Punjab & Sind Bank was founded in 1908 with a vision to serve the weaker sections of the Indian society and improve their standard of living. Offering a diverse array of banking products, Punjab & Sind Bank continues to contribute to the economy of the nation with its constant and innovative endeavours. Punjab & Sind Bank caters to different segments of customers with a portfolio comprising of retail banking, international banking along with state-of-the-art internet e-banking and mobile banking services.
Recurring Deposit from Punjab & Sind Bank
Recurring deposits help regular income earners to build up their savings with steady monthly deposits or payments over a certain period of time. Customers can earn a substantial amount of money after maturity of their recurring deposits with attractive interests. Generally when a recurring deposit account is opened, the maturity value is indicated to the customer with applicable interest rates. As a safe investment option recurring deposits also offer tax benefits to employed professionals. Punjab & Sind Bank offers a regular recurring deposit scheme with flexible deposit options and attractive interest rates.
Features of a Punjab & Sind Bank Recurring Deposit
Punjab & Sind Bank customers can open a regular recurring deposit account and enjoy a variety of benefits and significant returns on their investments.
- The minimum deposit amount required for a Punjab & Sind Bank Recurring Deposit account is a very affordable sum of Rs. 10/- per month. The bank does not have a cap on the maximum amount required.
- Customers can choose deposit tenures ranging from a period of six months to maximum of 10 years.
- Any individual can open a Punjab & Sind Bank Recurring Deposit as a single or joint account holder.
- A minor over the age of 10 is also eligible to open a RD account jointly with a guardian operating the account. If the account is maintained by a guardian then a specimen signature of the minor verified by the guardian is required.
- Recurring deposit accounts can be opened by firms, corporates, associations, societies, Government institutions, religious and charitable institutions.
Proof of Identity / Address
- Applicant’s Passport copy
- Voter’s ID card
- Aadhar Card
- Driving License
- PAN Card
- Electricity Bill
- Telephone Bill
- Last three months’ bank account statements
- Latest passport size photo
Interest rate offered on Punjab & Sind Bank’s Recurring Deposit
Punjab & Sind Bank offers recurring deposits at interest rates ranging from 4% to 8% depending on the tenure of the deposit. The interest rates also vary based on the deposit amount which can extend up to Rs 5 Crores and above. The interest rate is generally paid with the principal at the time of maturity and is compounded every quarter for a recurring deposit.
Know the Current Recurring Deposit Rates
- Punjab & Sind Bank Recurring Deposit Rates Comparison with Other Banks and Institutions
- Punjab & Sind Bank Recurring Deposit Interest Rates
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