PSB Shubh Aarambh Current Account: A Tailored Solution for Startups
If you plan to start a business, you are entering an exciting and challenging phase of life. One of the most important aspects of starting a business is securing the right financial support.
Punjab & Sind Bank’s PSB Shubh Aarambh Current Account is designed to support startups and new entrepreneurs in their early stages. With exceptional features and benefits, this current account is ideal for businesses that have been operational for less than a year.
Let’s explore this innovative product and understand how it can fuel your business growth.
What is the PSB Shubh Aarambh Current Account?
The PSB Shubh Aarambh Current Account is a banking solution introduced by Punjab & Sind Bank to simplify banking for startups and new entrepreneurs. It aims to reduce financial stress by offering flexible and convenient solutions.
With a focus on making business operations smoother, this account is an excellent choice for startups starting from scratch.
Key Features of the PSB Shubh Aarambh Current Account
The PSB Shubh Aarambh Current Account offers outstanding features that help new businesses grow and succeed. Here’s what you can look forward to:
1. Monthly Average Balance (MAB)
- First Year: No requirement to maintain a Monthly Average Balance (MAB).
- From the Second Year Onwards: A nominal MAB of ₹10,000 per month.
2. Free Cash Deposits
- Enjoy free cash deposits up to ₹50 lakh per month for the first year.
- After the first year, charges apply as per the Bank’s prevailing norms.
3. Complimentary Services
- NEFT/RTGS Transactions: Free of cost.
- ATM Cum Debit Card: Provided without additional charges.
- Balance Certificate & Signature Verification: Offered at no cost.
- Folio Charges: Fully waived off.
4. Free Digital Tools
- BHIM QR Code Installation: Completely free, simplifying digital payments.
- POS Machine Installation: Free installation with no monthly rental for the 1st year.
5. Monthly Account Statements
- Get free e-statements and two hard copies per month to keep track of your transactions.
6. Overdraft Facility
- Access to overdraft facilities as per the Bank’s guidelines, ensuring financial flexibility.
7. Loan Processing and Capacity Building
- Loan Processing Charges: As per the Bank’s existing guidelines.
- Capacity-Building Training: Free training sessions in collaboration with Poornatha to enhance business skills.
8. Nomination Facility
- Available for all deposit accounts opened by individuals or sole proprietors in favour of individual only.
- Can be modified or canceled at any time.
Benefits of Choosing the PSB Shubh Aarambh Current Account
1. Tailored for Startups
Designed specifically for startups and entrepreneurs, ensuring that daily financial operations are smooth and stress-free.
2. Cost-Effective Solution
With benefits like zero MAB in the first year and free cash deposits up to ₹50 lakh per month, startups can significantly reduce their financial burden.
3. Digital Enablement
In today’s digital world, free BHIM QR Code and POS machine installation make transactions seamless, enhancing customer convenience and boosting sales.
4. Flexibility and Accessibility
From free NEFT/RTGS transactions to an overdraft facility, this account provides exceptional financial flexibility.
5. Business Growth Support
Free capacity-building training equips startups with essential business skills, helping them scale efficiently.
How to Open a PSB Shubh Aarambh Current Account
Opening a PSB Shubh Aarambh Current Account is quick and hassle-free. Follow these simple steps:
Eligibility Criteria
- Businesses or entrepreneurs who have started their ventures within the last year are eligible.
Documents Required
- Identity Proof: PAN Card, Aadhaar Card, or Passport.
- Address Proof: Utility bill, Aadhaar Card, or rental agreement.
- Business Proof: Certificate of Incorporation, GST Registration, or Trade License.
- Photographs: Recent passport-sized photos of the applicant and business partners.
- Other Documents: Additional documents may be required as per the Bank’s discretion.
Account Opening Procedure
- Visit your nearest Punjab & Sind Bank branch.
- Fill out the account opening form and submit the required documents.
- Complete the verification process.
- Upon approval, your account will be activated.
Why Choose Punjab & Sind Bank for Your Startup?
Commitment to Startups
The PSB Shubh Aarambh Current Account reflects the Bank’s commitment to empowering startups by addressing key business challenges and providing seamless financial solutions.
Extensive Network
With a vast branch network and advanced digital banking services, Punjab & Sind Bank ensures easy accessibility and convenience.
Reliable Customer Support
The Bank’s dedicated support team is always available to assist with your banking needs, making transactions and financial management stress-free.
Conclusion
The PSB Shubh Aarambh Current Account is more than just a banking solution—it is a complete financial package designed to help startups and entrepreneurs grow. With its customer-centric features and benefits, it addresses the unique challenges faced by new businesses.
Whether you need help managing your financial operations or scaling your business, the PSB Shubh Aarambh Current Account is your trusted partner.
Visit your nearest Punjab & Sind Bank branch today to learn more and take the first step toward a stronger financial future!
Frequently Asked Questions (FAQs)
Q: Are there any hidden charges associated with the PSB Shubh Aarambh Current Account?
A: No, all charges are transparently mentioned. Several services, including MAB, cash deposits, and POS rentals, are free for the first year.
Q: Can I open this account if my business is older than a year?
A: This account is specifically designed for businesses operational for less than a year. However, Punjab & Sind Bank offers other current account options for established businesses.
Q: How can I avail of the overdraft facility?
A: The overdraft facility is subject to the Bank’s guidelines. You can visit your nearest branch for detailed information and eligibility criteria.
Q: How does the capacity-building training benefit my business?
A: The training sessions provide valuable insights and skills in entrepreneurship, financial management, and business growth strategies.
Q: Can I avail of the free cash deposit facility beyond the first year?
A: After the first year, cash deposit charges will apply as per the Bank’s prevailing norms.
