1. What is PNB Saving Bank Interest Calculation?

The PNB (Punjab National Bank) saving bank interest calculation determines the quarterly interest earned on a savings account based on the minimum balance maintained and the annual interest rate offered by the bank.

2. How Does the Calculator Work?

The calculator uses the PNB saving bank interest formula:

Where:

• \( Minimum\ Balance \) — Quarterly minimum balance maintained in the account (INR)
• \( r \) — Annual interest rate offered by the bank (percentage)

Explanation: The formula calculates quarterly interest by taking the minimum balance, applying the annual interest rate percentage, and dividing by 4 to get the quarterly amount.

3. Importance of Interest Calculation

Details: Accurate interest calculation helps account holders understand their earnings, plan finances, and compare different saving options to maximize returns on their deposits.

4. Using the Calculator

Tips: Enter the quarterly minimum balance in INR and the annual interest rate in percentage. Both values must be positive numbers for accurate calculation.

5. Frequently Asked Questions (FAQ)

Q1: How often is interest calculated in PNB saving accounts?
A: Interest is typically calculated on a quarterly basis based on the minimum balance maintained during that quarter.

Q2: What is the current interest rate for PNB saving accounts?
A: Interest rates may vary and are subject to change. Please check with your local PNB branch or their official website for current rates.

Q3: Is there a minimum balance requirement for earning interest?
A: Most banks, including PNB, require maintaining a minimum balance to earn interest. The specific amount may vary by account type.

Q4: How is the minimum balance calculated?
A: Minimum balance is usually calculated as the lowest balance maintained in the account during the quarterly period.

Q5: When is the interest credited to the account?
A: Interest is typically credited to the account at the end of each quarter (March, June, September, December).