Punjab National Bank is the first Swadeshi bank founded in 1895 purely under the management of Indians with Indian Capital amount. This bank started its operations from April 12, 1895. This bank was founded as a result of vision of Lala Lajpat Roy, EC Jessawala, Babu Kali Prasono Roy, Lala Har Kishanlal and Sardar Dyal Singh Majithya.
This bank began its operations with a starting capital of Rs. 2 laCs and a working capital of Rs.20,000. This bank was founded in adherence to the norms of Swadesi movement. This bank was undertaken by government of India.
Savings account minimal balance limit and charges
=> Resident Indian citizens can open a savings account in single or joint.
=> Associations, trusts or Hindu undivided families can open a savings account.
=> Minimal balance for opening a savings account is Rs.500.
=> Minimum quarterly balance amount varies based on locality of the bank.
=> For rural areas, minimum quarterly balance amount is Rs.500.
=> For semi urban areas, minimum quarterly balance amount to be maintained is Rs.2000.
=> For urban areas, the minimum quarterly balance limit is to be maintained Rs.2000.
=> For metropolitan cities, the account holders should maintain minimum balance amount of Rs.2000.
=> The charges will be different as a penalty for not maintaining minimum balance limit according to the location.
=> The amount will be Rs.25 to Rs.250 and in some cases it will be in multiples of hundreds based on minimum quarterly account balance limit.