Pnb news: PNB revises cheque return fee, locker rent penalty, reduces number of free cheque leaves

Punjab National Bank (PNB) has announced that it has revised charges non –credit related services effective from May 29, 2022.

These service charges include a number of free transactions per year and charges after that including the issue of multi-city cheque books, proposal for revised locker rent charges, number of free transactions is savings account per month, etc.

Here is a look at the revised service charges.

Cheque returning charges

The bank has introduced a new slab for outward returning charges of Rs 10 lakh will be Rs 500 per instrument earlier, it was Rs 250 for per instrument above Rs 1 lakh.

For outstation cheques

Upto Rs 1 lakh charges will be Rs 150 per instrument (also out of pocket exp)

Rs 1 lakh upto Rs 10 lakh it will be Rs 250 per instrument (also out of pocket exp)

Above Rs 10 lakh it will be Rs 500 per instrument (also out of pocket exp).

Cheque book issuance

Free cheque book with savings accounts are reduced to 20-leaf cheque book per financial year, from earlier 25 leaves.

Maximum transactions in saving a/c

A total of 50 debit transactions are free in a financial year (excluding debit transactions sent through other delivery channels, sweep, and standing instruction transactions). If you have more than 50 debit transactions, you will be charged Rs 10 each transaction.

Proposed charge for locker rent penalty

According to the new proposed charge as penalty for locker rent is as below

  • Delay upto 1 year, penalty will be 25% of annual rent
  • Delay > 1 year to 3 year, penalty will be 50% of annual rent
  • Delay > 3 year, the bank will break open the locker

Discount on advance rent collection for lockers

According to the new proposed rule, there is no discount on deposit of advance locker rent. Previously, there was a 20% discount on the advance rent deposit for the first five years.

Incentivise payment of advance locker rent for 5 years

According to PNB Bank website, “Proposed Rent Slab in case Advance Locker rent for a period of five year is deposited by Locker Holder(s):

The above rent slab is excluding premium of 25% in identified Metro branches. b. In case Locker holder surrenders the locker before expiry of period of five year for which advance rent has been paid, then locker rent on annual card rate basis shall be charged.

Saving bank accounts

Cash handling charges for deposit is applicable on base and non base branch based on transaction.There will be 3 free transactions each month (unless through alternate channels such as BNA, ATM, and CDM).

Based on the amount, up to Rs 1 lakh per day is free, and over Rs 1 lakh is Rs 1 per thousand, with a minimum of Rs 50.

Current, Cash Credit, Overdraft and Other Accounts of Customers

Based on an amount of up to Rs 1 lakh free every day and over Rs 1 lakh it will be Rs 1 per thousand, subject to a minimum of Rs 100 and a maximum of Rs 30000.

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