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PUNJAB AND SIND BANK

SB ACCOUNT

The bank offers two types of Savings Bank account, namely, Saral Savings Scheme and Savings BankAccount.

y The Saral Savings Scheme

The Saral Savings Scheme is a no frills account and can be opened with an initial deposit of Rs.100 andthe balance go below that i.e. it can be operated as a zero balance account.

The Saral savings account is for the landless labour, artisans in the rural areas, house wives nothaving regular income, casual labour, daily wage earners in construction, industries etc.earning small amount daily, students having no sound financial background, having noresources and least chances of the saving opportunities, similar other segments of societywho do not have regular employment and permanent residential occupancy, these accountsshall come under the category of the normal saving bank account, once the balance isenough to qualify under KYC norms.

In Saral Savings Scheme no cheque book is issued by bank and only loose cheques areissued on request. Saral Savings scheme restricts the number of transactions to 5 everymonth and 20 every 6 months. The Minors account facility is available with Saral Savingsscheme and interest is payable only after the minimum balance is above Rs. 500. In theSaral Savings Scheme the maximum balance cannot exceed Rs.50,000 or Rs.1,00,000 overthe year.

y The Savings Bank Account

The Savings Bank account the minimum balance varies between computerized branch and noncomputerized branch and also with rural branch.

Minimum Balance in Account

Computerized BranchesI) Where cheque Book is not issued Rs. 500/-II) Where cheque Book is issued Rs. 1000/-

Non Computerized BranchesI) Where cheque Book is not issued Rs. 250/-II) Where cheque Book is issued Rs. 500/-

Rural Branches I) Account with or without cheque Book facility Rs.100/-

The target customers for the Savings Bank account are individuals (singly or jointly),associations, clubs, educational institutions. In Savings Bank Account proper cheque book isissued in the name of the account holder. The Savings Bank Account does not restricts theminimum number of transactions. On the other hand there is no maximum balance limit inSavings Bank account.

Irrespective of the two types of accounts, the KYC norms needs to be satisfied at the time of opening the accounts. A new Savings Bank Account form needs to be filled along with

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proper address proof and passport size photographs needs to be submitted at the time of opening the account. No cheque collection facility is given to any holder of the two schemes.