Punjab National Bank, the second-largest public sector bank in India, has announced changes to its savings account rules, effective from October 1, 2024.
These changes will affect various aspects, including savings account rules, locker charges, and minimum balance requirements.
Here’s what you need to know.
Average Balance
The bank has revised the rules for the average balance in its savings accounts.
Now, accounts in rural areas must maintain a monthly and quarterly balance of Rs 500, Rs 1,000 in semi-urban areas, and Rs 2,000 in metro cities.
Failing to maintain the minimum balance could result in a fine ranging from Rs 50 to Rs 250.
The bank has also revised its locker rent charges. Customers will now pay Rs 1,000 annually for a small locker in rural areas, Rs 1,250 in semi-urban areas, and Rs 2,000 in metro cities.
For a medium-sized locker, the annual fee will be Rs 2,200, Rs 2,500, and Rs 3,500, respectively.
For a large locker in metro cities, the charges will be Rs 2,500, Rs 3,000, and Rs 5,500.
The bank has updated the rules for demand drafts as well. Now, a 0.40% fee will be charged for demand drafts ranging from Rs 50 to Rs 15,000.
Additionally, the fee for issuing a duplicate demand draft has increased from Rs 150 to Rs 200.
If a cheque is returned due to insufficient balance, a penalty of Rs 300 per cheque will be applied.
For current accounts, cash loans, and overdraft accounts, a fee of Rs 300 will be charged per financial year. If a fourth cheque is returned, a fee of Rs 1,000 will be imposed.
For cheques returned for other reasons, a fee of Rs 100 will be charged. There will be no fee for returns due to technical reasons.
