The Punjab and Sind Bank is a bank which is owned by the government. The bank has its headquarters in New Delhi, but most of its branches are located in the state of Punjab. Out of the 1466 branches of the bank, 623 branches are in Punjab.
It offers banking services that are useful for all section of people and it is technologically advanced, too.
The savings account can be opened by individuals who are 18 years old, HUF, trusts and associations as well as clubs and educational institutions.
The savings accounts are of different types. The types include
- Saral Saving Scheme
- Savings Bank Account
- PSB Premier Savings account
The minimum balance to be maintained and charges
Saral saving scheme
There is no minimum balance specified for this saving scheme
Savings Bank Account
The minimum balances to be maintained are as follows
- Rural branches-RS. 100/-
- Non-computerized Branches-Rs.500/-
- Computerized Branches-Rs.1000/-
Similarly, the Penalty for not maintaining the balances are RS. 100/, Rs. 250/-, and Rs. 500/- respectively
PSB Premier Savings Account
The minimum balance that has to be maintained in case of the PSB Premier Savings Account and the penalty for not maintaining it are as follows.
- Rural and semi- rural area-Rs 50,000/-
- Urban and Metros – Rs.1,00,000/-
- However, there is no penalty if the balance is not maintained.