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.
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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/-
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Charges Shortfall in QAB Rural
| Shortfall in | Rural | Semi- | Urban/ |
| QAB | Urban | Metro | |
| Up to 50% | Rs50/- | Rs 100/- | Rs 150/- |
| Above 50% | Rs 100/- | Rs 150/- | Rs 250/- |
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
| Area | Min. applicable Charges | Max. applicable Charges | %age of shortf all |
| Rural | Rs 1/- | Rs 30/- | 6% |
| Semi Urban | Rs 1/- | Rs 60/- | 6% |
| Urban & | Rs 1/- | Rs 100/- | 5% |
2. Issuance of Demand Draft
Existing charges
| Up to Rs 10000 | Rs 50/- |
| Above Rs 10,000/- to | Rs 4/- per thousand or part thereof, Minimum Rs 50/- |
| Rs 1,00,000/- | |
| Above Rs 1,00,000/- | Rs 5/- per thousand or part thereof, Minimum ₹600/-, Maximum ₹15,000/- |
| Against tender of Cash (Below ₹50000/-) | @50% of over and above normal charges (as mentioned above) |
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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)
3. Issuance of Duplicate DD
Existing charges
| Issuance of Duplicate DD | Rs 150/- per |
| Revalidation of DD | instrument |
| 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 (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
Existing locker rent charges
| Type of | Rural/Semi | Urban/ Metro |
| Locker | Urban | |
| Small | 1250/- | 2000/- |
| Medium | 2500/- | 3500/- |
| Large | 3000/- | 5500/- |
| Very Large | 6000/- | 8000/- |
| Extra Large | 10000/- | 10000/- |
Revised locker rent charges
| Type of | Rural | Semi | Urban/ |
| Locker | Urban | Metro | |
| Small | 1000/- | 1250/- | 2000/- |
| Medium | 2200/- | 2500/- | 3500/- |
| Large | 2500/- | 3000/- | 5500/- |
| Very Large | 6000/- | 6000/- | 8000/- |
| Extra Large | 10000/- | 10000/- | 10000/- |
