Attention Punjab National Bank Customers! From Minimum Balance To Interest, This Will Change For Your Saving Account From 1st Oct
Punjab National Bank (PNB) has announced various changes related to its savings accounts, effective from October 1, 2024. The changes will impact on services like minimum average balance requirements, locker fees, and charges for demand drafts and cheque returns. The Bank is also changing its average monthly balance system.
PNB has also revised savings account service charges from 1st October. Check what are the changes done by PNB for its account holders.
Punjab National Bank: Changes For Below Services Effective 1st October
Minimum balance required every quarter:
Rural- Rs 500
Semi-urban- Rs 1000
Urban and metro city- Rs 2000
The bank will be shifting from a quarterly to a monthly average balance maintenance system.
Minimum Monthly Average Balance Required:
Rural: Rs 500
Semi Urban: Rs 1000
Urban & Metro: Rs 2000
Charges: If You don’t Maintain Minimum Average Balance:
In Rural Areas: A charge of Rs 50 is applied for up to a 50% shortfall, and Rs 100 for a shortfall exceeding 50%.
In Semi-Urban Regions: The charges are Rs 100 for up to a 50% shortfall and Rs 150 for a shortfall above 50%.
For Urban & Metro Areas: the charges are Rs 150 for up to a 50% shortfall, and Rs 250 for a shortfall over 50%.
Demand Draft Revised Charges:
0.40 per cent of the DD amount will be charged with a minimum of Rs 50 and a maximum of Rs 15,000.
Duplicate Demand Draft
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 50,000): Rs 250 per instrument for any mode of remittance.
Cheque Returning Charges
Inward return charges:
Savings Account:
A fee of Rs 300 is charged per instrument due to insufficient balance.
Current Accounts/ Cash Credit (CC), or Overdraft (OD) Accounts:
The charges are Rs 300 per instrument for the first three cheque returns within a financial year due to insufficient balance.
From the fourth cheque return onwards in the same financial year, the charge increases to Rs 1000 per instrument.
For cheque returns due to reasons other than insufficient balance, the charge is Rs 100 per instrument.
No charges:
– If the cheque bounces due to a technical fault or failure (applicable to all accounts).
Interest Charges:
– Interest is charged at the applicable rate for the number of days the bank is out of funds (i.e., actual interest on a clean overdraft is charged extra).
Outward Returning Charges
Outward return charges are Rs 200 per instrument, regardless of the amount. For outstation returns (both inward and outward), the charge is Rs 200 per instrument plus any out-of-pocket expenses, regardless of the cheque amount.
Locker Charges Per Year
The rent for lockers varies by location and size as follows:
Small Locker: Rs 1,000 in rural areas, Rs 1,250 in semi-urban areas, and Rs 2,000 in urban or metro regions.
Medium Locker: Rs 2,200 in rural areas, Rs 2,500 in semi-urban areas, and Rs 3,500 in urban or metro regions.
Large Locker: Rs 2,500 in rural areas, Rs 3,000 in semi-urban areas, and Rs 5,500 in urban or metro regions.
Very Large Locker: Rs 6,000 in both rural and semi-urban areas, and Rs 8,000 in urban or metro regions.
Extra-Large Locker: Rs 10,000 across all locations.
