The Punjab and Sind Bank is an Indian nationalized bank that comes under the ownership of the Ministery of Finance Government of India. It was established by Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh, in Amritsar, on 24 June 1908.
Today, it is headquartered in New Delhi. As of March 31 2020, the Punjab and Sind Bank has 1526 branches spread all over India. Out of which 635 branches are located in Punjab state.
The Punjab and Sind Bank was nationalised by the Government of India during the second wave of nationalization with six other banks on April 15 1980. The first wave of nationalization took place in 1969, in which only the top 14 banks were nationalized by the Government of India. During the 1960s, the Punjab and Sind Bank established its first branch in London, which was acquired by the Bank of Baroda in 1991.
Punjab and Sind Bank Saving Account
A Savings Bank Account from PSB is a comprehensive account that gives various features and advantages to its customers. It delivers a complete banking experience to its clients and empowers them to manage and save their money effectively.
The Punjab and Sind Bank is a better option for opening a savings account for nominal transactions. It provides RuPay and Master Debit cards. It is a good option for people who don’t need to make big transactions.
- The debit card has a daily ATM cash withdrawal limit of ₹25000/-
- The daily POS and e-commerece transaction limit is ₹100000/-.
The interest rate of PSB savings account is
| Up to ₹20 Lakh | 3.10% p.a. |
| Above ₹20 Lakh | 3.50% p.a. |
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Open Savings Account in PSB
For opening a savings account in Punjab and Sind Bank follow these steps.
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1. Visit the Branch
You need to visit the branch in which you want to open the account.
2. Fill up the Account Opening Form (AOF) for Savings Account
You need to fill up the Savings Bank Account Opening Form. Carefully mention your name, address, contact number, email id, PAN, type of account to be opened, nominee’s name, etc., while filling the form.
3. Attach the Required (Mandatory) Documents with the Form (AOF)
After filling in your details in the Account Opening Form (AOF), you need to attach your documents for KYC like Aadhar Card, Pan Card and two Passport size photos. These are used for identity proof and address proof. If your permanent address is different from your temporary address, then provide address proof documents for both addresses.
4. Form and Document Verification
The bank official will verify your Account Opening Form (AOF) and documents. After verifying your AOF and documents, you will proceed to the next step.
5. Deposit the Minimum Balance in your Savings Account
After the successful verification of your Account Opening Form (AOF) and documents, the bank personnel will allot an 11-digit account number for your savings account. You need to deposit the minimum balance in your savings account.
| Rural Branches | Rs.500 + Cheque Book (You have to maintain 500 minimum balance to avail interest) |
|---|---|
| Urban Branches | Rs.500 – where cheque book is not issued Rs.1000 – in case cheque book is issued (You have to maintain 1000 minimum balance to avail interest) |
| Minimum Balance | No minimum balance to be maintained |
| Maximum Balance | There is no restriction on the maximum amount that a customer can have in the account |
6. Get your Cheque Book, Passbook, Debit Card & Other Documents from the Bank
Once your savings account is opened successfully, the bank official will hand over your Cheque Book, Passbook, Debit Card & Other Documents to you. In case you want a customized debit card with your name printed on it, you will have to wait for a few more days for it.
Points to consider before opening PSB Savings Account
- Check for the interest rate in savings account with others banks.
- Fill your Account Opening Form in CAPITAL LETTERS.
- Countersign if there is any overwriting in the AOF.
- Avail the nomination facility.
- Take your original documents after the KYC is done.
- There are various Savings Accounts choose which one is best for you.
- In some banks, you can open a savings account online, while, for others, you have to visit the bank in person to sign the documents in presence of a Bank Official.
How to Start Punjab and Sind Bank Internet Banking?
Banks provide internet banking services where customers can check their account balance and also recent transactions done in the bank account. Like any other bank, the Punjab and Sind Bank internet banking allows checking mini statements, transfer funds and other payment options.
Things required to request for PSB online Banking
To activate your PSB online banking, you will need
- Your mobile number should be registered with the bank for availing the benefit of the Internet Banking Facility.
- Your User ID is the Customer ID, and it is mentioned on your passbook.
- You will also be required to update your PAN card number and your Date of Birth at your branch.
How to activate net banking in Punjab and Sind Bank
Follow these simple steps to activate your PSB net banking.
- Open the Punjab and Sind Bank official website.
- Go to “Digital Banking”.
- Under “Digital banking”, click on “Retail Internet Banking”.
- Click on “Proceed to login” and then on “New User Registration”.
- Enter your User ID and validate your PAN card number/ DOB.
- Then enter your registered mobile number.
- Validate with the OTP sent to the registered mobile number.
- Your Registration ID is generated and is sent through SMS to your Registered Mobile number.
- You will receive an SMS once your internet banking is activated. An SMS will be sent to generate your Login Password within 72 hours on your registered mobile number.
- You have to generate the Login Password within 15 days after the activation of internet banking, or it will be expired. In case of expiry, you need to do the complete process again.
You have successfully activated your Punjab and Sind Bank Net Banking.
How to change transaction password in Punjab and Sind Bank
You can generate your password after you receive the activation SMS. To generate your PSB internet banking password, follow these simple steps.
- Go to the Punjab and Sind Bank official website and click on “New User Password Generation” in the New User link on the Internet Banking Retail Login page.
- Enter your User Id (Customer ID), Registered Mobile number and Request ID (generated at the time of User Registration) to validate your details.
- After validation an OTP will be sent to your registered mobile number, enter the OTP.
- Validate your OTP and then generate the Login password for the first time.
- Now you can log in to Internet Banking by entering your User ID and Login Password.
Punjab and Sind Bank Mini Statement
To check your Punjab and Sind Bank Mini Statement, your
- Mobile number must be registered with the bank.
- Must have access to PSB Net Banking
- Register for SMS alerts to recieve mini statements via SMS.
Check mini statement by call
To know your last three transaction details via call, you can call their customer care number.
Punjab and Sind mini statement Customer Care toll-free number – 1800-419-8300
It is an IVRS Call where you have to follow certain steps. After which, you have to verify your account, and then you can know the details of your last transaction.
Check mini statement by sending SMS
To check your mini statement via SMS, you must subscribe to SMS Banking before using this feature. To register for SMS banking you can either visit your branch or Login to the PSB net banking and go to the request menu and submit the “SMS Banking Registration” request.
You will receive the mini statement by sending an SMS from your registered mobile number.
PTXN Account Number SMS Banking Password (e.g. PTXN 12345678909876 1234)
and send to 9773056161 or 8082656161
After sending the SMS, wait for a few seconds. You will shortly receive your mini statement of the last three transactions via SMS.
Check mini statement from ATM
To get the mini statement from the ATM follow these steps.
- Go to your nearest ATM center.
- Insert your PSB Debit card in the ATM machine and select your preferred language.
- It will ask your ATM Pin. After entering your 4 digit Pin, select the Banking option.
- Select the type of account (Savings or Current) and click on mini statement.
- You will recieve a print out of your mini statement from the ATM machine.
Check mini statement online using Net Banking
If you have access to PSB internet banking, you can check your mini statement through net banking. To check the mini statement through net banking, follow these simple steps.
- Login to your PSB internet banking using your Customer ID/User Id and Password.
- There you will find the Account option. Click on “Account Option” to check your mini statement.
- With internet banking, you can also get a mini statement for a particular time period.
Check mini statement using Mobile Banking App
To check your PSB mini statement using the mobile banking app, follow these simple steps.
- You must have access to PSB Mobile Banking Service. To register for this service, visit the nearest branch, and you will have to submit an application. After processing your request, you will get your PSB Mobile Banking PIN.
- Download the PSB mPAYMobile banking app on your phone. Log in by entering your details and your PIN.
- After entering your PIN, your Mobile Banking will be activated, however, it may take a few moments to reflect the details.
- Go to your Dashboard and click on the Banking option.
- Click on the mini statement. You can see your recent transactions.
Key Points of PSB
- Punjab & Sind Bank was established in Amritsar in 1908.
- It’s headquartered in New Delhi.
- Interest rate up to ₹20 Lakh is 3.10% p.a.
- Interest rate above ₹20 Lakh 3.50% p.a.
- The Daily ATM withdrawal limit is ₹25000/-
- Daily e-payments and POS limit is ₹100000/-
- To open a savings account in rural areas, you have to deposit ₹500/-. You will also receive a chequebook.
- In urban areas, you can open PSB savings account by depositing ₹500/- but a cheque book will be issued only after depositing ₹1000/-.
- No minimum balance maintenance is required.
- To receive interest on your money, you need to maintain the minimum amount of ₹500/-
- You can check the PSB mini statement through Call, SMS, ATM, Internet banking, Mobile Banking.
FAQ
There are five ways to check your Punjab And Sind Bank balance.
– You can give a miss call to 7039035156. The call will automatically disconnect after a few rings.
– Vist the nearest ATM to check your balance. Enter the card and select the Balance Inquiry option.
– By SMS. Send a SMS in the following format to 92238158443.
PBAL <Account-Number> <SMS-Banking-Password> (e.g. PBAL 00001000001011 1234)
– Log in to your Punjab And Sind Bank Internet Banking.
– Visiting the branch.
to activate your Punjab And Sind Bank ATM card follow the following steps.
1. Insert your debit card to PSB ATM.
2. Enter the PIN provided by the bank.
3. Change your PIN.
4. Your card will be activated.
1. Go to the nearest PSB ATM. Insert the PSB card.
2. Click on ‘PIN Generation’.
3. Enter your 11-digit account number and click on Confirm.
4. Enter your Registered Mobile Number and click on Confirm.
5. The next screen will show ‘Your green PIN will be shortly delivered to your registered mobile number. Press confirm.
6. An OTP will be sent to your registered mobile number.
7. Enter the OTP to generate green PIN.
