Product Details
Bank Name
Punjab and Sindh Bank
Account Name
PSB Basic Savings Bank Deposit Account
Account Type
Savings
Interest Rate
Upto 1 Crore 2.70%
Above 1 Crore to upto 50 Crore 2.90%
Above 50 Crore to upto 100 Crore 4.52%
Free Debit Card
Free ATM card or ATM-cum-Debit Card.
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Account Opening Fees
0
Annual Maintenance Fees
Nil
Minimum Account Balance
This account shall not have the requirement of any minimum balance.
Debit Card Charges
None
NEFT Charges
Nil
IMPS Charges
Nil
Fees and Charges
PSB Basic Savings Bank Deposit Account
Special Features
Eligibility Criteria
This account is offered to disadvantageous section of the society.
No minimum balance requirement.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
This account shall not have the requirement of any minimum balance.
Nil charges for any of the facilities including debit card, money transfer, withdrawal of cash at ATM.
Cons
Etremely low interest rate.
Minimal value add features.
PSB Basic Savings Bank Deposit Account Review
The basis account is useful for the disadvantageous section of the society, since services like debit card, cash withdrawal are offered free of charge. However, the interest rate is extremely low.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
How to Open the Account:
Visit a Punjab & Sind Bank branch: Locate the nearest branch.
Collect the application form: Ask for the Basic Savings Bank Deposit Account opening form.
Fill out the form: Provide accurate personal details and ensure all sections are completed.
Attach documents: Submit self-attested copies of your KYC documents.
Submit the form: Hand over the completed form and documents to the bank official.