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.
