From January 15, Punjab National Bank will charge more for offering a bunch of banking services to its account holders. After SBI, PNB is largest bank in India and hike in banking services will affect large number of people.
Punjab National Bank account holders will have to pay more for the following bank 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 have 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.