New Delhi: Punjab National Bank (PNB) has announced updates to various credit-related service charges for savings accounts which includes fees for maintaining a minimum average balance, issuing demand drafts, duplicating DDs, returning cheques (including ECS) and locker rent charges. These revised charges will come into effect from October 1, 2024.
What are the specifics of the updated charges?
1. Charges for Not Maintaining Minimum Average Balance:
PNB is changing the requirement for maintaining an average balance from a quarterly to a monthly basis. The required quarterly average balances are as follows:
Rural: Rs 500
Semi-Urban: Rs 1,000
Urban & Metro: Rs 2,000
The minimum monthly average balance requirements are as follows:
Rural: Rs 500
Semi-Urban: Rs 1,000
What are the specifics of the updated charges?
1. Charges for Not Maintaining Minimum Average Balance:
PNB is changing the requirement for maintaining an average balance from a quarterly to a monthly basis. The required quarterly average balances are as follows:
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Rural: Rs 500
Semi-Urban: Rs 1,000
Urban & Metro: Rs 2,000
The minimum monthly average balance requirements are as follows:
Rural: Rs 500
Semi-Urban: Rs 1,000
2. Issuance of Demand Drafts:
Current charges
| Up to Rs 10000 | Rs 50 |
| Above Rs 10,000 to Rs 1,00,000 | Rs 4 per thousand or part thereof, Minimum Rs 50 |
| Above Rs 1,00,000 | Rs 5 per thousand or part thereof, Minimum Rs 600, Maximum Rs 15,000 |
| Against tender of Cash (Below Rs 50,000) | @50% of over and above normal charges (as mentioned above) |
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Revised Charges:
0.40 per cent of the demand draft amount, with a minimum fee of Rs 50 and a maximum fee of Rs 15,000.
For cash payments below Rs 50,000, the charge will be 50 per cent higher than the standard fees listed above.
3. Issuance of Duplicate Demand Drafts:
Current charges
| Issuance of Duplicate DD | Rs 150 per instrument |
| Revalidation of DD | |
| Cancellation of DD | |
| Against tender of Cash (Below 50000/-) for any mode of Remittance | Rs 250 per instrument |
Revised charges
| Issuance of Duplicate DD | Rs 200 per instrument |
| Revalidation of DD | Rs 200 per instrument |
| Cancellation of DD | Rs 200 per instrument |
| Against tender of Cash (Below Rs 50000/-) for any mode of Remittance | Rs 250 per instrument |
4. Cheque Returning Charges:
Revised:
Inward Returning Charges (Savings Account): Rs 300 per cheque due to insufficient balance.
Current Account/ CC/ OD:
– Rs 300 per cheque for the first 3 returns due to insufficient balance in a financial year.
– Rs 1,000 per cheque for the 4th return and any subsequent returns due to insufficient balance in a financial year.
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– For reasons other than insufficient balance, the charge is Rs 100 per cheque.
– No fee for returns due to technical faults or failures, applicable to all accounts.
– Interest at the applicable rate will be charged for the number of days the account was overdrawn (i.e., additional interest on the clean OD).
Outward Returning Charges (Including ECS)/ Bill Returning Charges through Clearing House:
For Cheques:
Up to Rs 1 lakh: Rs 150 per instrument
Rs 1 lakh to Rs 10 lakh: Rs 250 per instrument
Rs 10 lakh: Rs 500 per instrument Outstation Returning Charges (Inward/Outward):
For Cheques:
Up to Rs 1 lakh: Rs 150 per instrument plus out-of-pocket expenses
Rs 1 lakh to Rs 10 lakh: Rs 250 per instrument plus out-of-pocket expenses
Rs 10 lakh: Rs 500 per instrumeny plus out-of-pocket expenses
Outward Returning Charges: Rs 200 per instrument, regardless of the amount.
Outstation Returning Charges (Inward/Outward): Rs 200 per instrument, regardless of the amount, plus out-of-pocket expenses.
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5. Locker rent charges
Existing locker rent charges
| Locker Types | Rural/Semi Urban | Urban/ Metro |
| Small | Rs 1250 | Rs 2000 |
| Medium | Rs 2500 | Rs 3500 |
| Large | Rs 3000 | Rs 5500 |
| Very Large | Rs 6000 | Rs 8000 |
| Extra Large | Rs 10,000 | Rs 10,000 |
Revised locker rent charges
| Locker Type | Rural | Semi Urban | Urban/Metro |
| Small | Rs 1000 | Rs 1250 | Rs 2000 |
| Medium | Rs 2200 | Rs 2500 | Rs 3500 |
| Large | Rs 2500 | Rs 3000 | Rs 5500 |
| Very Large | Rs 6000 | Rs 6000 | Rs 8000 |
| Extra Large | Rs 10000 | Rs 10000 | Rs 10000 |
