How to Open Punjab and Sind Bank Fixed Deposit Account

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Updated 03 Sep 2023

Opening a Fixed Deposit (FD) account with Punjab and Sind Bank can be a great way to invest and grow your savings. FDs provide security due to their fixed interest rates and guaranteed returns.

The process to open an FD with Punjab and Sind Bank is straightforward. This blog will guide you through the steps, eligibility criteria, and required documents to start your FD journey with this esteemed institution.

How to Open an FD account in Punjab and Sind Bank

Step 1: Visit the nearest Punjab and Sind Bank branch.
Step 2: Duly complete the prescribed FD account opening form and ensure that all pertinent information, such as the desired tenure and deposit amount, is accurately furnished.
Step 3: Attach all relevant documentation alongside a cheque for funding your deposit.
Step 4: After completing the steps above, remember to collect the Fixed Deposit Receipt (FDR).
Alternatively, you can also avail PSB Internet banking services or PSB’s UnIC, a mobile app to open an FD account with the bank.

Eligibility Criteria

Nationality: Indian, NRO, NRE
Age: Above the age of 18 or a minor under their legal guardian’s supervision
Type of Applicant: Individuals, sole proprietorships, partnership firms, private and public limited companies, HUF, specified associates, societies, trusts, departments of authority created by government (Central or State), LLP, etc.

Documents Required

Identity Proofs

A valid passport
Updated driving licence
Aadhaar card
Voter's ID card
NREGA job card
PAN card or Form No. 60.

Address Proofs

National population register.
Document detailing the nature of a declared profession or activity, business or financial status.

FAQs

Is there any tax deduction available for fixed deposits?

Yes, per Section 80C of the Income Tax Act of 1961, an investor can claim a tax deduction of up to ₹1.5 lakhs per financial year by investing in a tax-saving FD scheme.

What is an appropriate time for investing in a fixed deposit?

The right time to invest in a fixed deposit depends on the investor's financial goals, risk appetite, and prevailing interest rates. Generally, it is advisable to invest in fixed deposits when the interest rates are high and are expected to remain stable for the investment period.

Is the ₹5 lakhs DICGC insurance cover applicable on Punjab and Sind Bank FD?

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to Punjab and Sind Bank FD.

What are the reasons to invest in FDs despite other investment instruments offering higher returns?

FDs provide a guaranteed return on investment and are relatively low-risk compared to other investment instruments.

What is the minimum and maximum amount I can invest in the PSB FD scheme?

Punjab and Sind Bank offer various FD schemes that have their distinct investment limit. However, the minimum investment starts at as low as ₹100.

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