How to Check the Purity of Gold? Know whether Gold is Pure or Not

Gold Purity: Gold has been a symbol of wealth, beauty, and power for centuries. Whether you’re investing in gold jewelry, coins, or bars, knowing the purity of your gold is essential. In this blog, we’ll explore several methods you can use to check the purity of gold, ensuring that you’re making informed purchases and investments.

Understanding Gold Purity

Gold purity is measured in karats (K), with 24K being pure gold. Other common purities include 22K (approximately 91.7% gold) and 18K (about 75% gold). Understanding these purities will help you evaluate the quality of your gold items.

Methods to Check Gold Purity

1. Visual Inspection for Hallmarks

One of the simplest ways to check the purity of gold is to look for hallmarks or stamps. These markings can usually be found on the inner band of rings or on clasps of necklaces and bracelets. Common stamps include:

• 916 for 22K gold
• 750 for 18K gold

If your gold item has a hallmark, it can give you a quick indication of its purity.

2. The Magnet Test

Gold is a non-magnetic metal, which makes the magnet test a quick and easy way to check for authenticity. Simply bring a magnet close to your gold item. If the item is attracted to the magnet, it likely contains other metals and is not pure gold.

3. The Vinegar Test

Another home test involves using vinegar. Simply apply a few drops of white vinegar to the gold item. If the vinegar causes any discoloration, the piece is likely not pure gold. Pure gold will not change color when vinegar is applied.

4. Density Test

The density test is a bit more involved but can provide accurate results. Here’s how you can perform this test:

• Weigh the gold item on a scale.
• Fill a container with water and note the water level.
• Submerge the gold item in the water and note the new water level.
• The volume of water displaced is equal to the volume of the gold item.

Calculate the density using the formula:

Density = Weight (grams) / Volume (milliliters)

Pure gold has a density of approximately 19.3 grams per milliliter. If your calculation is close to this value, your item is likely real gold.

5. Acid Test

For a more definitive test, consider using a gold testing kit, which typically includes a set of testing acids. Here’s how it works:

• Apply a small drop of the acid to an inconspicuous area of the gold item.
• Observe the reaction. Different acids react differently based on the purity of the gold. This method can help you determine the karat of the gold.

6. Professional Testing

If you want the most accurate results, consider taking your gold item to a professional jeweler or assayer. They can perform advanced tests, such as using X-ray fluorescence (XRF) machines, which analyze the purity without damaging the item.

Conclusion

Knowing how to check the purity of gold can save you time, money, and potential disappointment when buying or selling gold items. Whether you use simple home tests or consult professionals, being informed about gold purity is crucial for any gold enthusiast. By following these methods, you can make confident decisions in your gold investments and purchases!

Bank IFSC Codes: Download IFSC Codes of all Banks in PDF

Bank IFSC Codes: Bank IFSC Code is a unique identifier for every bank branch in India. It plays a crucial role in facilitating electronic payments via NEFT, RTGS, and IMPS transactions. IFSC (Indian Financial System Code) consists of an 11-character alphanumeric code that helps to identify the specific bank and branch during fund transfers. If you are looking to find the IFSC codes of all banks or want to download the complete list of IFSC codes in PDF format, you’ve come to the right place.

You can check IFSC Codes of all Banks in our app. Click here to download our app. In app, you can check IFSC Codes as per data available from RBI website. You can also download PDF and search IFSC codes. Click here to download PDF.

What is an IFSC Code?

The IFSC code (Indian Financial System Code) is used by the Reserve Bank of India to identify bank branches for various electronic money transfer systems such as NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service).

Structure of an IFSC Code:

An IFSC code is a unique 11-character code made up of:

• The first four characters represent the bank name.
• The fifth character is always zero (0), reserved for future use.
• The last six characters refer to the specific branch code.

For example, the IFSC code for the State Bank of India (SBI), Connaught Place branch in New Delhi could be SBIN0000691. Here, “SBIN” represents State Bank of India, and “000691” represents the Connaught Place branch.

Importance of IFSC Code

• Safe Online Transactions: The IFSC code ensures that money is transferred to the correct bank and branch.
• NEFT, RTGS, and IMPS: To use these payment methods, the IFSC code is mandatory.
• Easier Fund Transfers: With IFSC, transferring money is quicker and more secure.

Download IFSC Codes of All Banks – PDF

Looking for a downloadable PDF of all bank IFSC codes in India? We’ve compiled a list of all banks’ IFSC codes to make your searches easier. The list includes IFSC codes for major banks such as:

• State Bank of India (SBI) IFSC Codes
• HDFC Bank IFSC Codes
• ICICI Bank IFSC Codes
• Punjab National Bank (PNB) IFSC Codes
• Bank of Baroda IFSC Codes
• Axis Bank IFSC Codes
• And many more…

How to Find Your Bank’s IFSC Code?

There are various ways to find the IFSC code for your bank’s branch:

1. Bank Passbook or Cheque Book: The IFSC code is printed on the top of every bank’s cheque leaf and in your passbook.
2. Online Banking Platforms: Most banks provide an option to view the IFSC code of your branch through their online banking platform or app.
3. Official Bank Website: The IFSC code can be found on the bank’s official website.
4. Reserve Bank of India (RBI) Website: You can find all registered bank IFSC codes on the RBI’s official website.
5. IFSC Code Finder Tools: You can also use various online IFSC code finder tools available to search for a specific bank’s branch IFSC code.

Popular Banks and Their IFSC Code Formats:

State Bank of India (SBI) IFSC Code:

• Format: SBIN0**** (Example: SBIN0001234)
• Total Branches: 22,000+ in India

HDFC Bank IFSC Code:

• Format: HDFC0**** (Example: HDFC0001234)
• Total Branches: 5,000+ in India

ICICI Bank IFSC Code:

• Format: ICIC0**** (Example: ICIC0001234)
• Total Branches: 5,200+ in India

Axis Bank IFSC Code:

• Format: UTIB0**** (Example: UTIB0001234)
• Total Branches: 4,800+ in India

Punjab National Bank (PNB) IFSC Code:

• Format: PUNB0**** (Example: PUNB0001234)
• Total Branches: 10,000+ in India

Conclusion

IFSC codes are essential for smooth and safe banking transactions in India. Whether you are sending money via NEFT, RTGS, or IMPS, having the correct IFSC code is crucial. To make your banking experience easier, download our comprehensive list of IFSC codes of all banks in PDF format and ensure seamless transactions every time.

Court allows PNB Bank to Sell Mehul Choksi’s Properties to Recover Funds in Rs.13000 crore Fraud Case

PNB Mehul Choksi Fraud: In a significant development, a special court in Mumbai has given permission to two banks to evaluate and sell some properties owned by fugitive economic offender Mehul Choksi. Choksi, a diamond merchant, is wanted in connection with the massive ₹13,000 crore Punjab National Bank (PNB) fraud. The money obtained from the sale of these properties will be held in fixed deposit accounts under the court’s name.

Why Are the Properties Being Sold?

The two banks, Punjab National Bank (PNB) and ICICI Bank, had approached the court, arguing that the delay in selling the properties was affecting their ability to recover public funds. They also pointed out that the properties are deteriorating over time due to general wear and tear, which is reducing their market value.

The banks had made a similar request to the court back in 2022 but were seeking fresh approval due to the ongoing delay. They emphasized that selling the properties as soon as possible would help prevent further depreciation and aid in recovering the public money lost in the fraud.

Court’s Decision

After considering the arguments, Special Judge SM Menjoge granted permission to the banks to conduct a valuation of Choksi’s properties and sell them. However, this applies only to properties held by entities other than Gitanjali Gems Ltd (GGL), Nakshatra Brands Limited (NBL), Nakshatra World Limited (NWL), and Gili India Limited—companies associated with Choksi’s business empire.

The judge stated that the money generated from the sale would be deposited in fixed deposit accounts in the names of the court in both PNB and ICICI Bank. The final distribution of these funds would depend on the outcome of ongoing cases under the Prevention of Money Laundering Act (PMLA).

Bank’s Argument and Agreement with Enforcement Directorate (ED)

The banks, represented by advocates Lalan Gupta, Anuj Loya, and Megh Maneshinde, informed the court that they had earlier met with the Enforcement Directorate (ED) in January. During this meeting, it was agreed that the banks could proceed with monetizing the properties while the legal proceedings continued.

The court order states that the valuation of the properties will be conducted as per applicable laws, and they will then be auctioned. The sale proceeds will be kept in fixed deposit accounts in the names of the court at ICICI Bank and PNB.

Understanding the Prevention of Money Laundering Act (PMLA)

Under the PMLA, if a trial cannot be conducted for some reason, a special court has the power to release or confiscate properties. The court may also restore confiscated properties to individuals or entities with a legitimate claim.

Background: The Mehul Choksi Case

Mehul Choksi, along with his nephew Nirav Modi, is accused of defrauding PNB of ₹13,000 crore through fraudulent letters of undertaking (LoUs). The scam came to light in 2018, after which an arrest warrant was issued for Choksi. However, he fled India and is currently a fugitive living abroad. His trial is yet to begin in India.

In 2018, the Enforcement Directorate (ED) attached 41 of Choksi’s properties, valued at over ₹1,217 crore. These properties include:

• Two luxury flats in Mumbai.
• A shopping mall in Kolkata.
• 27 acres of land on the Mumbai-Goa Highway.
• 101 acres of land in Tamil Nadu.
• Lands in Nashik, Nagpur, and Andhra Pradesh.
• Two bungalows in the upscale Alibaug area.
• Several offices in Surat.

The banks are now working to sell these properties to recover some of the money lost in the fraud.

What Happens Next?

As the banks proceed with the valuation and sale of Choksi’s properties, the funds collected from these sales will remain with the court until a final decision is made on how to distribute them. The case against Choksi continues under the PMLA, and it remains to be seen when the trial will begin.

This is a crucial step toward recovering public funds and holding economic offenders accountable, even if they are no longer in the country. The sale of these properties will help ensure that at least some of the lost money is returned to the public, and it highlights the ongoing efforts of Indian agencies to crack down on economic crimes

This Woman arrested in Gwalior for selling accounts of poor people to Fraudsters

In a major breakthrough, the Gwalior Crime Branch Police have arrested a woman named Shivani Shukla, who was involved in renting out bank accounts to people engaged in online fraud. During the raid, the police recovered several bank passbooks and ATM cards from her residence. Currently, the police are interrogating her to gather more details about the extent of her involvement in the scam.

How the Fraud Worked

Shivani Shukla had a clever method for executing the fraud. She would approach poor and working-class individuals, offering them money from online gaming apps if they opened bank accounts in their name. Once these accounts were opened, she would keep the passbooks and ATM cards with her, u

Police Investigation

The Gwalior Crime Branch had been receiving reports for some time that bank accounts belonging to low-income individuals were being used for fraudulent activities. Some people even complained that their accounts were suddenly blocked by their banks due to suspicious transactions.

When the police dug deeper, they found that most of these accounts were opened by none other than Shivani Shukla, who lived in Ramtapura. Acting on this information, a crime branch team raided her house and arrested her. During the search, the police discovered about 15 bank passbooks and ATM cards from different banks, all in the names of various individuals.

How She Was Involved

During interrogation, Shivani revealed that she had only recently moved to Gwalior from Dabra. She met a man who introduced her to this illegal scheme. He promised her ₹2,000 per month for each bank account she helped open. Enticed by the money, Shivani started collecting documents from poor people by convincing them that they would receive money from online gaming apps. She used their documents to open bank accounts and SIM cards, which she would then hand over to the fraudsters.

The Bigger Picture

The crime branch is now investigating the wider network of people involved in this scam. So far, they have identified one of the main culprits, a resident of Datia. The police have registered a case against Shivani Shukla, and further investigations are underway to uncover more about this criminal gang.

This case highlights the growing trend of online fraud, where scammers exploit vulnerable people and use their bank accounts for illegal activities. The police are now working to ensure that all the people involved in this network are brought to justice.sing the accounts to assist criminals involved in online fraud. In return, she was paid a monthly rent of ₹2,000 per account.

Shivani’s scheme preyed on the financial vulnerability of people, promising easy money in exchange for opening bank accounts. Many of these people likely had no idea their accounts were being used for fraudulent activities.

Bank of India Employees announce strike on 30 Sep and 1 Oct, Will Bank branches be closed on these days?

Bank of India Strike: Federation of Bank of India Staff Unions has announced two-day strike on 30 September and 1st October. The strike has been announced to resolve various ongoing issues. The union has raised several issues such as:

• Violation of the settlement dated 15th November 2014
• Violation of mutually agreed HR frameworks (Framework of Transfer on request and Rotational Transfer)
• acute shortage of Customer Service Associates (Clerks) in branches and offices
• in-formalization of subordinate staff cadre
• non- payment of bonus to casual or daily rated worker
• impact of initiation of transformative changes in HR Policies and Practices (under project titled BOl Star LIGHT)
• creation of toxic work culture
• unmindful expansion of BC network without making cost-benefit analysis of the project
• sub-optimal vendor risk management etc.

The bank union had informed MD & CEO about these issues in the month of June. But even after two months, no fruitful steps have been taken to resolve these issues. Now, the union is forced to take strict action against the bank management. As per the circular released by union, the protest will start from 12th September and strike will be conducted on 30 September and 1st October 2024

EXPECTED DA FOR BANKER'S FROM NOVEMBER 2024 MINIMUM 0.78% AND MAXIMUM 0.87%

Expected DA Calculation Updated on 09.09.24 on the basis of CPI for the month of Jul'24 with the assumptions of CPI for the month of Aug'24 and Sep'24 as mentioned hereunder, as per the DA calculation norms of 12^th BPS on revised basic pay. The CPI for the month of July'24 which was due to be released on 31.08.24 announced on 09.09.24 as 142.70 (the reason of delay of announcement is not know )there is an increase of 1.30 points from June'24. (as per revised base year 2016) (The base year was changed from Oct 2020)

1. On assumptions if there is an increase of CPI index by 0.90 points in the month of Aug'24 and 0.75 in the month of Sep'24, keeping in view of on going regular rise in prices of commonly required daily needs / items and commodities which is making month over month difficult to manage family budget. Accordingly, on this assumption, we may expect there would be an increase of 0.87% DA in terms of 12^th BPS on revised pay. Total 20.52% DA will become payable from Nov'24.
2. On assumptions if there is an increase of CPI index by 0.70 points in the month of Aug'24 and 0.60 in the month of Sep'24, we may expect there would be an increase of 0.83% in terms of 12^th BPS on revised pay. Total 20.34 percentage of DA will become payable from Nov'24.
3. On assumptions if there is an increase of CPI index by 0.50 points in the month of Aug'24 and 0.50 in the month of Sep'24, we may expect would be an increase of 0.78% in terms of 12^th BPS on revised pay. Total 20.17 percentage of DA will become payable from Nov'24.

Union Bank Employees announce strike on 27 September, Bank Branches will be closed on this day

The All India Union Bank Officers’ Federation and the All India Union Bank Employees’ Association have called for a one-day strike on September 27, 2024. This strike comes as a response to what they describe as harassment and unfair treatment of employees by the bank’s top management. Click here to join our whatsapp channel to receive banking news updates.

Key Concerns Raised by Employee Unions

The two unions have brought up 20 major concerns that they believe are negatively affecting both employees and the overall health of the bank. A significant issue raised by the unions is the hiring of external consultants by the bank. According to the associations, the advice given by these consultants is often implemented without fully considering how it impacts employees and operations at the ground level.

In addition, the unions have expressed frustration with the Human Resources (HR) department. They allege that HR is not following through on agreements and policies that were previously established through bilateral negotiations. This failure to honor these commitments is a source of growing tension between the employees and management.

Another major concern highlighted by the unions is the increasing reliance on contractual employees. They argue that this practice poses significant risks to the bank, as these employees may not be as committed or experienced as full-time staff. The unions believe that the bank is placing itself in a vulnerable position by continuing this trend.

Additionally, the associations have criticized the bank for aggressively promoting third-party products, which they feel is distracting employees from focusing on the bank’s core business operations. This shift in priorities, they argue, is not only hurting employees but also harming the bank’s long-term success.

Failed Negotiations Lead to Strike

Both unions initially hoped to resolve these issues through discussions and negotiations with management. However, they claim that the bank’s management has been uncooperative and stubborn, refusing to engage in meaningful talks. As a result, the unions feel they have no choice but to move forward with their planned strike to make their voices heard.

The strike on September 27 is a clear sign of the growing frustration among employees and the desire for the bank to address their concerns. The unions hope that this action will prompt the management to come to the table and work towards a fair resolution for all parties involved.

IDBI Bank Vacancy: No Written Exam, Salary more than Rs 1.5 lacs, Apply Online

IDBI Bank Job Vacancy: IDBI Bank has recently announced recruitment for the positions of Assistant General Manager (AGM) and Manager. This is a great opportunity for candidates looking to build a career in the banking sector, as these positions offer excellent salaries and growth potential. Here’s a detailed breakdown of the recruitment process and eligibility criteria in simple language.

Key Highlights of the Recruitment

• Position: Assistant General Manager (AGM) and Manager
• Salary: Up to ₹1,57,000 per month for AGM positions
• Total Vacancies: 56 positions (25 for AGM, 31 for Manager)
• Application Deadline: September 15, 2024
• Mode of Application: Online only via IDBI Bank’s official website – idbibank.in

Eligibility and Qualifications

1. Assistant General Manager (AGM) – Grade C

• Total Vacancies: 25
• Salary: Up to ₹1,57,000 per month for metro cities (₹1,05,280 in other locations)
• Education: Postgraduate in any field. Candidates with an MBA will be preferred.
• Experience: At least 7 years of relevant work experience.
• Age Limit: Between 28 and 40 years (as of August 1, 2024).

2. Manager – Grade B

• Total Vacancies: 31
• Salary: ₹93,960 per month, and up to ₹1,19,000 in metro cities.
• Education: Graduate from a recognized university.
• Experience: At least 4 years of work experience.
• Age Limit: Between 25 and 35 years (as of August 1, 2024).

Vacancy Distribution

Out of the 56 total vacancies, the distribution is as follows:

• General Category: 23 vacancies
• Other Backward Classes (OBC): 14 vacancies
• Scheduled Caste (SC): 9 vacancies
• Scheduled Tribe (ST): 5 vacancies
• Economically Weaker Section (EWS): 5 vacancies

Application Process

• Online Application: Candidates can apply by visiting the official IDBI Bank website and filling out the online application form. Applications are open until September 15, 2024.
• Print Out of Application: After submitting the online application, candidates can take a final printout until September 30, 2024.

Selection Process

The selection for both positions will be done through a personal interview and group discussion. There will be no written examination. After the interview and group discussion, selected candidates will go through document verification.

Age Relaxation

Candidates from reserved categories will receive age relaxation as per the government’s reservation rules.

45% Women to be single, childless by 2030: Read full survey

In recent years, there has been a significant shift in societal dynamics, especially when it comes to women’s roles and views on their responsibilities. A growing number of women are now prioritizing their careers over traditional family roles, and this change is shaping their lifestyle choices in new ways. According to a recent survey by Morgan Stanley, about 45% of women in the prime working age group of 25–44 are expected to be childless and single by 2030—a considerable increase from past decades.

Why Are More Women Staying Single?

One of the primary reasons behind this trend is that many women are choosing to delay marriage or avoid it altogether. In previous generations, it was common for women to marry in their early 20s, but today, many women prefer to focus on their personal growth and careers. Being unmarried is no longer seen as a negative, but rather as an empowering choice for women who want to prioritize their own development.

Another factor is the growing trend of women in their 30s and 40s filing for divorce or deciding not to remarry. This is a significant departure from the past, where women were often expected to marry young and stay in traditional roles within the family.

Delaying Motherhood

In previous decades, many women would become mothers in their early 20s. However, today, more women are rethinking or delaying the idea of having children. This shift is influenced by several factors, including concerns about balancing work and family life, career advancement, and the financial burden of raising children.

The changing role of women in the workforce has also played a part. Many women are now the primary earners in their households, which has given them greater financial independence and more freedom to focus on their personal happiness and career growth.

Economic Impact of This Trend

The rise in the number of single, childless women is expected to have a significant impact on the economy. As more women choose to delay or forgo marriage and motherhood, their financial influence will likely increase. This could lead to a shift in how businesses and governments view women’s economic power.

By 2030, we may also see a shift in societal attitudes towards marriage and parenthood. This could result in more progressive policies around childcare, flexible working hours, and equal pay. Such changes would not only help address the gender wage gap but also provide better support for women in balancing their careers and personal lives.

The Future of Women in the Workforce

Women’s growing independence is set to play a crucial role in the global economy. As more women achieve financial stability and career success, their influence will be felt not just in the workplace but in society as a whole. This shift towards independence is likely to drive further changes in social norms and economic policies, making women’s contributions even more vital in the years to come.

Rs 27,000 crore Bank Loan Fraud, ED seized properties of Amtek Group

Rs 27000 crore Bank Loan Fraud: Indian authorities have seized properties worth more than Rs 5,000 crore in a major crackdown on an alleged bank loan fraud involving the Amtek Group, an automotive equipment manufacturer that is now insolvent. The Enforcement Directorate (ED) announced this action under the anti-money laundering law on Saturday, September 7. Click here to join our whatsapp channel to receive banking news updates.

Background of the Case

The case began when IDBI Bank and Bank of Maharashtra filed complaints with the Central Bureau of Investigation (CBI), accusing the Amtek Group of illegally diverting bank loans and causing huge losses to the lenders. According to the ED, the total fraud is estimated to be around Rs 27,000 cror

Several companies under the Amtek Group, including Amtek Auto Limited, ARG Limited, ACIL Limited, Metalyst Forging Limited, and Castex Technologies Limited, went bankrupt, resulting in what the banks called an “80 percent haircut.” This means that banks were forced to accept just a small fraction of the amount they were owed, leading to significant financial losses for public sector banks.

How Rs 27000 crore Bank Loan Fraud Unfolded?

Investigations revealed that the Amtek Group had manipulated its financial statements to secure fraudulent loans. They created fake assets and investments to mislead banks. In June, the ED conducted searches that uncovered a web of over 500 shell companies used by the group to hide and invest in high-value real estate and luxury properties. These companies were structured in such a way that it was extremely difficult to trace the real owners, allowing the group to conceal the true ownership of these assets.

According to the ED, these shell companies held assets whose real ownership was linked to the group’s promoter, Dham, who was actively transferring or selling these properties to hide their true ownership.

Legal Action and Seizure of Assets

The ED filed a case against the Amtek Group and its promoters under the Prevention of Money Laundering Act (PMLA). This case was based on an FIR filed by the CBI and a directive issued by the Supreme Court in February.

Under the PMLA, the ED provisionally attached 85 immovable properties valued at Rs 2,674.75 crore. These properties include commercial buildings and farmhouses in Delhi, 200 hectares of land in Maharashtra, and hundreds of acres in Haryana and Punjab, including prime areas in Gurugram, Chandigarh, Rewari, and Panchkula.

In addition to real estate, the attached assets also include shares worth Rs 2,353.46 crore in listed and unlisted companies like Alliance Integrated Metaliks Limited, Newtime Infrastructure Limited, Rollatainers Limited, and Barista Coffee Company Limited. Debentures worth Rs 87.10 crore were also seized. The total value of all the attached properties stands at Rs 5,115.31 crore, according to the ED.

Conclusion

This action by the ED highlights the serious consequences of fraudulent financial activities and serves as a reminder that authorities are cracking down on financial misconduct. The seizure of these assets is a significant step towards recovering the losses suffered by the banks and holding the culprits accountable for their actions

Rs.466 crore fraud in YES Bank, ED Seizes property of businessman Gautam Thapar

The Enforcement Directorate (ED) has taken significant action in the investigation of a massive bank loan fraud involving Yes Bank. The federal agency has attached land valued at over Rs 78 crore, which is owned by a company linked to businessman Gautam Thapar. This move is part of a larger probe into a Rs 466 crore bank loan fraud. Click here to join our whatsapp channel to receive banking news updates.

Land Seizure in Gurugram

The ED has provisionally seized 52.11 acres of land in Gurugram, Haryana. This land is owned by Oyester Buildwell Private Limited (OBPL), a company connected to Thapar. The seizure is a result of an investigation into how OBPL allegedly manipulated financial transactions and committed fraud.

Background of the Case

The case against Thapar and his companies is being investigated under the Prevention of Money Laundering Act (PMLA). It began with a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). The allegations involve Thapar, OBPL, and another of Thapar’s firms, Avantha Realty Ltd. They are accused of “cheating” and “forgery” from 2017 to 2019, leading to a financial loss of Rs 466.51 crore for Yes Bank.

PNB Announces New Service Charges for Accounts, Lockers, DD, Cheques;

PNB Announces New Service Charges for Accounts, Lockers, DD, Cheques;

Punjab National Bank (PNB) Announces New Service Charges Effective October 1, 2024 Punjab National Bank (PNB) Announces New Service Charges Effective October 1, 2024

Punjab National Bank (PNB) is updating its service charges for savings accounts starting October 1, 2024. These changes affect minimum average balance (MAB) requirements, demand draft (DD) charges, cheque return fees, and locker rents. Here’s a detailed breakdown of what’s new:

Minimum Average Balance (MAB) Changes

PNB is switching from a quarterly average balance (QAB) system to a monthly average balance (MAB system). Here’s what you need to know:

Rural Areas: ₹500

Semi-Urban Areas: ₹1,000

Urban & Metro Areas: ₹2,000

If you don’t maintain the required MAB, the following charges will apply based on the shortfall:

Rural Areas:

Up to 50% shortfall: ₹50

Above 50% shortfall: ₹100

Semi-Urban Areas:

Up to 50% shortfall: ₹100

Above 50% shortfall: ₹150

Urban & Metro Areas:

Up to 50% shortfall: ₹150

Above 50% shortfall: ₹250

Demand Draft (DD) Charges

PNB has updated its charges for issuing demand drafts. Here are the new rates:

For All Amounts:

0.40% of the DD amount

Minimum charge: ₹50

Maximum charge: ₹15,000

For DDs Issued Against Cash (up to ₹50,000):

50% above the normal charges

For Duplicate DDs, Revalidation, or Cancellation:

Issuance of Duplicate DD: ₹200 per instrument

Revalidation: ₹200 per instrument

Cancellation: ₹200 per instrument

Against Tender of Cash (Below ₹50,000):

₹250 per instrument for any mode of remittance

Cheque Return Charges

New fees for cheque returns due to insufficient funds are as follows:

Savings Account: ₹300 per instrument

Current Account/CC/OD:

First three returns in a financial year: ₹300 per instrument

Fourth return onwards: ₹1,000 per instrument

Other reasons (not insufficient funds): ₹100 per instrument Note: No charge for technical faults or failures.

Locker Rent Charges

Locker rent charges have also been revised. Here’s the updated list:

Small Locker:

Rural: ₹1,000

Semi-Urban: ₹1,250

Urban/Metro: ₹2,000

Medium Locker:

Rural: ₹2,200

Semi-Urban: ₹2,500

Urban/Metro: ₹3,500

Large Locker:

Rural: ₹2,500

Semi-Urban: ₹3,000

Urban/Metro: ₹5,500

Very Large Locker:

Rural/Semi-Urban: ₹6,000

Urban/Metro: ₹8,000

Extra Large Locker:

₹10,000 (across all locations)

These changes are aimed at streamlining services and managing operational costs more effectively. Be sure to review these new charges and adjust your banking activities accordingly to avoid any unexpected fees.

Rs. 35000 Crores of unclaimed FDs of Bank customers are transferred to RBI

Rs. 35000 Crores of unclaimed FDs of Bank customers are transferred to RBI 

It's  a surprising news for a layman that unclaimed amount of Rs. 35000 Crores belonging to PSU Banks has been transfered to RBI in Feb. 2023. For your information,  

these unclaimed deposits were in respect of deposits which have not been operated for 10 years or more, belonged to 10.24 crore accounts. Being Banker, I request all my friends, especially Sr. Citizens, to disclose their all deposits to their family members as n when they open their account with the Bank. I clarify one thing to all of you, *in case you avail any loan from the Bank, after your demise, Bank will locate your Legal heirs to repay the loan. But in case of Deposit ( FDR) Bank will never locate you and after your demise money will be sent to RBI.* And if it comes to the  knowledge of your nominees or dependents, after transfer to RBI, it will be very difficult to get back this money from RBI. *So,  it is in the interest of  your family members that all your Deposits should be clearly disclosed in some Diary. Only then your money will be saved from