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.