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  • Punjab and Sind Bank Savings Account

    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    The Punjab and Sind Bank is a Public Sector Bank that was established in the year 1908. One of the oldest banks in India, its primary objective was to provide economic support to the financially weak sections of Indian society. The bank had its base in the state of Punjab and flourished over the many years of its establishment.

    In 1980, the Government of India nationalised the bank and its headquarters are now located in New Delhi.

    As early as the 1960s, the bank began its operations abroad, opening a branch in London. At present they have 1466 branches across the country and operate 1268 ATMs, making it easy for people to have access to their funds no matter where they are.

    Opening a Punjab and Sind Bank Savings Account

    Individuals and entities looking to open a savings account with the bank can do so in simple and hassle-free methods. The account opening form can be downloaded from the bank’s website, saving customers the trouble of going to the branch to pick up a form. The form can be found online by clicking on the “Apply Retail Loan” tab on the bank’s homepage. After printing and filling in the details, customers can drop off the filled in and signed form along with the Know Your Customer (KYC) documents at their nearest branch. After verification of the details provided, the customer will be provided with the Starter Kit and can begin using their account.

    Customers can also apply for an account offline. They can pick up a form from any Punjab and Sind Bank branch. They will have to submit the duly filled in and signed form with the KYC documents to their nearest bank branch, upon which the bank will verify the details provided. Once this process is completed, the customer will be issued with the Starter Kit and can start saving using the account.

    Punjab and Sind Bank Savings Account Interest Rate

    The bank offers its customers an attractive rate of interest of 4% per annum, which is paid out half yearly.

    Types of Punjab and Sind Bank Savings Accounts

    The Punjab and Sind Bank has a number of Savings Accounts to cater to the needs of its wide customer base. The Savings Accounts currently offered by the bank are listed below.

    Saral Savings Scheme: This is a no-frills bank deposit scheme that provides account holders with the basic features of a savings account. One of the benefits of this account is it is a zero balance account. The account can be opened with a minimum balance of just Rs. 100/-, with no penal charges for low account balance. The account is designed for customers who are unable to maintain a high balance in their account due to the nature of their work, such as artisans, labourers, etc.

    Being a basic savings account, holders will receive an ATM card and can make 5 withdrawals in a month. They will have to be present to conduct any transactions and the account balance should be below Rs. 50, 000 at any given time.

    Savings Bank Account: The Savings Bank account introduced by the bank provides account holders with the benefits associated with a savings account without the need to maintain a high minimum balance. This account, which can be opened by individuals as well as societies, trusts and clubs, will receive an ATM card as well as receive a free passbook. Holders can also avail of a cheque book facility.

    PSB Premier Savings Bank Account: A savings account targeted at high net worth individuals, this account offers holders a number of services at no extra charge. On the condition that the minimum balance in the account is maintained, holders will be eligible for a free ATM card as well as 100 personalised cheque leaves a year (in metro and urban areas) and 60 (in semi-rural and rural areas). Account holders will also enjoy waiving off of loan processing amounts for personal/consumer/education loans. Holders will enjoy no handling charges for cash deposits up to Rs. 3, 00, 000.

    Minimum Balance Requirement for Punjab and Sind Bank Savings Accounts

    The minimum balance requirements set by the Punjab and Sind Bank are based on certain factors such as the type of account, the location (whether it is in a rural or urban area) among other factors decided by the bank. The minimum balance requirements for savings accounts is mentioned in the table below:

    Savings Account Type

    Minimum Balance Requirement

    Cheque Book Issued

    Cheque Book Not Issued

    Saral Savings Scheme


    Not applicable

    Not applicable

    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

    Not applicable

    Not applicable

    Eligibility Creteria for Punjab and Sind Bank Savings Account

    The eligibility criteria for Punjab and Sind Bank Savings Accounts are mentioned below:

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

    Documents Required to Open a Punjab and Sind Bank Savings Account

    To open an account with the bank, the prospective account holder has to furnish a set of documents as part of the Know Your Customer (KYC) guidelines as mandated by Reserve Bank of India (RBI):

    • Passport sized photograph
    • Proof of identity
    • Proof of address

    Proof of Identity Documents:

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

    • Valid passport
    • Valid driving license
    • Voter’s ID card
    • Government issued photo ID card or Defence 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

    In the case of joint account holders, the applicant as well as the co-applicant have to submit the KYC documents.

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    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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