The Punjab and Sind Bank is a Government-owned Bank. The Bank has its headquarters in New Delhi, India. The Bank was founded in the year 1908. The Bank has a total of 1466 branches across India and 623 branches in Punjab and 1268 ATMs. This is one of the oldest banks in India. The main objective of the bank is to provide an economic support to the weaker sections of the society.
In this article, we will provide you the complete information of the Punjab and Sind Bank Savings Account.
Contents
How to Open a Punjab and Sind Bank Savings Account
The Bank allows both offline and online mode of opening a savings account. The process of opening a savings account is quite easy and hassle-free.
For Online Method, the applicant has to visit the Bank website and download the account opening form from the bank’s website. The form is available online, by clicking on the “Apply Retail Loan” tab on the bank’s homepage. After printing and filling the details in the form, the applicant has to submit the application form along with the other KYC Documents in the nearest Bank Branch. After the verification process, the applicant will be provided with a Starter Kit and start begin using the account.
For the Offline mode, the customer has to visit the nearest bank branch. From the bank, collect the account opening form and fill in with the required details and submit it with the KYC Documents. The bank officials will then verify the application form and once, the verification process is completed the customer will receive a starter kit and start saving using the account.
Punjab and Sind Bank Savings Account Interest Rates
The Punjab and Sind Bank Savings Account offers an attractive interest rate of 4% per annum, which is paid out half-yearly.
Types of Punjab and Sind Bank Savings Account
The Bank has a number of savings account as per the requirement of the customers. The types of savings account are as follows:
Saral Savings Scheme
This savings scheme provides basic features of the savings account. This is a zero balance account. The account can be opened with a minimum balance of just Rs 100. There are no penalty charges for low account balance. This account is exclusively designed for those who are unable to maintain a high account balance such as laborers, artisans etc.
The account holders can make 5 withdrawals in a month and they are received with an ATM.
Savings Bank Account
This savings account provides a lot of benefits to all the account holders. The holders, don’t have to maintain a high minimum balance. This account can be opened by any individual, societies, trusts and clubs. The account holders will receive an ATM Card and a free passbook. Cheque book facility is also available.
Premier Savings Bank Account (PSB)
This savings account is mainly targeted at high net worth individuals, this account offers a number of services to its customers with no extra charge. The holders will receive a free ATM Card along with 100 personalized cheques in a year (in metro or urban areas) and 60 personalized cheques (in rural and semi-rural areas). The holders can enjoy cash deposits up to Rs 3, 00, 000.
Minimum Balance Requirement for Punjab and Sind Bank Savings Account:
|
Savings Account Type |
Minimum Balance Requirement |
||
|
Cheque Book Issued |
Cheque Book Not Issued |
||
|
Saral Savings Scheme |
Nil |
Not applicable |
Not applicable |
|
Savings Bank Account |
Computerised Branches- Rs. 1, 000 Non-computerised Branches- Rs. 500 Rural Branches- Rs.100 |
Computerised Branches- Rs. 500 Non-computerised Branches- Rs. 250 Rural Branches- Rs. 100 |
|
|
PSB Premier Savings Account |
Metro & Urban- Rs. 1, 00, 000 Semi-rural & Rural- Rs. 50, 000 |
Not applicable |
Not applicable |
Eligibility Criteria of Punjab and Sind Bank Savings Account
The eligibility criteria of Punjab and Sind Bank Savings Account are as follows:
- Hindu Undivided Families (HUF)
- The Individuals above the age 18 years (either a single or joint account).
- Trusts and Associations
- Clubs and Educational Institutions.
Documents Required for Opening a Punjab and Sind Bank Savings Account
To open a bank savings account, the account holder has to furnish a set of documents as per the KYC Guidelines mandated by the Reserve Bank of India (RBI):
- Passport Sized Photograph
- Proof of Identity
- Proof of Address.
The Proof of Identity Documents
The following are the Identity Proof Documents:
- Valid Passport
- Valid Driving License
- Voter’s ID Card
- Government Issued Photo ID Card or Defence Card
- Aadhaar card
- Permanent Account Number (PAN) card.
- NREGA Card
The Proof of Address Documents:
The following are the Proof of Address Documents
- Valid Passport
- Valid Driving License
- Voter’s ID Card
- Aadhaar Card
- Utility Bills such as Electricity Bills, Telephone Bills etc.
- Bank Account Statement