Product Details
Bank Name
Punjab and Sindh Bank
Account Name
PSB Salary PLUS Account- UDAAN
Account Type
Salary
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 Cards
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Account Opening Fees
0
Annual Maintenance Fees
Nil
Minimum Account Balance
500
Debit Card Charges
Nil
NEFT Charges
Free if done online.
IMPS Charges
Upto Rs. 25000 - Nil (Online Mode)
Over Rs.25000 - Rs.50000 - Rs.5 per Txn. (Online Mode)
Over Rs.50000/- upto Rs.1 lac - Rs.10 per Txn. (Online Mode)
Over Rs.1 Lac upto Rs.2 Lac - Rs.15 per Txn. (Online Mode)
Fees and Charges
PSB Salary PLUS Account- UDAAN
Special Features
Overdraft facility worth two months salary.
Eligibility Criteria
The salary account can only be opened by organisations with more than 25 salary accounts
A minimum salary of INR 25,000.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Overdraft facility worth two months salary.
25% locker charges discount for small lockers (if available).
Nil debit card charges.
Cons
Very low interest rate.
Minimal value add benefits when compared with salary accounts of private banks.
PSB Salary PLUS Account- UDAAN Review
The account offers minimal value add benefits, when compared to value add benefits offered by salary accounts of private banks. 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?
The PSB Salary PLUS Account - UDAAN isn't opened by individual employees but rather by the organization they work for. Here's how it generally works:
1. The Organization's Role:
Eligibility: The organization needs to have at least 25 employees who will maintain salary accounts with Punjab & Sind Bank, with an average salary of ₹25,000.
Contact the Bank: The organization's management or HR department should contact their nearest Punjab & Sind Bank branch or a relevant bank representative.
Agreement: The organization will likely need to enter into an agreement with the bank to establish the PSB Salary PLUS Account - UDAAN arrangement for its employees.