PNB Revises Service Charges On These Banking Transactions: Details inside

With effect from 15.01.2022, the public-sector lender Punjab National Bank (PNB) is going to increase certain service charges relating to regular banking operations or non-credit-related services. The non-maintenance of quarterly average balance (QAB) threshold in the metro region has been enhanced to Rs 10,000 from Rs 5,000 and in rural and semi-urban regions, the penalty for failing to maintain a minimum balance has been increased from Rs 200 to Rs 400 per quarter. For urban and metro regions, it has been increased from Rs 300 to Rs 600, according to the official website of the bank.

PNB has also increased the fee of closing a current account. Accounts discontinued after 14 days but within 12 months of opening would incur a service charge of Rs 800, up from Rs 600 before. The bank has also hiked its service charges on Demand Draft/Other instruments. For revalidation, cancellation, issuance of Lost instrument(s), and issuance of Duplicate Draft, the bank has hiked service charge to Rs 150/- per instrument from the existing Rs 100/- per instrument. And for cheques (including ECS) / Bills Returning Charges (Outward) services, the bank has also hiked service charge to Rs 150/- per instrument from existing Rs 100/- per instrument for amount of cheque up to Rs 1 lakh and Rs 250/- per instrument up from Rs 200/- per instrument for amount of cheque more than Rs 1 lakh.

PNB has also increased transaction fees in savings and current accounts. Regardless of base or non-base branch, the bank is currently allowing 5 free transactions per month thereafter Rs 25/- per transaction is chargeable as a service charge (except through alternate channels such as BNA, ATM, and CDM), but starting 15.01.2022, the bank will allow 3 free transactions per month thereafter Rs 50/- per transaction would be charged (except through alternate channels such as BNA, ATM, and CDM), which is not applicable for Senior Citizen accounts.

The bank has lowered its cash deposit limit also on both saving and current accounts. According to the revised rules, published on the PNB website, the free deposit limit per day has been lowered to Rs 1 lac from the existing Rs 2 lac, and above Rs 1 lac 10 paisa per piece would be charged from 15th January 2022 and are applicable on Both base & non-base branches.

PNB Locker Rental Charges

PNB has also hiked its locker rental charges across rural, semi-urban (SU), urban and metro areas. The new charges are as follows and a premium of 25% in identified metro branches, subject to review of identified branches in the amalgamated entity.

PNB now allows 15 free locker visits per year; subsequently, a service fee of Rs 100 will be imposed every visit, however starting January 15th, the bank will allow 12 free locker visits per year; thereafter, a service charge of Rs. 100 will be levied per visit.

Locker size	Existing charges in Rural/ SU	Existing charges in Urban/ Metro	New charges in Rural/ SU	New charges in Urban/ Metro
Small	₹1000/-	₹1500/	₹1250/-	₹2000/
Medium	₹2000/-	₹.3000/-	₹2500/-	₹3500/
Large	₹2500/	₹5000/-	₹3000/-	₹5500/-
Very Large	₹.5000/-	₹7500/	₹6000/-	₹8000/
Extra Large	₹10000/-	₹10000/	₹10,000/-	₹10,000/-
Source: Bank Website. W.e.f. 15.01.2022.

With effect from 01.02.2022, the return charge on NACH (National Automated Clearing House) debit will be Rs 250 per transaction at PNB instead of Rs 100 per transaction earlier. And also in line with guidelines set by the Reserve Bank of India (RBI), PNB has also revised its service charges on the usage of other bank ATMs beyond the free limit and now it will be Rs 21+GST for financial transactions beyond the limit and Rs 10+GST for non-financial transactions beyond the free limit, these charges will enter into force on 21.01.2022.