Public sector lender Punjab National Bank (PNB) has decided to increase the fine on current account holders who fail to maintain their quarterly average balance (QAB) from 1st October 2016.
According to the revised tariff, the non-maintenance QAB charges will be applied on PNB Smart Banking current accounts and current general accounts.
Platinum account holders of PNB Smart Banking Current Account who fail to maintain QAB of Rs.10 lakh in their account will have to pay Rs.4000 as fine. Whereas silver (QAB- Rs.1 lakh), gold (QAB- Rs.2 lakhs) and Diamond (QAB-Rs.5lakhs) account holders will have to pay penalty of Rs.500, Rs.1000 and Rs.2000 per quarter, respectively.
PNB has also increased the initial deposit requirement along with the quarterly average balance for current general account holders residing in urban, semi-urban and rural sectors. In urban sectors, account holder are now required to maintain Rs 10,000 as the minimum QAB (which was earlier Rs 5,000), failing which Rs 1,000 will be levied per quarter as penalty.
Semi-urban account holders will have to maintain a minimum balance of Rs.5000 every quarter which was Rs.1000 earlier. On the other hand, rural account holders will have to maintain QAB of Rs.2500, which has been increased from the previous requirement of Rs.1000.
Punjab National Bank has updated all the charges as per the revised tariff. The officials claim that they were not charging adequately earlier and the required QAB amount is different for every bank as per the current policy.