Money & Banking

PNB to charge for all NEFT transactions

PTI Chandigarh | Updated on October 01, 2014 Published on October 01, 2014

Punjab National Bank (PNB) has decided to levy charges on all online transfer of funds, irrespective of the amount, to accounts in other banks made through National Electronic Fund Transfer (NEFT).

Earlier the transfer of funds from one account to an account in another bank was free up to an amount of Rs one lakh after which charges of Rs five per transaction were levied.

The outgoing NEFT transactions made through Internet Banking Service have been made chargeable from today. Inward NEFT remittances will continue to remain free.

The charges are Rs 3 per NEFT transaction for amount up to Rs 10,000 and Rs 6 for transaction for amounts ranging from Rs 10,001 to Rs one lakh, the bank website said adding the charges for transaction for amount above Rs one lakh will be Rs 17, including Service Tax.

EMV Chip debit cards

PNB has also levied a charge for issuance of EMV Chip ATM-cum-Debit Cards, the use of which has been made mandatory by the RBI from December last year to ensure security.

RBI had made it mandatory that Debit card holders will be required to punch in their PIN numbers every time they use the card from Dec. 1, 2013, a move aimed at minimising frauds.

As per information on PNB website, the customers will have to pay Rs 100 for EMV Chip ATM-cum-Debit Cards. In case a Debit Card with photo is needed another Rs 25 per card will have to be paid, the website said.

Besides a “mark up charge” of 1.75 per cent of transaction amount, subject to a minimum of Rs 10 has been levied for transactions at Petrol Pumps, Restaurants and for Railway bookings, the website said giving details.

Published on October 01, 2014
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