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PNB customers to pay higher charges for non-credit services

LiveMint logoLiveMint 06-08-2017 PTI

New Delhi: Come September, Punjab National Bank (PNB) customers will have to pay charges for depositing cash above Rs5,000 in a non-base branch even if it is located in the same city.

Currently, the PNB customers are levied charges only for depositing cash over Rs25,000 at a non-base branch within the same city.

“It has been decided to revise the non-credit related charges (exclusive of GST) with effect from 1 September 2017 for cash deposit above Rs5,000 at other than base branch within the same city,” PNB said in a communication to customers.

A customer will have to pay Re1 per Rs1,000 for above Rs5,000 cash deposit or part thereof with a minimum of Rs25 per transaction. At an outstation branch, cash deposit up to Rs5,000 will be free of cost from 1 September, which at present is limited for Rs25,000. While, for above Rs5,000 cash deposit at outstation branch, the bank will levy Rs2 per Rs1,000 or part thereof with a minimum of Rs25 per transaction.

The bank has also revised upwards the cheque returning charges for a payment of above Rs1 crore to Rs2,000 for first cheque and Rs2,500 for subsequent bounces. Currently, for a cheque return of above Rs1 crore, the charges are Rs1,000 for first cheque and Rs1,500 for subsequent instances.

At the same time, the bank has steeply raised the locker facility charges in metro branches for different types of lockers.

The locker rent is being raised by 25% for small, medium, large and extra large sizes to Rs1,500, Rs3,500, Rs5,500 and Rs10,000, respectively, for metro branches. Earlier, such charges were Rs1,200, Rs2,800, Rs4,500 and Rs8,000, respectively.

Besides, PNB will levy a premium of 25% of the locker rent in 22 identified branches, 19 of which are in Delhi, one in Gurgaon and two in Faridabad.

The Delhi branches are: Jangpura Extension, South Extension, GK II, Kalkaji, Sahkaurbasti, Krishna Nagar, Preet Vihar, Suraj Mal Vihar, Model Town, Mall Road, Patparganj, Madhuban, Vikaspuri, Sector 12A Dwarka, Sector 12 Dwarka, Dwarka, New Rajinder Nagar, Punjabi Bagh and Rajouri Garden. Of others, Gurgaon Sector 4, Sector 37 Faridabad and Old Faridabad are the branches to attract a 25% premium on locker rentals.

All the charges are exclusive of the goods and services tax (GST), which came into effect from 1 July, and attract a charge of 18%, up 15% from previous tax regime charges.

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