PSB Parivaar Family Banking Product

PSB Parivaar Family Banking Product

Parivaar Family Banking Product

A product which groups the individual accounts of a family, who share common financial objectives and enjoy banking benefits by maintaining a combined minimum balance in the accounts.

S. No.	Particulars	Description
1	Who can connect these accounts for family banking	Saving accounts of a family (Family members include Grand Parents, Father, Mother, Spouse, Brother, Sister, Son, and Daughter) can be connected under this scheme.
2	How many and which types of saving accounts can be grouped	Minimum 2 and Maximum 6 accounts can be clubbed
3	Nature of Accounts to be grouped	Only saving accounts allowed
4	Rate of interest	As applicable for Saving Bank Accounts
5	Mode of Operation of Accounts	As per the mandate given in individual saving accounts
6	Minimum Initial Deposit in the Account	NIL
7	Maximum Deposit in the Accounts	No limit
8	Minimum Avg. Balance requirement	Rs 30,000/- quarterly for all accounts either combined or individually.
9	Minimum Avg. Balance Charges	Balance Deficit <25% - Rs 200/- in each account. Balance Deficit >25% upto 50% - Rs 300/- in each account. Balance Deficit >50% upto 75% - Rs 400/- in each account. Balance Deficit >75% - Rs 500/- in each account.
10	NEFT /RTGS	Free for all grouped accounts.
11	SMS Alert Charges	Free for all grouped accounts.
12	Cheque Book Issuance Charges	Free (upto 100 leaves for each account)
13	PassBook Issuance Charges	Free for all grouped accounts.
14	Issuance of email statement Charges	Free for all grouped accounts.
15	Income Tax Challan Payment Charges	Free for all grouped accounts.
16	Issuance of Premium Debit Card	Free for all grouped accounts.
17	Issuance Of Demand Draft	Free (upto 1 lac per month for each account)
18	Locker Rent Concession	50% Concession in One Small Locker only.
19	Standing Instruction Charges	Free for all grouped accounts.
20	Balance Certificate.	Free for all grouped accounts.
21	Nomination facility	As per the extant guidelines
22	Documents required for Opening the Account	As per the extant guidelines of KYC guidelines
23	All other terms and conditions	As applicable to other Saving Account Bank Deposit Product but not mentioned in this product shall apply here also