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PSB Nanhe Chaman Term Deposit

PSB Nanhe Chaman Term Deposit

A kid is a symbol of smile & bliss. A glimpse of an innocent face and futuristic little eyes of a kid at our homes, stimulate our grace & gratitude towards whole mankind. It is rightly said that the Wealth of a nation is not so much in its of economical and natural resources but it lies more decidedly in the kind and quality of the wealth of its children.  The children of today will be adults of tomorrow, they are the leaders, the activists and the Change Makers of tomorrow. Their quality and personality will determine the kind of destiny that beacons the nation.

  • In view to enhance the blissful moments or to celebrate the arrival of a kid by the parents, our Bank has introduced this product which is specially devised and emotionally designed for the newly born kid upto the age of 12 months only.
  • Under this unique product, the depositors will earn additional rate of interest upto 50 basis points over and above the existing rate of interest applicable to the term deposits.


The salient features of the scheme are placed as under-

  • Who can open this account:
    • Any newly born child (with valid proof of date of birth) upto the age of Twelve months.
  • Tenure of Deposit
    • 60 Months
    • 120 Months
  • Rate of interest:  As applicable for Term Deposit Scheme for the specified period (as notified from time to time) additional upto 50 basis Points.
    • For 60 Months Maturity Period:-  Card Rate + 0.25 %
    • For 120 Months Maturity Period:-  Card Rate + 0.50 %
  • Mode of Operation of Accounts: Under guardianship.
  • 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.
  • Where these Accounts can be opened: All branches are authorized to open accounts under this scheme.
  • Whether Staff benefit in terms of additional rate of interest Available under this scheme: Yes, as per the extant guidelines of the Bank.
  • Nomination facility: Available. Nomination shall be made by a person lawfully entitled to act on behalf of the minor.
  • Category of Account: This Account will be opened in the name of a newly born kid upto the age of 12 months under guardianship with mother/father/guardian/legal guardian etc.
  • Transfer of Account: The TD Account can be transferred from one branch to another branch at the request of the customer/guardian. This can be done by submitting a written request to the branch where the customer/guardian has the account.
  • Premature Withdrawal/Closure:-Allowed subject to penal charges as applicable.
  • Loan/overdraft against this Deposit: The term deposit receipt issued under the scheme can be liened/pledged to secure a loan or as security to any other loan for the welfare and benefit of minor only. In this context, the terms & conditions will be applicable as per the extant guidelines in the said context of the Bank.
  • Minimum Deposit in the Account :
    • For Fixed Deposit: Rs 1000/- and in multiple of Rs 500/-
    • For Recurring Deposit: Rs 500/- and Multiple of Rs 100/-
  •  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: Minor 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. UID is not compulsory for DoB proof of the child/kid.
  •  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 also 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.”