PNB Charges Hike: The Punjab National Bank has hiked its charges on a host of services, the lender has notified recently. There have been several changes in the banking sector in the new year, which came into effect on the first day of this month. This includes the hike in ATM withdrawal fees, which has gone up from Rs 20 to Rs 21 as per an RBI mandate, starting from the first day of 2022. However, the new price hikes set by the Punjab National Bank (PNB) for its general banking operations services, one of the leading public sector lenders in India, will come into effect from January 15, which is next Saturday.
Here are the areas where service fees pertaining to general bank operations have been increased by the Punjab National Bank:
Charges for Non-Maintenance of QAB: As per the Punjab National Bank website, which has made available the new tariffs, the non-maintenance of quarterly average balance (QAB) limit in metro city areas has been increased by Rs 5,000. The previous charges for this was Rs 5,000, and the new charges that customers have to pay is Rs 10,000.
Charges for Non-Maintenace of Minimum Balance: The rates for non-maintenance of minimum balance at rural and semi-urban areas have been increased to Rs 400 per quarter. Currently, the bank charges Rs 200 from its customers in these regions for non maintenance of minimum balance. The same has been doubled at Rs 600 for urban areas and metro cities, from the current Rs 300, the PNB has said in its website.
Bank Locker Charges: Other than extra large lockers, the charges for maintaining bank lockers have been increased in all areas including rural, semi urban, urban and metro cities. For example, a small locker maintenance charge would be Rs 1,250 in rural and semi urban areas, as opposed to the current Rs 200 in the same places. For urban areas and metro cities, the charges have been hiked by Rs 500 each, according to the bank’s website.
Bank Locker Visit Free Limit: The free limit for visits to the bank lockers of the PNB has also been reduced. Earlier, subscribers were entitled to 15 visits per year for free. The limit has now been reduced to 12, post which a charge of Rs 100 will be levied, the bank said in a notification.
Cash Handling Charges: The bank in its notification said that cash deposits based on transaction and amount have been hiked. Under the new rules, a customer can only do up to three cash deposit transactions at base and non-base branches after which a fee of Rs 50 will be charged on each transaction. Earlier, this limit was 5 transactions per month, following which Rs 25 was charged for each transaction. This rule does not apply to BNA, ATM and CDM transactions. In case of amount basis, cash deposits over Rs 1 lakh will attract a fee of Rs 0.25 per piece. Earlier, this was set at Rs 2 lakh. This will be done on a ‘per day’ basis.
Apart from these, other services like duplicate draft issuance, overdraft cancellation, current account charges have also been increased by the bank. These new charges will come into effect from January 15, which is next week. “All other service charges of general banking related (non-credit related) except above, as mentioned on the bank’s website will remain unchanged,” the Punjab National Bank has said in its notification
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