Punjab and Sind Bank Savings Account

Customers can also apply for an account offline. They can pick up a form from any Punjab and Sind Bank branch. They will have to submit the duly filled in and signed form with the KYC documents to their nearest bank branch, upon which the bank will verify the details provided. Once this process is completed, the customer will be issued with the Starter Kit and can start saving using the account.

Punjab and Sind Bank Savings Account Interest Rate:

The bank offers its customers an attractive rate of interest of 3.00% per annum. The current rate of interest is effective as recorded on 16 September 2021.

1. Savings Bank Account: The Savings Bank account introduced by the bank provides account holders with the benefits associated with a savings account without the need to maintain a high minimum balance. This account, which can be opened by individuals as well as societies, trusts and clubs, will receive an ATM card as well as receive a free passbook. Holders can also avail of a cheque book facility.
2. PSB Premier Savings Bank Account: PSB Premier Savings Bank Account: A savings account targeted at high-net-worth individuals, this account offers holders a number of services at no extra charge. Individuals will be provided a free ATM card. Holders will enjoy no handling charges for cash deposits up to Rs.3,00,000.

Minimum Balance Requirement for Punjab and Sind Bank Savings Accounts:

The minimum balance requirements set by the Punjab and Sind Bank are based on certain factors such as the type of account, the location (whether it is in a rural or urban area) among other factors decided by the bank. The minimum balance requirements for savings accounts are mentioned in the table below:

Eligibility Criteria for Punjab and Sind Bank Savings Account:

The eligibility criteria for Punjab and Sind Bank Savings Accounts are mentioned below:

1. Hindu Undivided Families (HUF)
2. Individuals above the age of 18 (either a single or joint account)
3. Trusts and associations
4. Clubs and educational institutions

Documents Required to Open a Punjab and Sind Bank Savings Account:

To open an account with the bank, the prospective account holder has to furnish a set of documents as part of the Know Your Customer (KYC) guidelines as mandated by Reserve Bank of India (RBI):

1. Passport sized photograph
2. Proof of identity
3. Proof of address

Proof of Identity Documents:

The following documents can be submitted as proof of identity to open an account:

1. Valid passport
2. Valid driving license
3. Voter's ID card
4. Government issued photo ID card or Defence Card
5. Aadhaar Card
6. Permanent Account Number (PAN) card
7. NREGA card

Proof of Address Documents:

The following documents can be submitted as proof of address to open an account:

1. Valid passport
2. Valid driving license
3. Voter's ID card
4. Aadhaar card
5. Utility bills like electricity or phone bill
6. Bank account statement

In the case of joint account holders, the applicant as well as the co-applicant have to submit the KYC documents.

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.