, Prabhu Dayal, Lala Dholan Das and Bakshi Jaishi Ram. Noticeably, Lala Lajpat Rai was also associated with the key management of Bank’s affairs during its early years. Punjab National Bank began its commercial operations on 12 April 1895 in Lahore. Later branches in other cities including Karachi and Peshawar were opened.

After the partition of India, Punjab National Bank shifted its operations to India and closed it 92 offices in West Pakistan which managed 40% of its business.

This is the first Indian bank which began solely with Indian investments and has survived and flourished well in the Indian Banking arena. The bank was nationalized by Government of India on 19th July 1969.  Punjab National Bank took a leap in the insurance sector when it signed an agreement with US-based life insurance company MetLife which enabled it to acquire 30% stake in MetLife India limited. This company is to be renamed as PNB MetLife India Limited. The bank would thus be selling the insurance products of MetLife from its branches.

 The Chief Executive Officer of Punjab National Bank is Sh. Sunil Mehta who assumed his office on 6th May 2017.

Services offered by Punjab National Bank

Punjab National Bank offers a range of services to its clients. The services which the bank offers to its customers can be categorized under the following heads:

Agricultural banking services

• The bank implements many farmers’ welfare central sector schemes under this category. It also offers credit schemes and PNB Krishi Yojna in this category.  

Corporate Banking

• Punjab National Bank offers corporate banking services which include services like cash management, Exim finance facilities, Exporters Gold Card Scheme and loans which are backed by lease rental facilities.

Financial Services

• The bank manages a range of financial services under its fold. These include life insurance services, merchant banking, mutual funds, online trading, real estate investment and management, tax and retirement planning schemes.  

NRI Banking

• The bank offers gold loan scheme, foreign inward transfers, Non-resident deposit schemes, NRE and NRO account and PNB-NRI remit scheme to its Non-Resident Indian clients.

Micro, Small and Medium Enterprise Banking

• The bank offers numerous schemes and facilities to its MSME clients. These include benefits under the Artisan Credit Card Scheme, Gramin Chikitsa Scheme, Kushal Udyami, Pragati Udyami scheme, Sahayog Scheme and Vikas Udyami Scheme to name a few.

Personal Banking

• Punjab National Bank also offers a number of benefits to its customers under the ambit of personal banking. These include the facility of combo deposit scheme, credit and debit cards, fixed deposits, different kinds of loans, pensioners’ overdraft facility schemes, recurring deposits, term deposits and issuance of world travel card among other benefits.  

Social banking and other online services

• Punjab National Bank also offers special social schemes for women and other weaker sections of the society.
• It offers bill payment facilities, E-tax payment, internet banking, mobile banking, money transfer and share trading facilities.

Interest Rates offered by Punjab National Bank

Punjab National Bank offers interest of 3.50% for savings accounts balance up to Rs 50 Lakh and a rate of interest of 4.00% for saving account balance over Rs 50 Lakh.

Punjab National Bank Fixed Deposit Rates

 

Punjab National Bank FD Interest Rates

NRE Fixed Deposit Rates offered by Punjab National Bank

Short term Fixed Deposits from Punjab National Bank also offer exciting returns as these range from 5.75 to 6.50% on a yearly basis. The bank also offers the facility of auto-renewal on maturity if the customer has opted for the same. Moreover, the bank also allows blind and illiterate persons to open fixed deposit accounts which put the bank a step ahead of its competitors. The fixed deposit accounts of Punjab National Bank include beneficiaries from across the segment ranging from school going girls to beneficiaries who claim road accident insurance.