PNB hikes service charges for NEFT, RTGS and NACH transactions

The service charges for Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) transactions have been revised by the public sector lender Punjab National Bank. The announcement was issued on May 20, 2022, and the bank is now deducting the below-listed service charges on RTGS, NEFT, and NACH EMandate transactions as a result of the change.

PNB RTGS Charges

Previously, the bank charged ₹20.00 at branch and NIL for online RTGS transaction slabs of ₹2 lakh to ₹5 lakh, but this has now been increased to ₹24.50 for branch and ₹24.00 for online. Previously, the service charge for transactions above Rs. 5 lakh was ₹40.00 in-branch and NIL online, but it has now been increased to ₹49.50 in-branch and ₹49 for online transactions.

PNB NEFT Charges

On NEFT transactions up to Rs.10,000/- earlier the bank was charging ₹2.00 at the branch and zero for online transactions, but now it has been hiked to ₹2.25 at the branch and ₹1.75 for online transactions. Previously, service charges on transactions over Rs.10,000/- and up to Rs.1 lakh were ₹4.00 in-branch and nil online, but they have now been increased to ₹4.75 in-branch and ₹4.25 for online transactions. Previously, service charges for transactions beyond Rs.1 lakh and up to Rs.2 lakh were ₹14.00 in-branch and zero online, but now they will be ₹14.75 in-branch and ₹14.25 for online transactions. For NEFT transactions above Rs.2 Lakh, the service charges at branches have been hiked from ₹24.00 to ₹24.75 and 24.25 for online transactions. All the above charges are exclusive of applicable GST. PNB has mentioned on its website that “No charges from Savings Bank account holders for NEFT funds transfers initiated online.”

PNB NACH EMandate Charges

The charges for inward NACH EMandate(Online Mandate) verification as of 28-05-2022 are as follows:

On acceptance, a charge of Rs. 100/- would be charged for inward NACH eMandate(Online Mandate) verification. This service charge is exclusive of any applicable GST for the National Automated Clearing House (NACH) mandate.

PNB IMPS Charges

There would be no service charge on transactions up to Rs. 1000 using the Immediate Payment Service (IMPS). Service charges on IMPS transactions between Rs. 1001 and Rs. 1 lakh has been increased from Rs. 5 to Rs. 6 + GST, while service charges on IMPS transactions beyond Rs. 1 lakh have been increased from Rs. 10 to Rs. 12 + GST. On 04.05.2022, the bank made these changes.