PNB Revises Service Charges: Updates To Savings Account, Minimum Balance, Locker Fees, And More

New Delhi: Punjab National Bank (PNB) has announced updates to various credit-related service charges for savings accounts which includes fees for maintaining a minimum average balance, issuing demand drafts, duplicating DDs, returning cheques (including ECS) and locker rent charges. These revised charges will come into effect from October 1, 2024.

What are the specifics of the updated charges?

1. Charges for Not Maintaining Minimum Average Balance:

PNB is changing the requirement for maintaining an average balance from a quarterly to a monthly basis. The required quarterly average balances are as follows:

Rural: Rs 500

Semi-Urban: Rs 1,000

Urban & Metro: Rs 2,000

The minimum monthly average balance requirements are as follows:

Rural: Rs 500

Semi-Urban: Rs 1,000

Urban & Metro: Rs 2,000

2. Issuance of Demand Drafts:

Current charges

Revised Charges:

0.40 per cent of the demand draft amount, with a minimum fee of Rs 50 and a maximum fee of Rs 15,000.

For cash payments below Rs 50,000, the charge will be 50 per cent higher than the standard fees listed above.

3. Issuance of Duplicate Demand Drafts:

Current charges

Revised charges

4. Cheque Returning Charges:

Revised:

Inward Returning Charges (Savings Account): Rs 300 per cheque due to insufficient balance.

Current Account/ CC/ OD:

- Rs 300 per cheque for the first 3 returns due to insufficient balance in a financial year.

- Rs 1,000 per cheque for the 4th return and any subsequent returns due to insufficient balance in a financial year.

- For reasons other than insufficient balance, the charge is Rs 100 per cheque.

- No fee for returns due to technical faults or failures, applicable to all accounts.

- Interest at the applicable rate will be charged for the number of days the account was overdrawn (i.e., additional interest on the clean OD).