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PSB Grih Lakshmi Fixed Deposit Scheme

PSB Grih Lakshmi Fixed Deposit Scheme

Women are the backbone for a progressive nation. Demographically, in India, they do not just constitute around half of the population of our country, far more than that they have been handling plethora of responsible work starting from keeping the home safe and clean to portraying excellent outcomes in the workplace.

This new and unique product is specifically devised to celebrate & salute the huge and unique contributions to society by Women of the country.

Government of India has come up with various schemes such as Beti Bachao Beti Padhao Yojana, Mahila-E-Haat, Working Women    Hostel, Sukanya Samriddhi Yojana, etc. for the empowerment of woman in the country.

In tune with the spirit of Government of India, this scheme shall be considered as our Bank's well sought initiative towards the woman empowerment by way of providing additional rate of interest of 25 basis points to the fixed deposits where woman is the primary/first account holder.


  • The salient features of the scheme are placed as under-


  • Who can open this account
    1. This account will be opened in the name of Resident woman individual customer including minors. In case of joint account, the First account holder must be a woman.
  • Tenure of Deposit: For a Period 551 Days only.
  • Option for Renewal of Deposit: Automatic Renewal Mandatory. After maturity, the eligible maturity amount will be renewed for a period of one year at a time at the prevailing rate of interest without any additional interest thereupon.
  • Scheme Validity: Upto 23th June, 2023.
  • Rate of interest:  As applicable for Term Deposit Scheme for the specified period (as notified from time to time) with additional 25 basis point thereupon.
  • Mode of Operation of Accounts: Single Operation/ Joint Operation.
  • Whether Staff benefit in terms of additional rate of interest Available under this scheme: Yes, as per the extant guidelines of the Bank. 
  • Where these Accounts can be opened: All branches are authorized to open accounts under this scheme.
  • Nomination facility: Available. In case the account is held in the name of a minor, Nomination shall be made by a person lawfully entitled to act on behalf of the minor.
  • Transfer of Account: The TD Account can be transferred from one branch to another branch at the request of the customer. This can be done by submitting a written request to the branch where the customer has the account.
  • Premature Withdrawal/Closure:-Allowed subject to penal charges as applicable. .
  • Minimum Deposit in the Account : Rs 5000/- and in multiple of Rs 1000/-
  •  Maximum Deposit in the Account: Rs 1,50,00,000/- (if at any point of time the maturity amount reaches to Rs 2.00 crore or above, the same shall be treated as bulk deposit and hereunder, the additional benefit of rate of interest shall be ceased to operate.)
  • Nature of Balance in the Account: The accounts are not allowed to be overdrawn hence the account always remains in credit balance.
  • Taxation in the Account: Interest accrued on this deposits is liable for Tax in accordance with the guidelines issued by Income Tax Department, GoI, from time to time.
  • Documents required: As per the extant KYC guidelines. In case of Minor, UID is not compulsory for DoB proof of the child.
  •  Attaining Majority: On attaining majority, the former minor should confirm the balance in his /her account and the account and the proceeds may be appropriated/paid accordingly/subject to maturity.


All other terms and conditions:  As applicable to other Term Deposit Product but not mentioned in this product shall apply here.


“Compare and Shop is a Service provided by Cheggout Services Pvt Ltd for Punjab and Sind Bank customer(s). Punjab & Sind Bank is providing this as a value added service. Punjab and Sind Bank does not guarantee or warranty or make any representation about the usefulness, worthiness and/or character of the product/service and/or discount or benefit.”