Punjab & Sind Bank Account Opening Form, Minimum Balance, Docs & Charges

Punjab & Sind Bank Account Online | Punjab & Sind Bank Account Opening Form | Punjab & Sind Bank Account Minimum Balance

The Punjab and Sind Bank (PSB) is a public sector bank that was founded in 1908. One of India’s oldest banks, its principal goal was to provide financial assistance to the poorest sections of the population. The bank was founded in the state of Punjab and flourished for many years. The article will tell you more about the Punjab & Sind Bank Account Opening and other related details.

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Punjab & Sind Bank Account Opening Details

Individuals and businesses interested in Punjab & Sind Bank Account Opening with the bank can do so in a number of simple and convenient ways. Customers can download the account opening form from the bank’s website, saving them the effort of having to go to a branch to pick one up. The form can be discovered by going to the bank’s homepage and clicking on the “Apply Retail Loan” link. Customers can drop off the filled-in and signed form, along with the Know Your Customer (KYC) documentation, at their nearest branch after printing and filling in the details. After the customer’s information is verified, they will receive the Starter Kit and can begin using their account.

Customers can also apply for an account through offline mode. A form is available at any Punjab and Sind Bank branch. They must take the duly completed and signed form, as well as the KYC documents, to their nearest bank branch, where the bank will verify the information supplied. After this is finished, the user will receive the Starter Kit and will be able to begin saving with the account.

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Savings Account Interest Rates in Punjab and Sindh Bank

Customers can take advantage of a 3.10 percent annual interest rate offered by the bank. The current rate of interest is in effect as of November 12, 2020.

Saral Savings Scheme: This is a no-frills bank deposit scheme that provides account customers with the most basic savings account amenities. One of the advantages of this account is that it has no balance. The account can be started with as little as Rs. 100/- and there are no penalties for having a low balance. The account is for clients who, due to the nature of their employment, are unable to maintain a high balance in their accounts, such as artisans, laborers, and others.

Holders of this basic savings account will receive an ATM card and will be able to make five withdrawals per month. To perform any transactions, they must be present, and the account balance must be less than Rs. 50, 000 at all times.

Savings Bank Account: The bank’s Savings Bank account offers account users the benefits of a savings account without the requirement of maintaining a high minimum balance. This account, which can be formed by individuals, societies, trusts, and clubs, will come with an ATM card and a free passbook. A checkbook is also available to holders.

PSB Premier Savings Bank Account: This account is designed for high-net-worth customers and includes a number of complimentary services. Holders will be eligible for a free ATM card as well as 100 customized check leaves per year (in metro and urban areas) and 60 personalized cheque leaves per year (if the minimum balance in the account is maintained) (in semi-rural and rural areas). Loan processing fees for personal, consumer, and school loans will be waived for account holders. For cash deposits up to Rs. 3,00,000, there would be no handling fees.

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Minimum Balance Requirement for Punjab & Sind Bank Account Opening

Savings Account TypeMinimum Balance Requirement
Cheque Book IssuedCheque Book Not Issued
Saral Savings SchemeNilNot applicableNot applicable
Savings Bank AccountComputerised Branches- Rs. 1, 000 Non-computerised Branches- Rs. 500 Rural Branches- Rs.100Computerized Branches- Rs. 500 Non-computerised Branches- Rs. 250 Rural Branches- Rs. 100
PSB Premier Savings AccountMetro & Urban- Rs. 1, 00, 000 Semi-rural & Rural- Rs. 50, 000Not applicableNot applicable

Eligibility Criteria to Open PSB Savings Account

The following are the eligibility requirements for Punjab and Sind Bank Savings Accounts:

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

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Documents Required for Punjab & Sind Bank Account Opening

To create an account with the bank, the prospective account holder must submit the following papers as part of the Reserve Bank of India’s (RBI) Know Your Customer (KYC) guidelines:

  • a passport-sized photo
  • Identification proof
  • Address proof is required.

Proof of Identity Documents:

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

  • Valid passport
  • Valid driving license
  • Government-issued photo ID card or Defence Card
  • Voter’s ID card
  • Aadhaar Card
  • Permanent Account Number (PAN) card
  • NREGA card

Proof of Address Documents:

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

  • Valid passport
  • Valid driving license
  • Voter’s ID card
  • Aadhaar card
  • Utility bills like electricity or phone bill
  • Bank account statement

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