PNB REVISES 5 SAVINGS BANK ACCOUNT SERVICE CHARGES; CHECK LATEST CHARGES APPLICABLE FROM OCTOBER 1, 2024

The Punjab National Bank (PNB) has announced changes to certain on-credit-related service costs applicable for savings accounts. The revision includes maintaining a minimum average balance, issuing demand drafts, duplicating DDs, cheques (including ECS), return costs, and locker rent charges. The new charges are applicable from October 1, 2024.

Here is a look at the revised charges from October 1.

1. Charges per quarter for not maintaining minimum average balance-SBA

Quarterly Average Balance Requirements

• Area QAB Rural Rs 500/-
• Semi Urban Rs 1000/-
• Urban & Metro Rs 2000/-

Minimum Monthly Average Balance (MAB)

• Rural Rs 500/-
• Semi Urban Rs 1000/-
• Urban & Metro Rs 2000/-

Note that the bank is switching from maintenance of average balance from quarterly to monthly basis.

Charges to be directly proportional to the extent of shortfall

2. Issuance of Demand Draft

Revised charges

• 0.40% of DD amount, Minimum Rs 50/, Maximum Rs 15,000/-
• Against tender of Cash (Below Rs 50000/-): @50% of over and above normal charges (as mentioned above)

4. Cheque Returning Charges

• Inward Returning Charges (Saving A/c): Rs 300/- per instrument due to insufficient balance
• Current Account/ CC/ OD:
• > Rs 300/- per instrument for first 3 cheque returns due to insufficient balance in a FY
• > Rs 1000/- per instrument for 4th cheque return due to insufficient balance onwards in a FY
• > For reasons other than insufficient
• balance: Rs 100/- per instrument
• > No charge in case of Technical Fault/ Failure Note applicable for all accounts:
• > Interest at applicable rate for number of days Bank remained out of funds (i.e. actual interest @ clean OD is to be charged extra)

Outward Returning Charges (Including ECS)/ Bill Returning Charges through clearing house:

Amount of cheque Charges

• Upto Rs 1 lac: Rs 150/- per instrument
• > Rs 1 Lac upto Rs 10 Lac: Rs ?250/- per instrument
• > 10 lac: Rs 500/- per instrument Outstation Returning Charges (Inward/Outward) Amount of cheque Charges
• Upto Rs 1 lac: Rs 150/- per instrument +out of pocket exp
• Rs 1 lac upto Rs 10 Lac: Rs 250/- per instrument +out of pocket exp
• > 10 lac: Rs 500/- per instrument +out of pocket exp.

Revised

Outward Returning Charges Rs 200/- per instrument irrespective of amount Outstation Returning Charges (Inward/Outward) Amount of cheque Charges: Rs 200/- per instrument irrespective of amount + out of pocket expenses.

5. Locker rent charges

Revised locker rent charges