“PSB DigiBiz Current Deposit Scheme”
This Current Deposit Product aims at Micro & Small business enterprises who are engaged in cash transactions for their day to day business transactions and owing to monthly rental charges applicable to Point of Sale (PoS) machine, those business enterprises show some aversion to adopt digital transactions. After demonetization in the country in the year 2016, the Indian economy has moved on towards cashless transactions rendering the requirement of various terminal points and utilities enabling digital transactions.
- In light of the above, under this product Bank provides Rental Free Point of Sale (PoS) Machine to all eligible current account customers.
- This PSB DigiBiz Current Deposit Product will ease & facilitate cashless transactions into comparatively less privileged areas, such as rural & Semi-Urban areas of the economy. Hence, this deposit product endeavors cashless transactions; supporting county’s Digital India Mission.
- Under this scheme, relaxed/lowered average monthly balance has been set for rural & semi-urban branches in view to have a major thrust over extending PoS Machine to business enterprises falling in rural/semi-urban areas and hence it will ease/facilitate cashless transactions into comparatively less privileged areas of the economy. Hence, this scheme shall endeavor cashless transaction supporting county’s Digital India Mission.
Eligibility/Criteria for the Product.-Part-A
- Who can open this account:
- Resident Individuals: Individual(excluding Minor), Sole Proprietorship,
- Resident Non-individuals: Partnership, LLP, Company, OPC, HUF, Association of persons etc.
- Rate of interest: Non-Interest bearing Account. No Interest Payable
- Calculation of Interest: Non-interest Bearing Account Deposit.
- Where these Accounts can be opened: All branches are authorized to open accounts under this scheme.
- Mode of Operation of Accounts: Single Operation/ Joint Operation if partnership/Operation through Power of Attorney or as the case be.
- Initial Deposit in the Account: As per the extant guidelines of the bank.
- Maximum Deposit in the Account: No Limit
- Auto Sweep Facility: At present not available.
- Transfer of Account: The Account can be transferred from One Branch to Another eligible Branch.
- Nature of Balance in the Account: Credit Balance.
- Overdraft Facility : Not Available
- Nomination facility:
- Available: In case,where the account is held in the name of an Individuals.
- Not-Available: Nomination not available in the case, where the account is held in the name of non-individual/s entity etc.
- Minor Nomination on Attaining Majority: On attaining majority, the minor (who was previously minor) should confirm the balance in his /her account. However, any sort of lawful claim by the nomination shall be held into consideration only in the case of demise of the individual account holder.
- Documents required for Opening the Account: As per the extant guidelines of KYC/AML/CFT.
- All other terms and conditions: As applicable to other General Current Account Bank Deposit Product but not mentioned in this product shall apply here also. (Note: For Opening Current Accounts, the guidelines issued by HO Credit Monitoring Department in the said context, shall necessarily be followed.)
Salient Features of Product: Part-B
1. |
Point of Sale Machine |
Type of Terminal Point : VX675/Datecs BP 5000
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Monthly Rentals |
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For Rural/Semi-Urban Branches |
For Urban/Metro Branches |
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Nil (If monthly average balance in the account falls below Rs. 25,000/- , the rental charges will be applicable as per the bank’s extant guidelines) |
Nil (If monthly average balance in the account falls below Rs. 1.20 lakh, the rental charges will be applicable as per the bank’s extant guidelines) |
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2 |
Cheque Book Facility: |
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3 |
Cheque Book Charges |
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4. |
Cash Handling Charges |
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5. |
SMS Alerts |
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6. |
Platinum ATM Cum Debit Card: |
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7. |
Internet banking Facility |
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8. |
Mobile banking Facility |
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9. |
Withdrawal Facility over the Counter |
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10. |
RTGS/ NEFT/IMPS –Online Mode |
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11 |
RTGS/ NEFT/IMPS –Branch |
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12. |
Bulk Upload |
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13. |
Bharat QR Code |
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UPI QR Code |
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14. |
Monthly Account Statement |
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15. |
DD/PO Charges |
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16. |
Cash Handling Charges |
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17 |
Internet Payment Gateway |
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Terms & Conditions
1 |
Monthly Average Balance |
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2 |
In case, Monthly Average Balance falls below the prescribed average monthly balance in any month |
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3 |
Calculation of Average Monthly Balance |
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4. |
Others Conditions |
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