When it comes to banks, two big names you might have heard of are State Bank of India (SBI) and Punjab National Bank (PNB). They both do similar things, but they have some differences that are worth knowing. Let’s break it down in simple terms.
The main difference between SBI and PNB is how they’re owned. SBI is completely owned by the Indian government, while PNB has some of its ownership in the hands of the public because the government sold some of its shares.
The way people work in both banks is quite similar. People can enjoy their services in both banks, especially when they start as customer in any of both.
Below are some difference in SBI bank and PNB bank
Table of Contents
Getting a Home Loan:
Imagine you want to buy a house, and you need a loan. SBI can give you a bigger loan compared to PNB. If you work for someone, SBI might lend you up to 90% of the house’s price.
If you’re your own boss, they might give you up to 85%. PNB, on the other hand, could give you up to 80% no matter how you earn. So, if you need a lot of money for a home, SBI might be your choice.
Home Loan Comparison
Eligibility
SBI | PNB |
Eligibility for SBI home loan is for Resident Indians. Applicants should be at least 18 years old to apply. The maximum age limit for eligibility is 70 years. Loan tenure options extend up to 30 years. Eligibility includes individuals with salary income or business income. | Individuals and co-borrowers with a consistent income. Various income sources qualify, such as salaries, professional fees, self-employment, business, and farming. The public scheme extends eligibility to staff members as well. Salaried employees, self-employed persons, professionals, and businessmen meet the criteria. Those with assured income, like farmers, are also eligible. Co-borrowers with steady income can apply together. The eligibility spectrum covers a wide range of income profiles. The public scheme welcomes staff members as eligible candidates. |
Interest Rates
SBI Home Loan | PNB Home Loan |
Tribal Plus-9.25% to 9.75% CRE Home Loan-9.35% to 9.85% Realty Loan 9.5% to 9.85% P-LAP – 10.90% to 11.30% | PNB Home loan Interest Rate On Advances Linked To MCLR (Presently 8.60%) And RLLR (Presently 9.00%) + BSP (Presently 0.25%) Base Rate – 9.50% |
Net Profit 2023
SBI makes a lot more money than PNB. SBI’s profit is really big at ₹56,558 crores, while PNB’s profit is ₹3,069 crores. This means SBI is doing really well financially.
Tech and Banking:
PNB is all about using technology to make banking easier. They have a special group that comes up with digital stuff to help customers bank online. They want to make sure you can use their services easily and safely from your computer or phone.
Money You Need to Keep in Saving Account
Both SBI and PNB say you need to keep some money in your account all the time. The rules change depending on where you live – in the countryside, town, or city. SBI might ask for ₹1,000 to ₹10,000, and PNB does something similar. It’s like a rule that helps the bank keep running.
both banks offers zero balance account for customers. You can follow SBI zero balance a/c and PNB zero balance a/c
Saving Account Interest Rates
SBI | PNB |
Amount up to 10 Cr – 2.70% Amount > 10 Cr – 3% | Amount below 10 lacs – 2.70% Amount >10 Lacs and 100 Cr – 2.75% Amount> 100 Cr – 3% |
ATM Cards and Limits
PNB has a card you can use to buy things without cash. They have a limit for how much you can use each day. If you want to take out money from an ATM, PNB says you can take out ₹25,000 each day. For SBI, you could take out more, like ₹40,000 to ₹1 lakh if you have a special card. Both banks might charge extra if you use your card a lot.
Extra Charges
Using cards and doing certain things might cost you extra money in both banks. PNB has a list of fees for different things like using an ATM from another bank. SBI charges a little extra for having a special card and also for getting messages about your account.
Credit Cards
Both banks give you special cards to buy things and pay later. PNB gives some cards without a yearly fee, which is like a charge for having the card. SBI might charge you a bit to keep your card.
Conclusion
SBI and PNB are big banks that do slightly different things. SBI can give more money for homes and makes lots of money. PNB is really into making banking easy on computers and phones. Remember, both banks have their own rules and charges, so it’s good to know what they are before you decide where to keep your money.