Overview of Punjab & Sind Bank Fixed Deposit

Eligibility Criteria of Opening Punjab and Sind Bank FD

The eligibility criteria to open an FD account with Punjab and Sind Bank are as follows:

1. Any individual who is a citizen of India
2. Members of the Hindu Undivided Family (HUF)
3. Minors can open the account under the guardianship of their legal/natural guardian
4. Corporates
5. Trust Accounts
6. Associations

Documents Required

Some of the documents that are required to open a PSB FD are as follows:

1. Valid identity proof
2. Valid address proof
3. Permanent Account Number (PAN) card
4. Colour passport-size photographs

Types of Punjab and Sind Bank FDs

The following are the FD schemes provided by PSB:

PSB Capital Gain Deposit Scheme

Some of the features of PSB Capital Gain Deposit Scheme are given below:

1. Provides exemption benefits from Capital Gains to its taxpayers.
2. Does not provide special interest rates to the senior citizens or PSB employees.

PSB Fixed Deposit Scheme Ordinary

The following are the features of PSB Fixed Deposit Scheme Ordinary:

1. Maturity period: 15 days to 10 years
2. Interest rates range: 4% - 7% p.a.
3. Quarterly interest payout
4. Deposits of Rs.1 lakh or more are eligible for a 7-day term.
5. 0.50% higher interest rates offered to senior citizens for
6. Deposits to Rs.1 crore
7. Tenure: Six months and above
8. Provides joint account facility

PSB Short Term Deposit Scheme

Given below are the key features of the PSB Short Term Deposit Scheme:

1. Tenure of deposit: Six months to three years
2. Interest rate is compounded
3. Maximum benefits in shorter term

PSB Savings with Smile Deposit Scheme

The features of PSB Savings with Smile Deposit Scheme are as follows:

1. Interest rates are compounded on a quarterly basis.
2. Investment tenure: Three years to ten years
3. Reinvestment plan

PSB Tax Saver FD Scheme
The following are the features of PSB Tax Saver FD Scheme:

1. Single or joint account can be opened.
2. Minimum amount to be invested is Rs.100
3. Tax benefit under Section 80C is available in the case of joint accounts.
4. The lock-in period is five years.
5. Interest rates: 5.30% p.a. for general public, 5.80% p.a. for senior citizens, and 6.30% p.a. for PSB and Ex-PSB staffs

How to Apply

Customers can open a Fixed Deposit account in Punjab and Sind Bank by visiting the nearest branch and submitting the application form along with the photocopies of the required documents. Customers can also download the application form from PSB's official website.

Premature Withdrawal Facility

The premature withdrawal facility is provided by Punjab and Sind Bank on its fixed deposits. However, a certain amount will be charged as a penalty.