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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.
About Punjab and Sind Bank Savings Account
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 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
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
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
Rs.500 – where cheque book is not issued
Rs.1000 – in case cheque book is issued
As the name suggests, this is a premium account with a host of features and benefits for maintaining higher minimum balance in the account.
What is the interest rate offered by Punjab & Sind Bank on its Saving Bank Account deposits?
Savings Bank account holders of Punjab & Sind Bank can avail the following host of benefits and features to conduct transactions and manage their accounts
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
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 –
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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