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Punjab National Bank (PNB) has announced changes in charges for certain services related to savings accounts. This change includes maintenance of minimum average balance, issuance of demand draft, preparation of DD draft, cheque (including ECS), return cost and locker rent. The new charges will be effective from October 1, 2024.
If a savings account does not have the minimum balance, the bank will now charge on a monthly basis. The bank has started calculating the average balance on a monthly basis instead of three months.
Minimum Balance required on quarterly basis-
Rural- Rs 500
Semi-urban – Rs 1000
Urban and Metro cities- Rs 2,000
Average Balance Requirement on Monthly Basis-
Rural- Rs 500
Semi-urban – Rs 1000
Urban and Metro cities- Rs 2,000
If there is a shortfall of 50% in the quarterly average balance, a fee of Rs 50 will be charged in rural areas, Rs 100 in semi-urban and Rs 150 in urban/metro. Similarly, if the minimum balance is less than 50%, the fee will be Rs 100 in rural areas, Rs 150 in semi-urban and Rs 250 in urban/metro areas.
Even after 50%, if the minimum average of a bank holder is less, then the charge will increase in the same proportion. If the average amount falls to 6% after a limit, then customers in rural areas will be charged a minimum of Rs 1 and a maximum of Rs 30. In semi-urban areas, the minimum charge will be Rs 1 and a maximum of Rs 60. In urban and metro areas, a minimum of Rs 1 and a maximum of Rs 100 will be charged if the amount is less than 5%.
Demand Draft
The current charges for issuing a Demand Draft (DD) are as follows: ₹50 for DDs up to ₹10,000. DDs from ₹10,000 to ₹1,00,000 are charged at ₹4 per ₹1,000 and a minimum value of ₹50. DDs above ₹1,00,000 are charged at ₹5 per ₹1,000, with a minimum of ₹600 and a maximum of ₹15,000. If the cash amount is less than ₹50,000, a fee of 50% more than the normal fee will be charged.
As per the revised charges, now 0.40% of the DD amount will be charged, with a minimum of ₹50 and a maximum of ₹15,000. Cash deposits less than ₹50,000 will be charged 50% more than the normal fee.
Change in duplicate DD charges
The current fee for issuing a duplicate DD is ₹150 per DD. There is a fee of ₹250 for any type of fund transfer, for revalidation or cancellation of DD and cash deposits less than ₹50,000. As per the revised fee, now a fee of Rs 200 per DD will be charged for issuing a duplicate DD. There is a fee of ₹200 per DD for revalidation and cancellation of DD, and a fee of ₹250 for cash deposits less than ₹50,000.
What changes on check return?
Among the revised charges for cheque returns, there is a charge of ₹300 per cheque for cheque returns due to insufficient balance in savings account. For current account, cash credit (CC), and overdraft (OD), a charge of ₹300 per cheque will be levied on the first three cheque returns of the financial year and ₹1,000 per cheque on the fourth cheque return. A charge of ₹100 per cheque will be levied for returns due to reasons other than insufficient funds. There will be no charge if there is any technical issue or problem on the part of the bank and this will be applicable to all accounts. Additional interest will be charged at the applicable interest rate based on the number of days the money remains in the bank.
Outstation Return Charges (including ECS) and Bill Return Charges through Clearing House will be ₹150 per cheque for cheques up to ₹1 lakh, ₹250 per cheque for ₹1 lakh to ₹10 lakh and ₹500 per cheque for cheques above ₹1 lakh to ₹10 lakh. Outstation Returning Charges (Inbound/Outbound) – ₹150 per cheque and costs for cheques up to ₹1 lakh, ₹250 per cheque and outbound costs for ₹1 lakh to ₹10 lakh and ₹500 per cheque and out-of-pocket charges will be applicable for cheques above ₹10 lakh.
As per the revised charges, now the outward return fee will be ₹200 per cheque, irrespective of the amount, and the outward return fee will be ₹200 per cheque, irrespective of the amount, and will be applicable out of pocket.
Locker Rent
As per the revision in locker hire charges, a small locker will be charged at ₹1,000 in rural areas, ₹1,250 in semi-urban areas and ₹2,000 in urban/metro areas. For a medium locker, the charges will be ₹2,200 in rural areas, ₹2,500 in semi-urban areas and ₹3,500 in urban/metro areas. For a large locker, the charges will be ₹2,500 in rural areas, ₹3,000 in semi-urban areas and ₹5,500 in urban/metro areas. For a very large locker, the charges will be ₹6,000 in rural and semi-urban areas, while the charges will be ₹8,000 in urban/metro areas. An extra large locker will cost ₹10,000 across all areas.