PNB Revises Savings Account Service Charges, Effective From October 1

The Punjab National Bank has announced some changes related to the savings account service charges. As per more information, it will go into effect from October 1. The changes are made in various accounts, check out the details here.

According to the information provided, the changes are being made to the minimum average balance, issuing demand drafts, duplicating DDs, cheques (including ECS), return costs, and locker rent charges. If the savings account does not have a fixed minimum amount, the bank will start charging it monthly. It will now count the average balance every month, instead of three months.

Minimum balance required every quarter:

Rural- Rs 500

Semi-urban- Rs 1000

Urban and Metro City- Rs 2000

Average balance requirement every month:

Rural- Rs 500

Semi-urban- Rs 1000

Urban and Metro City- Rs 2000

As per the reports, if the quarterly average balance reduces by 50 per cent, then the consumer will be charged Rs 50 in rural areas, Rs 100 in semi-urban and Rs 150 in urban and metro. And if the minimum amount goes below 50 per cent, Rs 100 is to be paid in rural, Rs 150 in semi-urban, and Rs 250 in urban and metro.

Furthermore, even if it is above 50 per cent but the minimum average of an account comes out to be low, the charges will increase accordingly. If the average amount sees a reduction of 6 per cent after a limit, the rural area bank holder will have to give a minimum charge of Rs 1 and a maximum of Rs 30. While semi-urban, they will be charged Rs 1 at a minimum and the maximum will be Rs 60. And for urban and metro cities, the minimum fee is again Rs 1 and the maximum is Rs 100, only if it is lower than 5 per cent.

Demand Draft:

According to the revision, 0.40 per cent of the DD amount will be charged with a minimum of Rs 50 and a maximum of Rs 15,000. Lower than Rs 50,000 cash deposits will be charged 50 per cent more than normal rates.

Cheque Returns:

After the revision, the holder will be charged Rs 300 for returning a cheque due to a low balance in a savings account. In a financial year, Rs 300 is to be given in the first three returned cheques, by the fourth return, the consumer will be charged Rs 1000.

Locker Rent:

For small lockers in rural regions, the charges are Rs 1000, for semi-urban, it is Rs 1250 and for urban and metro, it is Rs 2000. A medium locker is charged at Rs 2200 in rural, Rs 2500 in semi-urban and Rs 3500 in urban regions. And large lockers require Rs 2500 in rural, Rs 3000 in semi-urban and Rs 5000 in metro areas.