Punjab National Bank (PNB) has announced changes in the on-credit-related service charge of the savings account. According to the information given by the bank, changes have been made in the minimum balance, demand draft issuance, check (including ECS), return cost and locker rent charges. The new charges will be applicable from October 1, 2024. In such a situation, if you have an account in PNB, then know what charge will have to be paid from next month?

1. Minimum balance requirement QAB (Quarterly Average Balance)

Rural: Rs 500
Semi-urban: Rs 1000
Urban and Metro: Rs 2000

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Minimum Monthly Average Balance (MAB)

Rural: Rs 500
Semi-urban: Rs 1000
Urban and Metro: Rs 2000

Which charges have been changed?

According to the information given by the bank, the charge for maintaining minimum balance in the savings account has been changed. Apart from this, changes have been made in the charges for issuing demand draft, issuing duplicate DD, check return charges and locker rent charges. You can get information about the fee changes from the bank’s website.

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Under this, there will be no cheque payment without verification. As per the rules, failing which the cheque will be returned. This new rule of cheque payment will be effective from 5th of next month. Earlier, under the positive pay system, the limit was Rs 10 lakh and above.

After this, if the customer issues a cheque of Rs 10 lakh or more through branch or digital channel, then PPS confirmation will be mandatory. Customers will have to provide account number, cheque number, cheque alpha, cheque date, cheque amount and beneficiary name. Let us know what it is and how you can use it.

What is Positive Pay System?

PPS is a mechanism created by the National Payments Corporation of India (NPCI), for which bank customers have to give information about the cheques being issued by them to the bank where they have a savings account. This information has to be shared before the cheque is presented for clearance. Be aware that cheque information can be presented in many ways.

How to avail PPS for PNB Cheque?

Positive Pay system can be used by giving cheque details through Branch Office, Online Banking, Mobile Banking (PNB ONE), or SMS Banking. In this context, PNB said that information has to be given one day before the date of presentation of the cheque.

How PPS will prevent fraud

Under PPS, the issuer of the cheque will have to give the details of the cheque to the bank through SMS, mobile app, net banking or ATM. When the cheque reaches the bank, the information given by the account holder will be verified. If any discrepancy is found during this, the cheque will be rejected. Punjab National Bank has said that the cheque will be returned if there is no PPS confirmation.

How to share cheque details for verification under PPS?

1. Log in to PNB Net Banking.
2. Click on the ‘Positive Pay System’ tab under Value Added Services.
3. Select Account Number from the drop down menu.
4. After this the customer has to submit the six digit cheque number, cheque alpha (3 character), cheque date, cheque amount and beneficiary name.
5. Enter the password for the transaction and click on the submit tab.
6. If details are to be given through SMS, account number, cheque number, cheque alpha, cheque amount, date of cheque have to be given.

The post Big news for PNB account holder! Bank has changed the rule of cheque payment, now the transaction will be done like this first appeared on Rightsofemployees.com.