Punjab and Sind Bank Savings Account

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Punjab Sind Bank Savings Account

A savings account is one of the most popular basic bank accounts. It is often the first bank account for many as it is very easy to open and operate. Though it offers a low interest rate on the money kept in the account, it is a safe and convenient way of storing money. There are different kinds of savings accounts for different needs. Banks also offer zero-balance savings accounts for those who want only basic banking facilities like withdrawals and deposits.

Benefits of a savings account

There are several advantages to having a savings account:

  • Access to your money: You can deposit and withdraw money from a savings account as per your requirements.
  • Interest income: While you earn less interest in a savings account as compared to an FD or RD account, you also have far greater freedom in operating the account.
  • Bill payment: With the advent of digital banking, it is extremely easy to pay your utility bills etc.
  • Transferring funds with ease: You can transfer funds and conduct various banking transactions with a savings account.
  • Safety: It is definitely better to store your money securely in a bank rather than keeping it in your home.
  • Requires minimal documentation: A savings bank account is easy to open and requires minimal documentation.

Disadvantages:

  • There are various fees associated with a savings account.
  • You need to maintain a specific balance each month in order to avoid penalties. The minimum balance required, interest rate and fees and charges vary from bank to bank and the type of account opened.
  • The interest is far lower when compared to that of, say, a Fixed Deposit account and offers low returns in comparison to other forms of savings.

Even with the downsides, a savings account is popular with the old and the young, as it provides easy access to money in times of need and inculcates a habit of saving. With the easy banking modes it has on offer, a savings account is a must to have.

Punjab and Sind Bank Savings Account

A Punjab and Sind Bank savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Punjab and Sind Bank Savings Account.

Features and Benefits of a Punjab and Sind Bank Savings Account

There are various benefits to having a savings account with P&S Bank:

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Bank / Phone Banking

Types of Punjab and Sind Bank Savings Accounts

Below are a few of the different savings accounts available. For the full list of savings accounts options, check the bank website or visit the nearest branch.

Saral Savings Scheme

  • This is the no-frills bank account to facilitate widest financial inclusion. It is designed for labourers, unemployed, students with unstable financial background, and others from low income groups or economically weaker sections.
  • It can be opened with an initial deposit of Rs. 100, after which the balance can reduce, even down to zero. There is no charge for having a zero balance.
  • Five free withdrawals a month, and twenty for the year
  • For every transaction, the account holder must physically visit the branch.
  • If the KYC norms are not complied with, the balance should not exceed Rs. 50,000 and the total credits for the year should not exceed Rs. 1,00,000.

Savings Bank Account

  • Can be opened by individuals (singly or jointly), associations, clubs, educational institutions.
  • Minimum balance as per the following:

Computerized branches – Rs 500 with no cheque book, Rs 1000 with cheque book

Non-computerized branches – Rs. 250 with no cheque book, Rs. 500 with cheque book

Rural branches – Rs. 100 across all branches

Punjab and Sind Bank Savings Account Minimum Balance

The minimum balance required in a Punjab and Sind Bank savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Average Monthly Balance Required
Basic Savings Bank Deposit - Saral Savings Scheme Nil
Savings Bank Account Computerized branches – Rs 500 with no cheque book and Rs 1000 with cheque book
Non-computerized branches – Rs. 250 with no cheque book and Rs. 500 with cheque book
Rural branches – Rs. 100 across all branches

Punjab and Sind Bank Savings Account Interest Rate

Punjab and Sind Bank savings account offers interest rates of 4%, depending on the daily balance, and the type of account. It is payable quarterly on a daily reducing basis. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for accurate rates.

Punjab and Sind Bank Savings Account Charges

Different Punjab and Sind Bank savings accounts have a different schedule of charges. It is best to contact the Bank directly for the most up to date charges.

How to open a Punjab and Sind Bank Savings Account

It is simple to open a Punjab and Sind Bank savings account. You can visit your nearest branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Punjab and Sind Bank Savings Account FAQS

What is the best interest rate on a Punjab and Sind Bank saving account?

The interest rates are currently at 4 %. For the latest interest rates, it is best to contact the nearest branch.

Who is eligible to open a Basic Savings Account with Punjab and Sind Bank?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account.

Is it possible to open a Punjab and Sind Bank savings account online?

No, you will need to open a bank account offline. You can visit the nearest branch with KYC documents (including photographs, ID and residence proof) and submit your application for account opening.

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