PSB Bank FD/RD Application Opening Form Download

This is the Punjab & Sind Bank Fixed/Recurring Deposit Application-Cum-Deposit Slip (Form No. 10-D) used to establish term deposits (2150_20230… p. 1).

• Profile Synchronization: The deposit is structured around the customer’s existing Customer ID (2150_20230… p. 1). Names and personal details are automatically adopted from the data linked to that ID (2150_20230… p. 1).
• Mandatory Identification: Providing the Permanent Account Number (PAN) of the first applicant is compulsory for any deposit exceeding ₹50,000 and for all Tax Saver FDs (2150_20230… p. 1).
• Flexible Modes of Operation: Accounts can be handled as Single, Jointly, Either or Survivor, Former or Survivor, or Later or Survivor (2150_20230… p. 1). If a joint account choice is left empty, the system defaults it to “Jointly” (2150_20230… p. 1).
• Payout Modalities: Customers can choose to receive regular interest disbursements on a Monthly, Quarterly, Half-Yearly, or Yearly basis, or opt for a Cumulative plan paid out entirely at maturity (2150_20230… p. 1).

• Default Auto-Renewal: Standard accounts automatically renew for the original time frame using the prevailing interest rate unless alternative instructions are filed before maturity (2150_20230… p. 4).
• Auto-Renewal Exceptions: Auto-renewal is strictly unavailable for non-individual entities, Recurring Deposits (RDs), Tax Saver FDs, or any deposit totaling ₹1 Crore and above (2150_20230… p. 4).
• Payout Channels: At maturity, funds can be credited straight into a designated Punjab & Sind Bank account, sent via NEFT/RTGS to an external bank, or issued as a Demand Draft/Pay Order (DD/PO) (2150_20230… p. 1).

• Tax Management (TDS): Tax Exemption Certificates or Forms 15G/15H must be submitted anew each financial year to prevent statutory tax deductions at source (2150_20230… p. 1).
• Tax Saver FD Restrictions: Tax Saver FDs have a lock-in period of exactly 5 years, during which premature withdrawals, loans, or liens are entirely prohibited (2150_20230… p. 4).
• Premature Closure Liability: Withdrawing regular deposits before their completion date subjects the proceeds to penal interest rates set by the bank’s active policy (2150_20230… p. 4).
• Nomination Rules: The form accommodates a single nominee via Form DA1 (2150_20230… p. 3). Existing nomination choices from a linked savings or current account can also be carried over directly (2150_20230… p. 3).
• RD Payment Terms: The first installment of a Recurring Deposit is pulled instantly upon account creation, while subsequent monthly dues are debited on a selected calendar day (2150_20230… p. 4). Delayed payments attract a penalty interest charge (2150_20230… p. 4).

If you want, I can help you with:

• Explain Form 15G and 15H rules for avoiding TDS
• Detail the rules for appointing a minor as a nominee
• Provide information on loan options against a standard FD

Download PDF Click here

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