Punjab & Sind Bank is a government-owned bank which was established in 1908. It was nationalized in 1980. It has more than 1600 branches spread across the country, with nearly 700 branches in the state of Punjab. It offers a 4% interest rate to all its savings accounts.
Types of Punjab and Sind Bank Savings Accounts
Saral Savings Scheme: This bank deposit scheme provides the account holders with all the essential features of a savings account. This account is a zero balance account and can be opened with a minimum balance of Rs. 100. There are no penalty charges for the low account balance. It is designed for specific customers, such as artisans and laborers, who are not able to maintain a high account balance due to the nature of their work. The account holders receive an ATM card which can be used to make five withdrawals per month. The account holders have to be present at the bank to conduct any transactions. The account balance should never exceed Rs. 50,000 at any point in time.
Savings Bank Account: This type of account by Punjab and Sind bank provides the account holders with the numerous benefits of savings account without having to maintain a high minimum balance. Moreover, this account can be opened by individuals as well as societies, clubs and trusts. An ATM card and a passbook are issued to the account holders who may also avail of a cheque-book facility.
PSB Premier Savings Bank Account: This savings account is designed for high net worth individuals. It offers the account holders innumerable benefits and services at no extra charge. However, the minimum balance in the account should be maintained. Additionally, the account holders are eligible for a free ATM card as well as a stipulated number of free personalized cheque leaves. Account holders also enjoy waivers on loan processing amounts and zero handling charges for cash deposits up to Rs. 300000.
Minimum Balance Requirement for Punjab and Sind Bank Savings Accounts
Savings Account Type
Minimum Balance Requirement
Cheque Book Issued
Cheque Book Not Issued
Saral Savings Scheme
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
These are the eligibility criteria for a Bandhan Bank Savings Accounts:
Documents Required to Open a Savings Account