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Punjab & Sind Bank (PSB) – Savings Bank Accounts

Punjab & Sind Bank offers various Savings Bank Accounts to bring the convenience of banking facilities to every citizen of the country. Punjab & Sind Bank was formed in the year 1908, in the pre-independent era, with the sole aim of taking everyday banking to the common man. Their savings bank accounts come with features that make banking easy and hassle free for all their account holders. They offer various benefits like ATM cum Debit card, online banking, Netbanking and various day to day banking activities that can be conveniently performed with a PSB Savings Bank Account.

List of Punjab & Sind Bank Savings Accounts

Punjab Sind Bank Savings Account

Small Accounts

This type of Savings Account is available for individuals who are unable to produce any of the Officially Valid Documents (OVDs) required to open a bank account. In such cases a simplified KYC procedure is adopted for account opening. It is subject to the condition that the account holder will apply to procure such documents or is in the process of procuring any one of these required documents and agrees to submit them within 12 months of account opening. The account will be reviewed after a period of 12 months for the required documents and this period may be extended for another 12 months based on the sole discretion of the designated officer in the branch.

Highlights of Small Accounts

  • This is a basic Savings Account with strict restrictions on remittances and withdrawals
  • The account cannot have total credits of more than Rs.1 lakh in a single financial year
  • The sum total of all withdrawals and transfers from the account cannot exceed Rs.10,000/-
  • The balance in the account cannot exceed Rs.50,000/- at any given point of time

This account will be strictly monitored for the above conditions. Foreign remittances are not allowed into these accounts and if the customer wishes to receive foreign remittances, they have to submit the relevant officially valid documents to complete full KYC.

How to open a Small Account with Punjab & Sind Bank?

This account can be opened only at Core Banking Solution (CBS) linked branches or in branches where the account can be manually monitored to ensure strict adherence to the above said conditions. The customer can open this account by producing a self-attested photograph and affixing their thumb impression or signature. The thumb impression or signature should be certified in person by the designated officer of the bank.

Basic Savings Bank Deposit Account (BSBDAs)

This account offers the basic banking facilities that come with a Savings Account with no minimum balance requirements. Additionally, this account comes with the facility of ATM cum Debit cards. This account is beneficial for those customers who do not expect to conduct huge transactions on their bank accounts but require a savings bank account to carry out a few basic banking transactions.

Highlights of Basic Savings Bank Deposit Account

  • The account does not have a minimum balance requirement
  • This account is considered a normal bank account and is available to all
  • Allows deposit and withdrawal of cash through ATMs and branches
  • Offers the facility of receipt or credit of money through electronic payment channels and cheques
  • There is no limit on the number of deposits that can be made into the account in a month
  • The account allows only 4 withdrawals from the account in a month, including ATM withdrawals
  • Comes with ATM cum Debit card
  • Above facilities are offered free of charge. There are no charges for non-operational accounts for activation of a non-operative account
  • Students can open a BSBD Account by submitting the relevant documents

How to open a Basic Savings Bank Deposit Account?

This account is considered to be a normal bank account and is available for all citizens. This account is subject to the Full KYC norms laid out by the RBI and requires the customer to submit all KYC documents to derive the full benefits of the account. In case the customer is unable to satisfy the KYC norms, the account shall be opened as a ‘Small Account’.

Saving Bank Account

Savings Bank Account from PSB is an all-inclusive account with various features and benefits for the customer. It gives the complete banking experience to its users and enables them to maintain and save their money in an efficient way.

Highlights of Saving Bank Account from Punjab & Sind Bank

  • Can be opened by eligible individuals and organisations or groups for prudent management of funds
  • Governed by the Full KYC norms laid out by RBI
  • Allows withdrawal of cash through withdrawals slips/cheques at the branch or via ATMs
  • Number of withdrawals is restricted to 50 for each half-year

Requirements to open a Saving Bank Account with Punjab & Sind Bank

The bank requires the customer to satisfy the Full KYC norms to open this account. The customer should provide Aadhaar number and Permanent Account Number (PAN) or alternatively obtain declaration in Form No.60 or 61 as per the Income Tax Act (vide Section 139 A) in order to open the account. The bank also requires 2 recent passport size photographs of the applicant(s).

Minimum Balance requirements

Rural BranchesRs.500 (irrespective of whether cheque book has been issued or not)
Other Branches

Rs.500 – where cheque book is not issued

Rs.1000 – in case cheque book is issued

Maximum BalanceThere is no restriction on the maximum amount that can be remitted in to this account

Punjab & Sind Bank Premier Saving Account

As the name suggests, this is a premium account with a host of features and benefits for maintaining higher minimum balance in the account.

  • The minimum amount to open this account is Rs.50,000/- or more for Rural & Semi – Urban Branches
  • For Urban & Metro Branches the minimum account opening amount is Rs.2,00,000/-
  • The above mentioned amount is the minimum balance requirement and should be maintained at all times
  • Free ATM Cards for all account holders
  • NIL charges for Statement of A/C
  • No charges for Inward Cheque Returning instances
  • Cash Handling Charges on cash deposit up to Rs.3 lakhs shall be waived off
  • Small Lockers area offered for one year without Locker Rent
  • Cheque Book issued with the name of the account holder duly printed on each Cheque leaf

What is the interest rate offered by Punjab & Sind Bank on its Saving Bank Account deposits?

Balance at the end of the dayRate of Interest in % w.e.f. 04.09.2017
Upto 20 Lakhs3.5%
Above 20 Lakhs4.0%

Value Added Services Offered By Punjab & Sind Bank Saving Bank

Savings Bank account holders of Punjab & Sind Bank can avail the following host of benefits and features to conduct transactions and manage their accounts

  • IMPS/NEFT facility for all account holders
  • Account holders are also provided with Internet Banking, Mobile Banking and SMS Banking facilities
  • RuPay and MasterCard Debit cards for eligible account holders to withdraw cash at ATMs or make purchases at POS machines
  • A number of merchant offers and discount offers are available for debit card holders
  • Various utility bill payments via the Bharat Bill Payment System
  • Government tax payment facility available on the Bank’s website
  • Quick SMS services to block lost or stolen cards and various other banking services
  • Mobile banking allows customers to conduct various banking transactions like Balance enquiry, Mini statement, Stop cheque request, Mobile/DTH recharge and many more

Punjab & Sind Bank Savings Account FAQs

1. What is the procedure to open a Savings Bank Account with Punjab & Sind Bank?

The applicant should submit the account opening form with all the KYC documents at the nearest branch to open an account.

2. What are the typical interest rates offered by Punjab & Sind Bank on their savings account deposits?

Punjab & Sind Bank offers an interest rate of 3.5 – 4%, based on the account balance, on their savings bank account deposits.

3. Can an NRI person open an account with Punjab & Sind Bank?

Yes, NRIs can open the following deposit accounts with the bank

  • In Indian Rupees: Non Resident External Account (NRE)/ Non Resident Ordinary Account (NRO)
  • In Foreign Currency: Foreign Currency Non Resident (Banks) (FCNR (B))
  • 4. Can debit cards issued by Punjab & Sind Bank be used at any ATM?

    Yes, the debit cards issued by the bank can be used at any bank ATMs to conduct various banking transactions.

    5. What are the banking transactions one can carry out at Punjab & Sind Bank ATMs?

    Customers can carry out the following transactions at any of the Punjab & Sind Bank ATMs using their ATM cum Debit cards –

    • Cash withdrawal
    • Balance Inquiry
    • Mini/Statement
    • PIN Change
    • Aadhaar seeding
    • OD facility for PMJDY accounts holders

    6. Is there a maximum cash withdrawal limit per day on debit cards?

    Yes, debit cards come with different daily withdrawal limits depending on the account type. Typically, they have a maximum cash withdrawal limit of Rs.25000/- per day for 3 withdrawals per day at an ATM machine. However, maximum limit for POS/online purchase limit is Rs.1,00,000/- per day.

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