PNB Update: Now, the average minimum balance will have to be maintained every month in savings account in Punjab National Bank (PNB)...
Punjab National Bank (PNB) has announced changes in the charges levied for some services related to savings accounts. This change includes maintaining minimum average balance, issuing demand draft, making DD draft, cheque (including ECS), return cost and locker rent charges. The new charges will be applicable from 1 October 2024.
If any savings account does not have the minimum amount fixed, then now the bank will charge it every month. The bank has started counting the average balance based on one month instead of three months.
Minimum balance required on a quarterly basis-
Rural - Rs 500
Semi-Urban - Rs 1000
Urban and Metro cities - Rs 2000
Average balance required on a monthly basis-
Rural - Rs 500
Semi-Urban - Rs 1000
Urban and Metro cities - Rs 2000
If there is a 50% shortfall in the quarterly average balance, then a fee of Rs 50 will be charged in rural areas, Rs 100 in semi-urban and Rs 150 in urban/metro. Similarly, if the minimum amount is less than 50%, then a fee of Rs 100 will have to be paid in rural areas, Rs 150 in semi-urban and Rs 250 in urban/metro.
Even after 50 percent, if the minimum average of a bank holder is less, then the fee will also increase in the same proportion. After a certain limit, if the average amount reduces by 6% further, then a minimum fee of Rs 1 and a maximum of Rs 30 will apply to customers in rural areas. A minimum fee of Rs 1 and a maximum of Rs 60 will be applicable in semi-urban areas. A minimum fee of Rs 1 and a maximum of Rs 100 will be applicable in urban and metro areas only if the amount is reduced by 5% further.
Demand Draft
The current charges for issuing a Demand Draft (DD) are as follows: DDs up to ₹10,000 attract a fee of ₹50. DDs from ₹10,000 to ₹1,00,000 attract a fee of ₹4 per ₹1,000, with a minimum fee of ₹50. DDs above ₹1,00,000 attract a fee of ₹5 per ₹1,000, with a minimum of ₹600 and a maximum of ₹15,000. If an amount less than ₹50,000 is paid in cash, a fee of 50% more than the normal fee will be charged.
As per the revised fee, now a fee of 0.40% of the DD amount will be charged, with a minimum of ₹50 and a maximum of ₹15,000. If an amount less than ₹50,000 is paid in cash, a fee of 50% more than the normal fee will be charged.
Change in Duplicate DD Fees
The current fee for issuing duplicate DDs is ₹150 per DD. There is a fee of ₹250 for any kind of funds transfer, for re-validation or cancellation of DD, and for depositing cash amounts less than ₹50,000. As per the revised fee, now ₹200 per DD will be charged for issuing duplicate DD. There is also a fee of ₹200 per DD for re-validation and cancellation of DD, and ₹250 for depositing cash amounts less than ₹50,000.
What changes in cheque return?
In the revised fee for cheque return, there is a fee of ₹300 per cheque for cheque return due to insufficient funds in the savings account. For the current account, cash loan (CC), and overdraft (OD), the first three cheque returns in a financial year will be charged at ₹300 per cheque, and from the fourth cheque return onwards, the fee will be ₹1,000 per cheque. A fee of ₹100 per cheque will be charged if the cheque is returned for reasons other than insufficient funds. There will be no fee in case of technical issues or problems at the bank's end and will apply to all accounts. Additional interest will be charged at the applicable interest rate depending on the number of days the bank is out of funds.
Outward returning charges (including ECS) and bill return charges through the clearing house will be charged at ₹150 per cheque for cheques up to ₹1 lakh, ₹250 per cheque for ₹1 lakh to ₹10 lakh, and ₹500 per cheque for amounts above ₹10 lakh. Outstation returning charges (inward/outward) are ₹150 per cheque plus out-of-pocket charges for cheques up to ₹1 lakh, ₹250 per cheque plus out-of-pocket charges for ₹1 lakh to ₹10 lakh, and ₹500 per cheque plus out-of-pocket charges for above ₹10 lakh.
As per the revised charges, outward returning charges will now be ₹200 per cheque, irrespective of the amount, and outstation returning charges will be ₹200 per cheque, irrespective of the amount, plus out-of-pocket charges.
Locker rent
As per the revised charges, small lockers in rural areas will be charged ₹1,000, in semi-urban areas ₹1,250, and in urban/metro areas ₹2,000. For a medium locker, the charges will be ₹2,200 in rural areas, ₹2,500 in semi-urban areas, and ₹3,500 in urban/metro areas. For a large locker, the charges will be ₹2,500 in rural areas, ₹3,000 in semi-urban areas, and ₹5,500 in urban/metro areas. For a very large locker, the charges will be ₹6,000 in both rural and semi-urban areas, while the charges will be ₹8,000 in urban/metro areas. For an extra large locker, the charges will be ₹10,000 across all areas.
