Punjab National Bank (PNB) has announced changes in the service charges associated with savings accounts, including those for minimum average balance, demand draft (DD) issuance, cheque returns (including ECS), and locker rent. These changes will be effective from October 1, 2024. Here’s an overview of the key updates:
Minimum Average Balance (MAB) Requirement
PNB will now calculate the average balance on a monthly basis, rather than quarterly. Failure to maintain the required balance will attract a monthly penalty. The minimum required balance differs based on the location of the account holder.
- Rural Areas: ₹500
- Semi-Urban Areas: ₹1,000
- Urban and Metro Areas: ₹2,000
Penalty for Not Maintaining Minimum Balance
- If the account balance is below 50% of the required amount:
- Rural: ₹50
- Semi-Urban: ₹100
- Urban/Metro: ₹150
- If the balance is below 50% of the required amount:
- Rural: ₹100
- Semi-Urban: ₹150
- Urban/Metro: ₹250
Further penalties will apply if the balance continues to remain low, with charges ranging from ₹1 to ₹100 depending on the region and percentage of balance deficiency.
Demand Draft (DD) Issuance Charges
- Up to ₹10,000: ₹50
- ₹10,000 to ₹1,00,000: ₹4 per ₹1,000 (min ₹50)
- Above ₹1,00,000: ₹5 per ₹1,000 (min ₹600, max ₹15,000)
In case of cash deposits of less than ₹50,000, a 50% higher charge will be applied.
Changes for Duplicate DD
- Duplicate DD issuance: ₹200 per DD
- Revalidation or cancellation of DD: ₹200 per DD
Cheque Return Charges
For savings accounts, the charge for returning a cheque due to insufficient funds will be ₹300 per cheque. For current accounts, cash loans (CC), and overdrafts (OD), the charges will be:
- First 3 cheque returns per year: ₹300 per cheque
- From the 4th cheque onwards: ₹1,000 per cheque
If the cheque is returned for reasons other than insufficient funds, a charge of ₹100 per cheque will apply.
Locker Rent Charges (Based on Location and Locker Size)
| Locker Size | Rural Areas (₹) | Semi-Urban (₹) | Urban/Metro (₹) |
|---|---|---|---|
| Small Locker | 1,000 | 1,250 | 2,000 |
| Medium Locker | 2,200 | 2,500 | 3,500 |
| Large Locker | 2,500 | 3,000 | 5,500 |
| Extra Large Locker | 6,000 | 6,000 | 8,000 |
| Super Large Locker | 10,000 | 10,000 | 10,000 |
Something went wrong. Please refresh the page and/or try again.
