It is crucial to manage your financial security and wealth effectively. Punjab & Sind Bank understands this and has introduced a special financial product for those who dedicate their lives to serving the nation. The PSB Gaurav Bachat SB Salary Productis an exclusive savings salary account designed for defence personnel, CAPF, Agniveers, and Veer Naris (Spouse of Martyr).
This savings salary account offers several benefits, ensuring financial security along with stress-free banking for our defence personnel.
What is the PSB Gaurav Bachat SB Salary Product?
The PSB Gaurav Bachat SB Salary Product is a savings salary account tailored to meet the financial needs of all serving and retired defence personnel, CAPF & Agniveers. This account provides a wide range of benefits, including accident insurance and waived banking charges, making it an ideal choice for those in uniform.
Key Features of the Savings Salary Account
This product is packed with features designed to maximize value for account holders. Below are the salient features of the PSB Gaurav Bachat SB Salary Product:
1. Comprehensive Insurance Coverage
Personal Accident Death Cove: Provides coverage of up to ₹100 lakhs for international accidents.
Air Accident Death (Domestic): Coverage of up to ₹120 lakhs, including service aircraft accidents.
One account per girl child: Only one account is allowed per child, ensuring focused savings.
Additional Child Benefit:In the case of accidental death, the account holder’s children can avail financial benefits:.
₹6 lakhs for boys (aged 12-22 years)
₹12 lakhs for girls (aged 12-22 years)
This benefit is available for a maximum of two children and can be used for education or marriage.
2. Add-On Insurance Benefits
The additional insurance benefits provide comprehensive coverage for unforeseen expenses:
Ambulance Charges: Coverage of up to ₹3,000 per case, ensuring quick emergency transportation.
Plastic Surgery Expenses: Coverage of up to ₹10 lakhs for reconstructive surgery.
Funeral Expenses: Coverage of ₹10,000 to support families during difficult times
Coma-Related Death Benefit:₹2 lakhs provided to assist loved ones in managing associated costs.
3. Working Spouse Benefits
Accidental insurance coverage of ₹40 lakhs for the working spouse, ensuring dual protection for the family.
Additional Banking Benefits
1. No Minimum Balance Requiremen
No mandatory initial deposit or average monthly balance, providing flexibility and convenience.
2. Waived Banking Charges
Debit Card Charges: No Issuance, Annual fees and Reissuance charges for debit card services, including the Rupay Select Debit Card and Rupay Platinum card.
NEFT/RTGS Charges: Completely waived for seamless transactions.
SMS Charges: Free SMS alerts to keep you updated on account activities.
Cheque Book:Free issuance of up to 100 cheque leaves
Email Statements, Demand Drafts, and Standing Instructions:All these services are free of charge
IMPS Charges:Fully waived for all accounts opened under PSB Gaurav Bacha
3. Locker Rent Concession
A 50% concession on any one locker rent for salary account of serving defence personnels & 50% concession in One small locker only for pensioner, Veer Naari & Agniveers, ensuring a secure space for valuable possessions.
4.Overdraft Facility :SB salary overdraft of Rs.2 lac or 3 months net salary which ever is lower.
Exclusive Loan Benefits
PSB Gaurav Bachat SB Salary Product holders are eligible for attractive benefits on loans:
Home Loans
Personal Loans
Vechile Loans
Education Loans
These loans come with competitive interest rates to provide financial support.
Why Choose the PSB Gaurav Bachat SB Salary Product?
1. Financial Security for Families
The extensive insurance coverage ensures that your loved ones remain financially secure, even in unforeseen circumstances.
2. Hassle-Free Banking
With waived charges, no minimum balance requirements, and free essential services, this account makes banking simple and stress-free.
3. Added Perks for Defence Personnel
From additional child benefits to spouse insurance, this account is tailored to meet the unique financial needs of those serving the nation.
4. Cost Savings
The waived fees and discounts on locker rent help in cost savings, allowing account holders to focus on their priorities without worrying about banking expenses.
How to Open a PSB Gaurav Bachat SB Salary Account
Opening this account is a simple process. Defence personnel and their families can visit their nearest Punjab & Sind Bank branch with the required documents. The bank staff will guide them through the application process and ensure quick activation of the account.
Documents Required
Identity Proof: (Aadhaar card, PAN card, etc.).
Address Proof
Service or Retirement Proof (Defence ID card, Pension card)
Recent Photographsof the applicant and co-applicant
For Veer Naari ( Spose of Martyr)An additional documents for special recognition issued by Defence organisation establishing the status of Veer Naari.
Nomination Facility
The PSB Gaurav Bachat SB Salary Product includes a nomination facility, ensuring that the account holder’s savings and benefits are smoothly transferred to their chosen nominee. Nomination details can be updated or modified at any time, providing flexibility and peace of mind.
Understanding the Benefits in Depth
1. For Defence Personnel
The PSB Gaurav Bachat SB Salary Product is more than just a savings salary account; it is a financial ecosystem designed for the unique lifestyle and needs of defence personnel. The inclusion of high-value accident insurance and additional family benefits highlights PSB’s commitment to supporting those who serve the nation.
2. Ease of Banking
PSB ensures that banking is a hassle-free experience by eliminating unnecessary charges. Whether it’s a waived NEFT/RTGS fee or free chequebooks, account holders can enjoy banking without extra costs.
3. Comprehensive Protection
Few accounts in the market offer such a wide range of insurance benefits. The PSB Gaurav Bachat SB Salary Product provides unparalleled coverage, including personal accidents, air accidents, and child benefits, ensuring financial security for families..
Customer Support and Assistance
Punjab & Sind Bank provides full customer support to address any queries related to the PSB Gaurav Bachat SB Salary Product. Whether you need assistance with opening an account, understanding the benefits, or resolving banking issues, the bank’s staffs are always available to help. Account holders can also access PSB’s online banking services for added convenience
The PSB Gaurav Bachat SB Salary Product is more than just a savings salary account; it is a financial partner for defence personnel and their families. With comprehensive insurance coverage, waived charges, and exclusive benefits, this account ensures financial stability and convenience. Whether you are a serving member, retired personnel, or part of a defence family, this account is designed to meet your needs.
Choose the PSB Gaurav Bachat SB Salary Product today and enjoy a hassle-free banking experience with unmatched benefits.
For more details or assistance, visit your nearest Punjab & Sind Bank branch or contact customer service.
FAQS
Q: What is the PSB Gaurav Bachat SB Salary Product? A: The PSB Gaurav Bachat SB Salary Product is a specialized savings salary account designed exclusively for defence personnel, CAPF, Agniveers, and Veer Naris, offering benefits such as comprehensive insurance and waived banking charges.
Q: Who is eligible to open this account?
A: his account is available for serving and retired defence personnel, including CAPF forces and their families.
Q: What insurance benefits does this account offer? A: he account offers up to ₹120 lakhs in air accident coverage (domestic travel), ₹100 lakhs for personal accident death cover/Total disability cover/Permanent Partial disability cover/Railway accident/Air accident death(International).
Q: Are there any hidden charges? A: Visit the nearest Punjab & Sind Bank branch with identity proof, address proof, service or retirement proof, and photographs to open the account.
Q: Is there a minimum balance requirement? A: No, the account does not require a minimum balance or initial deposit.
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A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
