The Punjab National Bank (PNB) has announced a price increase for its standard banking services (non-credit related service charges). Services such as quarterly average balance, non-maintenance of minimum balance, locker costs, and so on will be subject to the same as of January 15, 2022.
PNB minimum balance
The minimum balance requirement and fees for failing to maintain a minimum balance in rural areas will increase from Rs 5,000 to Rs 10,000. There would be a rise from Rs 400 in rural regions to Rs 600 in urban and metro areas for the quarterly fees assessed for failing to maintain a minimum balance.
Customers of Punjab National Bank (PNB) should be aware of the fees that are associated with using the bank’s various services. PNB’s website now clearly states that clients living in urban areas must maintain a minimum balance of Rs 10,000.
Accounts in non-urban or rural locations are assessed a quarterly fee of Rs.400 if a minimum balance is not maintained. For customers in non-urban or rural locations, PNB has kept the minimum balance requirement at Rs 1000.
| Branch type | Average monthly balance |
| Metro | Rs. 10,000 |
| Urban | Rs. 10,000 |
| Semi-urban | Rs. 5,000 |
| Rural | Rs. 2,500 |
PNB minimum balance for other accounts
PNB prudent sweep
PNB prudent sweep savings fund may be created by individuals and organisations, as per guidelines issued by the Reserve Bank of India. If the savings account’s balance is more than Rs. 50,000 (with a minimum sweep-out/ sweep-in of Rs. 5,000), then Sweep In and Out will occur.
PNB Rakshak Scheme
Initiated by Punjab National Bank, the Rakshak Scheme grants members of the Indian armed forces access to a savings account’s overdraft facility — allowing for debits to be made even when there are insufficient funds in the account — as well as the sweep in/out features. The savings account has no minimum amount since it is a zero-balance account.
PNB minimum balance: Penalties and extra charges
The following financial services for PNB account holders may incur an increased fee:
Failure to maintain a minimum quarterly average balance (QAB) of Rs. 5,000 applies to residents of a metro area as of the day this article was written. When the update goes into force, though, that cap will be raised to Rs.10,000.
The minimum balance requirement has been increased from Rs. 200 per quarter to Rs. 400 per quarter in rural regions, and from Rs. 300 per quarter to Rs. 600 per quarter in urban and metro areas.
The fee for using a locker has increased by Rs. 500 in major cities, as stated on the bank’s website. All of them, with the exception of the XL variety, have been updated.
Access to lockers has been reduced from 12 free times per year to a Rs. 100 charge for each additional time. Presently, a maximum of 15 visits per calendar year are permitted before a Rs. 100 fee is incurred for each subsequent visit.
For accounts that are closed within the first two weeks after opening, the fee will increase from Rs. 600 to Rs. 800. However, there would be no penalty for closing an account more than a year after it was opened.
Savings account transaction fees: Currently, PNB permits five free transactions per month, and after that, a cost of Rs. 25 is assessed for each additional withdrawal. After the update, you’ll be able to make three free transactions each month before being subject to a Rs. 50 service fee.
When it comes to cash deposits, the daily free limit has been cut from Rs. 2 lakh to 1 lakh. Above 1,000,000, a surcharge of 10 paise per unit would be implemented.
FAQs
What are PNB charges for not maintaining minimum balance?
Non-balance maintenance fees in rural and semi-urban areas are now Rs 400 per quarter, up from Rs 200 previously. Cities and major metropolitan regions now have a higher fee, up from Rs 300 to Rs 600.
To what extent must a monthly minimum balance be maintained?
The account holder is required to have at least the monthly average balance in their checking or savings account at all times.
How low can a PNB 2022 account go?
The minimum quarterly average balance (QAB) at the state-run Punjab National Bank (PNB) has been increased to Rs 10,000 in the four metro cities of Delhi, Mumbai, Kolkata, and Chennai. As of 15 January 2022, PNB will implement a range of fee increases, some as high as 50%.
Is PNB zero maintaining balance available?
You can enjoy all the benefits of a debit account with a zero-maintaining balance account when you start using PNB Tap Mastercard for contactless shopping, saving and payments.
What is the maximum balance in PNB?
PNB savings accounts do not have a maximum limit on the balance
How many ATM withdrawals are free in PNB?
For PNB accounts, the first five transactions in a month are free. Any financial transaction beyond this limit is subject to a charge of Rs 10, while non-financial transactions do not incur any charges.
