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PSB DigiBiz Current Deposit Scheme

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

 

Monthly Rentals

For Rural/Semi-Urban Branches 

For Urban/Metro Branches  

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)

2

Cheque Book Facility:

  • Available

3

Cheque Book Charges

  • Charges applicable as per Banks extant guidelines

4.

Cash Handling Charges

  • Charges applicable as per Banks extant guidelines

5.

SMS Alerts

  • Charges applicable as per Banks extant guidelines

6.

Platinum ATM Cum Debit Card:

  • : Available only in the case, where the account is held in the name of an individual

7.

Internet banking Facility

  • Available

8.

Mobile  banking Facility

  • Available

9.

Withdrawal Facility over the Counter

  • At Home Branch: Unlimited through Cheque
  • At Non-Home Branch: Unlimited for self & for third party upto Rs 50 Thousand/beneficiary.

10.

RTGS/ NEFT/IMPS –Online Mode

  • Charges applicable as per Banks extant guidelines.

11

RTGS/ NEFT/IMPS –Branch

  • Charges applicable as per Banks extant guidelines.

12.

Bulk Upload

  • Available free of cost.

13.

Bharat QR Code

  • Available: Installation Charges -Nil

 

UPI QR Code

  • Available: Installation Charges -Nil

14.

Monthly Account Statement

  • Monthly e-Statement : Free of Cost
  • Monthly Hard Copy    : Free of Cost

15.

DD/PO Charges

  • Charges applicable as per Banks extant guidelines

16.

Cash Handling Charges

  • Charges applicable as per Banks extant guidelines

17

Internet Payment Gateway

  • Available

 

 

 

Terms & Conditions

1

 Monthly Average Balance

  • Rs 1,20,000/-  for Urban/Metro Branches
  • Rs 25,000/- for Rural/Semi-Urban Branches

2

In case, Monthly Average Balance falls below the prescribed average monthly balance in any month

  • The full monthly rental charges/other charges applicable for Point of Sale Machine will be covered in full and final at the last day of the calendar month

3

Calculation of Average Monthly Balance

  • The Calculation of Average Monthly Balance for the Account opened upto 7th day from the commencement of a calendar month, shall be carried out at the last day of the same month.

 

  • However, the account opened after 07th Day from the commencement of the calendar month, shall be carried out at the last day of the next calendar month.

4.

 Others Conditions

 

  • If the account does not have sufficient balance to cover the rental charges in full and final, the remaining/full amount shall be converted into debit balance in the account and will be covered with interest/charges from the account as and when account is credited in full/partial amount.

 

 

  • Bank has the primary right over ( the balance lying in the account/any proceeds be realized in the account) to recover its charges/dues first from the account and any sort of liability at the part of customer/bank etc, arising out of such Circumstances, the entire onus will rest on the account holder/s.
  • All other service charges other than the relaxations given in the proposed scheme will be levied as per Bank's schedule of service charges as applicable from time to time.
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“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.”

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