With teenagers, I think that taking away social interactions works best as they are highly social creatures. Cell phones, driving privileges, computer times, talking on the phone at home, or going out on the weekend. But be sure they understand why it is happening and the result you want to see.
The first time I was ever grounded after moving in with my aunt and uncle was for doing something I didn't know was wrong. Went to a boyfriend's house for dinner. We walked over to another friend's house for a few minutes and my uncle called and I wasn't there.
I had no clue I was not supposed to leave the boyfriend's house. So to this day at age 60, having raised two kids myself - I still resent that grounding and think it was unfair.
So be sure kids understand what you want, what is expected from them and the result you want by restricting their activities. I am a big one for open communication - lay it all out.