Product Details
Bank Name
Punjab and Sindh Bank
Account Name
PSB-Premier Savings Bank Accounts
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
Yes.
_jfif.jpg)
Account Opening Fees
INR 0
Annual Maintenance Fees
INR 0
Minimum Account Balance
Quarterly Average Minimum Balance to be maintained in case of rural branches is INR 50,000. In case of semi urban branches it is INR 75,000 and in case of urban and metro branches it is INR 2 Lakhs.
Debit Card Charges
Nil.
NEFT Charges
Free if done online.
IMPS Charges
Upto Rs. 25000 - Nil (Branch Mode) - Nil (Online Mode)
Over Rs.25000 - Rs.50000 - Rs.7 per Txn.(Branch Mode) Rs.5 per Txn. (Online Mode)
Over Rs.50000/- upto Rs.1 lac - Rs.12 per Txn (Branch Mode)- Rs.10 per Txn. (Online Mode)
Over Rs.1 Lac upto Rs.2 Lac - Rs.20 per Txn. (Branch Mode) - Rs.15 per Txn. (Online Mode)
Fees and Charges
PSB-Premier Savings Bank Accounts
Special Features
Life time free debit card.
Eligibility Criteria
Account holder must be an Indian resident.
Quarterly Average Minimum Balance to be maintained in case of rural branches is INR 50,000. In case of semi urban branches it is INR 75,000 and in case of urban and metro branches it is INR 2 Lakhs.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free lifetime free debit card.
Waiver of fee for locker rent of small locker for one year.
Free 100 leaves per month in personalized or non personalized cheque book.
Cons
Very low interest rate.
Minimal value add features.
PSB-Premier Savings Bank Account Review
The bank account comes with a low interest rate. Value add features are minimal.
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 that suits your convenience.
Collect the application form: Ask for the PSB-Premier Savings Account opening form.
Fill out the form: Provide accurate details and ensure all sections are completed.
Attach documents: Submit self-attested copies of your KYC documents.
Initial deposit: Make the initial deposit as per the minimum balance requirement for your branch location.
Verification: Bank officials will verify your documents and process your application.