The oilmen from Bengaluru and the bankmen from Jalandhar fought their way to a tense 5-5 stalemate in regular time in the final of the 53rd edition of the tournament.
Indian Oil captain and Olympian V R Raghunath equalised at the death through a penalty corner when his side trailed 4-5 to force the tie-break which the oilmen won by showing better nerves at the MHAL-Mahindra Stadium.
Raghunath again converted a penalty stroke when Vikramjit Singh, who was working his way to score from the fourth attempt, was fouled by the rival goalkeeper Guriqbal Singh to seal Indian Oil's 4-2 penalty shootout success.
After the break, Indian Oil bounced back to score four quick goals during the third quarter to assert their dominance and snatch a healthy 4-2 lead.
Then Talwinder Singh beat the rival keeper with a superb reverse hit in the 43rdminute to give Indian Oil the lead before Rahil scored the fourth goal in the next minute to help the oilmen end the third quarter with a 4-2 advantage.
PSB came roaring back and fired in three goals to snatch a 5-4 lead in the last quarter.
First Gaganpreet hit the target from their fifth penalty corner in the 51stminute before Jaskaran scored from a brilliant combined move in the 56th to put the bankers on level terms at 4-all.
Later, Harmapreet was on target with his second and the team's fifth goal in the 58thminute to give the bank team a 5-4 lead.
Indian Oil pressed hard and earned a penalty corner at the fag-end which skipper Raghunath converted for the equaliser.
Bharat Petroleum's 18-year-old forward Darshan Gawkar was adjudged as the most promising player of the tournament and received a cheque of Rs 10,000 awarded by the Sports Journalists' Association of Mumbai.
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