Starting January 15, the Punjab National Bank (PNB) will charge more for a host of banking services offered by it. PNB, the country’s second-largest bank after the State Bank of India (SBI), recently notified these changes, which will be implemented from the said date.
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PNB account holders will have to pay more for the following banking services:
(1.) Non-maintenance of QAB: At present, the threshold for non-maintenance of quarterly average balance (QB) for a resident of a metro city is ₹5000. However, when the revision takes effect, this threshold will get doubled to ₹10,000.
(2.) Non-maintenance of minimum balance: The quarterly charges for non-maintenance of a minimum balance has been hiked from ₹200 to ₹400 in rural areas, and from ₹300 to ₹600 in urban and metro areas.
(3.) Locker charges: According to the bank’s website, locker charges have been raised by ₹500 in urban and metro areas. These have been revised for all locker sizes except extra large ones.
(4.) Locker visits: The number of free locker visits has been revised to 12 per year, after which ₹100 will be levied per visit. At present, a total of 15 visits per year are allowed, after which ₹100 are charged for each visit.
(5.) Current account closure: For accounts that are closed within two weeks of opening, a penalty of ₹800 will be imposed as against the current 600. However, for accounts closed after 12 months of opening, no fine will be imposed.
(6.) Transaction fee in saving accounts: At present, PNB allows five free transactions per month, after which ₹25 per transaction is charged as a service charge. After the change, three free transactions will be allowed every month, after which ₹50 per transaction will be charged as service fee.
(7.) Cash handling charges: From the current ₹2 lakh, free deposit limit for each day has been reduced to ₹1 lakh. Also, above ₹1 lakh, 10 paise per piece will be charged after the changes take effect.
