Punjab National Bank has revised upwards its service charges for RTGS (real time gross settlement) and NEFT (National Electronic Fund Transfer). 

Earlier, the state-owned bank wasn’t charging for online transactions. The hike has come into effect from 20 May. 

The bank has also revised NACH (National Automated Clearing House) e-mandate charges.

RTGS Charges

The charges for RTGS for offline transactions in branches have been raised to Rs 24.50 for amounts between Rs 2 lakh and Rs 5 lakh while it is Rs 24 for online transactions 

Previously, the state-owned bank charged Rs 20 at branch level transaction slabs of Rs 2 lakh to Rs 5 lakh and nothing for online.

For transactions above Rs 5 lakh, the service charge has been increased to Rs 49.50 from Rs 40 in-branch and to Rs 49 for online transactions. Earlier, there was no charge for online transactions.

PNB NEFT Charges

On NEFT transactions up to Rs 10,000, charges have been hiked to Rs 2.25 from Rs 2 at the branch level and Rs 1.75 for online transactions. Previously, there was no service charge for online.

For transaction amount above Rs 10,000 and up to Rs 1 lakh, NEFT charges have been increased to Rs 4.75 (from Rs 4) in-branch and Rs 4.25 for online transactions. Previously, there was no charge for online transactions.

For transactions beyond Rs1 lakh and up to Rs 2 lakh, the charges have been hiked to Rs 14.75 (from Rs 14 in-branch) and Rs 14.25 for online transactions. Earlier, there was no charge for online transactions.

For NEFT transactions above Rs 2 Lakh, the service charges at branches have been hiked from Rs 24 to Rs 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 new charges for inward NACH EMandate (Online Mandate) verification are effective from 28 May.

On acceptance, the bank would charge Rs 100 for inward NACH eMandate (Online Mandate) verification. This rate 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 1,000 using the Immediate Payment Service (IMPS). 

For IMPS transactions between Rs 1,001 and Rs 1 lakh, the service charge has been increased from Rs 5 to Rs 6 + GST. IMPS transactions beyond Rs 1 lakh will have charges increased from Rs 10 to Rs 12 + GST. 

The bank made these changes from 4 May.