Punjab and Sind Bank Savings Account can be opened by eligible individuals, joint account holders, and various organizations such as HUFs, trusts, societies, associations, and government bodies. Whether you’re an individual seeking personal financial management or an organization in need of an account to manage funds, the Punjab and Sind Bank Savings Account offers a suitable solution.
Features of Punjab and Sind Bank Savings Account
Minor Accounts: The bank acknowledges the importance of financial literacy from an early age. Minors above the age of ten are allowed to independently operate a Savings Account with specific transaction limitations. They can deposit up to Rs. 49,999 per day and withdraw Rs. 50,000 at the counter through cheques or Rs. 10,000 per day through withdrawal slips. This encourages responsible financial management from a young age.
P S B–Premier Savings Bank Accounts: This scheme is designed to make the Savings Deposit Scheme more customer-friendly and competitive. By maintaining a minimum balance of Rs. 50,000 or more in rural and semi-urban branches, and Rs. 2,00,000 or more in urban and metro branches, account holders enjoy a range of benefits:
- Free ATM cards.
- Statement of account without any charge.
- Waiver of inward cheque returning charges.
- Waiver of cash handling charges on cash deposits up to Rs. 3 lakhs.
- Free small locker rent for one year.
- Cheque book with the customer’s name printed on it.
Punjab and Sind Bank Savings Account Interest Rate
The Punjab and Sind Bank offers competitive interest rates on its Savings Accounts, ensuring that your money not only remains safe but also grows. As of now, the interest rates for the PSB-Premier Savings Bank Account are as follows:
| Amount | Interest Rate |
|---|---|
| Upto 1 Crore: | 2.80% p.a. |
| Above 1 Crore to upto 100 Crore: | 2.90% p.a. |
| Above 100 Crore to upto 500 Crore: | 4.55% p.a. |
| Above 500 Crore: | 5.00% p.a. |
The Punjab and Sind Bank Savings Account is a versatile financial tool that caters to the needs of a wide range of customers. With competitive interest rates and an array of features, including special schemes like P S B–Premier Savings Bank Accounts, the bank ensures that customers can manage their finances conveniently and efficiently. Whether you’re a minor taking your first steps into the world of finance or an organization seeking reliable banking services, the Punjab and Sind Bank Savings Account is designed to meet your needs.
FAQ
Eligible individuals, joint account holders, HUFs, trusts, societies, associations, and government bodies can open a Savings Account with Punjab and Sind Bank.
The scheme offers benefits like free ATM cards, waived charges for statements and cheque returns, and more for maintaining specific minimum balances.
Yes, minors above the age of ten can operate a Savings Account with certain transaction limitations.
The interest rates range from 2.80% to 5.00%, based on the account balance.
Yes, trusts, societies, and various organizations are eligible to open a Savings Account with the bank.
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