The Punjab National Bank (PNB) has recently released new changes to some of the credit-related service charges that will take effect from the 1st of October 2024. These changes are related to savings accounts and they also consist of changes in the rules concerning the minimum balance to be maintained, DD charges, returned cheque fees, and locker charges, and other important account-related services, ensuring better efficiency.
This change is probably because PNB is switching from a quarterly MAB requirement to a monthly one. This implies that if you operate a savings account in the rural region, you must have ₹500 on average per month. For the semi-urban areas, it is ₹1000 and for the urban/metro areas, it is ₹2000. If the balance is short by up to 50%, the service cost is ₹50 for rural areas, ₹100 for semi-urban areas, and ₹150 for the metro area. A larger shortfall would mean that charges would be higher, which can range up to ₹ 250 for significant discrepancies in balance.
PNB Locker and Demand Draft Charges
Management of locker rents is also under consideration. Talking of the rates for the lockers, they differ according to the areas. For instance, small lockers are ₹1,000 for rural areas, ₹1,250 for semi-urban areas, ₹2,000 for metros/urban areas. Medium lockers will be priced between ₹ 2,200 and ₹ 3,500 based on the location.
With regards to DD, the new fee is 0.40% of the overall DD amount, subject to a minimum charge of ₹50 but not exceeding ₹15,000. Furthermore, the new rules on issuing and cancelling duplicate DDs will attract a fee of ₹200 per instrument. Fees for returned cheques due to inadequate funds will be ₹ 300 for a single returned cheque and additionally for subsequent returns.
These updates are intended to ensure that the bank’s services are constantly relevant in the market and to be transparent the fees being charged to clients are clear and reasonable.
The Punjab National Bank (PNB) is all set to introduce new charges for savings accounts and related services. Here’s everything you need to know!! Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
