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All NEFT Transactions through PNB is now Chargeable

Punjab National Bank has revised its rules for the online banking. Until now, all PNB Online transaction was free, but now there are some small changes that have been affected. In a report that was published by the bank dated October 1, 2014, it is discerned that online transactions out of the account are now becoming costlier. 

The main change has been done in the NEFT through PNB Bank, that too specifically for transfers out of the bank. So, for customers who are doing the online transfers to other bank branches, they will be charged a very small amount as extra charges. While this is very minimal and in most cases, can even go unnoticed, this will definitely bring a frown on customer’s faces as most other banks are not charging for this service. However, this is still cheaper than walking into the bank branches, so, customers have a reason to still be happy.

Before the changes were announced, any PNB online transaction could be done free of charge.  However, with the change, now, though credits are free, debits are being charged. The fee that is levied depends on the amount being deducted and for transactions upto Rs. 10,000, the charges are Rs.3 while it doubles to Rs. 6 for amounts above ten thousand and less than a lakh. All outbound NEFT transfers above a lakh will be charged Rs. 17 per transaction. All these are applicable for transfers to other bank accounts. The credits from other PNB as well as other accounts will still remain free of charge.

As per the earlier system, NEFT through PNB Bank was cheaper, as the transfers up to a lakh was free of charge and the bank used to charge a blanket five rupee charge for all amounts above that. With the increase, however customers will be hit and if they are making many online transfers then they might have to rethink their strategy as the small amounts will add up to their overheads.

With the many measure being introduced to increase safety, this could also be seen as one of the methods of the bank to increase their revenue to provide seamless security to their customers and their accounts, especially considering that most of the account holders are business men, with huge business transactions and paying a small or meager amount for the safety and security of the account and the customer is after all not a big issue considering that they can still make all these transactions from the comfort of their homes.

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