Punjab & Sind Bank Recurring Deposit 2025
Religious and philanthropic organizations, co-operative societies, government and semi-government bodies, associations, clubs, corporations, firms, and individuals could also open a Recurring Deposit (RD) account with Punjab & Sind Bank (either singly or jointly). The duration of the RD account spans from 6 months to 10 years. The account will need a minimum deposit of Rs.10 to be opened. Punjab and Sind Bank also provide competitive interest rates on their RD accounts.
Punjab and Sind Bank was founded in 1908 with a vision to serve the weaker sections of 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 that comprises retail banking, international banking, and state-of-the-art internet e-banking and mobile banking services.
Punjab & Sind Bank Recurring Deposit (RD)
Recurring deposits help regular income earners 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 the maturity of their recurring deposits with attractive interest rates. Generally when a recurring deposit account is opened, the maturity value is indicated to the customer along 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 (RD)
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.
Eligibility of a Punjab & Sind Bank Recurring Deposit
- 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 an 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.
Documents Required for Punjab & Sind Bank RD
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 interest rates ranging from 4% to 8%, depending on the tenure of the deposit. The interest rates also differ depending on the deposit amount, which can range from 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.
FAQs on Punjab & Sind Bank Recurring Deposit
- What is the deposit period offered on the Punjab & Sind Bank recurring deposit?
Punjab & Sind Bank offers deposit periods ranging from six months to 10 years.
- What is the minimum initial deposit to open a Punjab & Sind Bank RD?
The minimum initial deposit to open a Punjab & Sind Bank RD is Rs.10.
- Who can open a recurring deposit with Punjab & Sind Bank?
Any Indian citizen, firm, club, government or semi-government organization, association, etc., can open a recurring deposit with Punjab & Sind Bank.
- Does Punjab & Sind Bank offer a nomination facility on a recurring deposit?
Yes, Punjab & Sind Bank allows you to add a nominee to your recurring deposit.
- How do I open a recurring deposit with Punjab & Sind Bank?
You need a savings account that can be linked to the recurring deposit if you are a new customer. You can also submit an application offline by visiting the nearest Punjab & Sind Bank branch.
- What are the interest rates offered on the Punjab & Sind Bank recurring deposit?
Currently, Punjab & Sind Bank offers interest rates ranging from 6.10% p.a. to 6.75% on recurring deposits.
- How frequently is the interest compounded for a Punjab & Sind Bank RD?
The interest is compounded on a quarterly basis and paid along with the principal when the deposit matures.
- Will TDS be levied on the recurring deposit interest?
No, TDS will not be deducted if the recurring deposit interest is below Rs.10,000. A TDS of 10% will be applicable if the limit surpasses Rs.10,000. If your annual income does not fall under the tax slab, you can avoid paying TDS by submitting Form 15G. Senior citizens need to submit Form 15H for the same.
- Can I modify or cancel the nomination I made for my recurring deposit?
Yes, you can change or cancel the nomination you made for your recurring deposit at any time.
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