PNB Big Update: Very big and relieving news has come for crores of customers of Punjab National Bank (PNB). PNB has made such a tremendous announcement, due to which the requirement of maintaining a minimum average balance (MAB) in your bank account has ended. Yes, you read it right. Now, even if you have zero balance in your account, the bank will not charge you any penalty or fee. This will prove to be a game-changer for those lakhs of small account holders, women, farmers, and low-income families.

Let us tell you that other public sector banks like Canara Bank and SBI are already providing this facility to their customers. With this move of PNB, banking services will now become even more accessible and easier for everyone. Both these big changes (discount on minimum balance and revision in savings account interest rates) have come into effect from July 1.

PNB’s big announcement

PNB OFFER
PNB OFFER

The bank has clarified that the waiver of MAB (Minimum Average Balance) maintenance charges has come into effect from July 1. The bank says, “It aims to make banking services accessible and easy without the burden of balance maintenance. It will support low-income families, women, and farmers as well as other primary class people.” This decision will directly provide financial relief to a large section of society, who were often troubled by the charges levied for not maintaining the minimum balance. Now they will be able to use their account without any worry.

What were the rules earlier

Before this big decision, PNB used to charge different fees for not maintaining the minimum balance according to the location and type of account. This fee was directly proportional to the extent of the balance deficiency. But now it has been completely abolished.

The earlier rules were as follows:

The minimum balance in the savings account should have been ₹ 1000 in rural areas.

₹ 2000 in semi-urban areas.

₹ 5000 in urban areas.

₹10,000 in metro cities.

New savings account interest rates are also applicable

Along with the relaxation of minimum balance, Punjab National Bank has also revised the savings account interest rates. The bank has reduced the interest rates by 20 to 30 bps (basis points). Now the new rates are as follows:

PNB KYC

On deposits up to ₹10 lakh:- Now, 2.50% annual interest will be available instead of 2.70% earlier.

On deposits from ₹10 lakh to ₹100 lakh:- The interest rate is now 2.50%.

On account balance of ₹100 crore or more:- Now, 2.70% annual interest will be available instead of 3% earlier.

It is important to note that no change has been made in the interest rates of fixed deposits (FD). This change may affect large account holders who keep large amounts in their savings accounts.

How will customers benefit from this change

This decision of PNB is beneficial for crores of customers in many ways. Now, customers will not have to worry about not maintaining the minimum balance, which will avoid unnecessary charges. This facility will also encourage those people to open and use bank accounts who had previously held back due to fear of charges. This decision creates a more inclusive banking environment, especially for low-income groups, the rural population, and women. Now the banking process will be simpler and stress-free for customers than ever before.