Shocker For 18 Crore PNB Customers: Pay Rs 10,000 For Not Maintaining Balance; 100% Increase In Cash Handling Fees! (Full List)

Change is the only constant, they say. And no one is excepted from this change. Not even the bankin sector. As per the recent mandates by RBI in the new year, there have been several changes in the banking sector. The changes came into effect from the first day of this month. Keeping in the same line, the Punjab National Bank, one of the leading public sector lenders in India, has hiked its charges on a host of services.

It should be noted that the new price hikes set by the Punjab National Bank (PNB) for its general banking operations services, will come into effect from January 15.

Here we bring you the list of changes being brought in the Punjab National Bank.

Charges for Non-Maintenance of QAB:

The Punjab National Bank has announced that the non-maintenance of the quarterly average balance (QAB) limit in metro city areas has been increased by Rs 5,000. The previous quarterly average limit was Rs 5,000, which has been increased to 10,000.

Charges for Non-Maintenace of Minimum Balance:

With the new notification, the rates for non-maintenance of minimum balance at rural and semi-urban areas have been increased to Rs. 400 per quarter. At present, the bank charges Rs 200 from its customers in these regions for non-maintenance of minimum balance. The same has been doubled to Rs. 600 for urban areas and metro cities from the current Rs 300.

Bank Locker Charges:

Apart from the extra-large lockers, the charges for maintaining bank lockers have been increased in all areas including rural, semi-urban, urban, and metro cities. For instance, 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:

At the same time, the number of visits to the bank lockers of the PNB has also been reduced. Previously, subscribers were entitled to 15 visits per year for free. The number of free visits has now been reduced to 12, post which a charge of Rs 100 will be levied.

Cash Handling Charges:

As per the new rules, a customer can only do up to three cash deposit transactions at the 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 Ra 25 was charged for each transaction. This rule does not apply to BNA, ATM, and CDM transactions.

At the same time, other services like duplicate draft issuance, overdraft cancellation, current account charges have also been increased by the bank.