Modification of the PNB rules: The Punjab National Bank has revised several of its bank and non-bank charges. The public sector lender raised its marginal cost of lending rate (MCLR), effective June 1 on Wednesday. The marginal cost of lending rate, or MCLR, which is a key point in deciding various lending rates, was increased by 15 basis points, PNB said. This in turn will mean that EMI loans for PNB customers will soon increase. The rise in the PNB MCLR rate comes almost a month after the RBI raised its repo rate by 40 basis points. However, PNB indicated that there was no change in its base rate, which was set at 8.50%.
Here is the MCLR by grade in effect as of June 1, 2022, according to the PNB website:
Overnight: old rate — 6.60%; New rate — 6.75%
One month: old rate — 6.65%; New rate — 6.80%
Three months: old rate — 6.75%; New rate — 6.90%
Six months: old rate — 6.95%; New rate 7.10%
One year: old rate — 7.25%; New rate 7.40%
Three years: old rate — 7.55%; New rate 7.70%
PNB raises service fees for NEFT, RTGS
The public sector bank at the end of last month also increased its service fees on real-time gross settlement (RTGS) and national electronic funds transfer (NEFT) transactions. The PNB RTGS and PNB NEFT fees have been increased from May 20.
From May 20, 2022, PNB customers must pay Rs 24.50 for RTGS transactions made online or at a bank branch, between an amount of Rs 2 lakh to Rs 5 lakh. Previously, this fee was Rs 20 in case bank transaction and NIL for online transactions. For RTGS PNB transactions above Rs 5 lakh, customers now pay Rs 49 per transaction, down from Rs 40 previously. The same was NIL for online transactions earlier.
Previously, PNB charged Rs 2 per transaction for NEFT transactions up to Rs 10,000 at the bank, and charged nothing for online payments. Now, this has been increased to Rs 2.25 for bank transactions and Rs 1.75 for online payments. For transactions above Rs 10,000 and up to Rs 1 lakh, the bank will charge Rs 4.75 and Rs 4.25 at the bank and online respectively, compared to Rs 4 and Rs 0 previously. For transactions above Rs 1 lakh and up to Rs 2 lakh, the fee has been increased from Rs 14 to Rs 14.75 in branch and Rs 14.25 from zero online. The PNB NEFT fee for transactions above Rs 2 lakh has been increased from Rs 24.00 to Rs 24.75 in branch and Rs 24.25 for online payments.
All of these fares do not include GST, PNB said. “No fees from savings bank account holders for NEFT funds transfers initiated online,” PNB said on its website. The PNB IMPS fee has also been increased from Rs 5 to Rs 6 + GST for transactions between Rs 1,001 and Rs 1 lakh. Beyond that, the PNB IMPS fee is Rs 12 + GST, compared to Rs 10 per transaction.
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