Latest news with #PNB
Time of India
14 hours ago
- Business
- Time of India
Big relief for savings account holders: After SBI and Canara bank, PNB removes minimum balance charge
Academy Empower your mind, elevate your skills What is the average monthly balance requirement in a savings bank account? Area Min. applicable Charges Max. applicable Charges %age of shortfall Rural Rs. 1/- Rs. 30/- 6% Semi Urban Rs. 1/- Rs. 60/- 6% Urban & Metro Rs. 1/- Rs. 100/- 5% Punjab National Bank savings account interest rates Saving Deposit Interest Rate Existing w.e.f. 01.01.2023 Revised w.e.f. 01.07.2025 Saving Fund Account Balance below Rs.10 Lakh 2.70 % p.a. 2.50% p.a. Saving Fund Account Balance of Rs.10 Lakh to less than Rs.100 Crore 2.75 % p.a. 2.50% p.a. Saving Fund Account Balance of Rs.100 Crore & above 3.00 % p.a. 2.70% p.a. After State Bank of India (SBI) and Canara Bank , state-owned Punjab National Bank (PNB) will also no longer charge penalties for failing to maintain the minimum average balance (MAB) in all savings accounts . PNB has also reduced the interest rates on savings accounts across all balance slabs."This customer-first initiative (waiver of charges for non-maintenance of MAB), effective from July 1, 2025, aims to support priority segments, including low-income households, women, and farmers, by making banking services more accessible and easier to use without the burden of balance maintenance penalties," PNB said in a has waived the requirement for maintaining a minimum balance in all savings accounts since 2020; there is no penalty if the minimum balance in the savings account is not read: No more penalty for low balance in bank account: Canara Bank ends minimum balance rule on all savings accounts from this date In May 2025, Canara Bank also announced a waiver of the average monthly balance (AMB) requirement for all types of savings bank accounts, including regular savings accounts, salary accounts, and NRI savings average monthly balance (AMB) is the minimum balance that a customer is required to maintain in his/her bank account. If the balance in the bank account falls below the required amount, then banks levy a penalty for failing to maintain AMB. The penalty varies based on the type of savings PNB, charges for the non-maintenance of MAB were previously directly proportional to the extent of the shortfall, which means the penalty was calculated as a percentage of the shortfall from the required minimum and medium account holders of PMB with deposits below Rs 100 crore will now earn 2.50% per annum, down from the earlier rates of 2.70% or 2.75%. Even large institutional depositors (Rs100 crore and above) will see a reduced rate of 2.70%, compared to 3.00% earlier. The new rates are applicable from July 1, 2025.
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Business Standard
17 hours ago
- Business
- Business Standard
PNB scraps minimum balance penalties: Here's how it may help customers
Punjab National Bank (PNB) has waived off penal charges on customers for not maintaining Minimum Average Balance (MAB) in savings accounts, seeking to promote financial inclusion. The step is expected to help economically vulnerable customers who may struggle to maintain monthly balance limits, said the state-owned lender. What has changed? Like many other banks, PNB had levied penalties on customers who failed to maintain a MAB in their savings accounts. These charges varied based on account type and geography (urban, semi-urban or rural branches), and ranged from Rs 10 to Rs 600 or more per month, excluding GST. Now, under the new policy: -No penalty will be levied for non-maintenance of MAB in any PNB savings account. -The waiver applies across all customer segments and locations. Why this matters For many account holders, particularly those who are poor and or live in rural areas, maintaining a monthly average balance can be burdensome. PNB said waiving off penalties will encourage continued use of formal banking systems, especially among first-time or low-income users. 'This decision reflects our unwavering commitment to inclusive banking. We believe that waiving these charges will ease financial pressure on customers and encourage greater participation in the formal banking ecosystem.' said Ashok Chandra, managing director and chief executive officer of Punjab National Bank, in a press statement. The Reserve Bank of India (RBI), has in recent years pushed for greater financial inclusion, encouraging banks to design simpler, more accessible products.
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Business Standard
18 hours ago
- Business
- Business Standard
Nifty, Bank Nifty key levels as indices falter; 3 breakout stocks to watch
Nifty index opened positively but witnessed some pressure and failed to hold its opening high and could not cross the 25,600 mark. Minor profit booking was seen till midday until it took support at the 25,500 levels and witnessed consolidation for the rest of the session. Buyers attempted to stabilise prices near support levels but struggled to overcome the early selling pressure zone. Despite the tug of war within a band of less than 100 points, it managed to close near 25,550 levels in minor gains. It formed a Doji sort of a candle and an inside bar on the daily frame, and now if it manages to hold above 25500, an up move could be seen toward the 25,650 and 25,750 zones, while supports can be seen at 25,400, then the 25,250 zones. On the option front, Maximum Call OI is at 25,600 then 26,000 strike, while Maximum Put OI is at 25,500 then 25,000 strike. Call writing is seen at 25550 then 25600 strike, while Put writing is seen at 25,500 then 25,400 strike. Option data suggests a broader trading range between 25,000 to 26,000 zones, while an immediate range is between 25,300 to 25,700 levels. Bank Nifty index opened on a positive note but failed to sustain at higher zones as it tested the 57,150 zone in the opening hour. However, it witnessed a steady up-move from the lows, which lifted the index towards the 57,500 zone. It formed a small-bodied candle with a longer lower shadow, which indicates that support base buying is visible. However, it negated the higher-highs formation of the last three sessions. Now it has to hold above 57250 zones for an up move towards 57,615, then new life high territory towards 58000 levels, while on the downside, support is seen at 57,000, then 56,750 zones. Buy PNB | CMP: ₹113 | SL: ₹110 | Target ₹118 PNB Stock has broken out of a consolidation zone with a large-bodied bullish candle and higher-than-average traded volumes. The MACD indicator is giving a bullish crossover, which confirms the upward momentum. Buy Bharat Dynamics | CMP: ₹1,980 | SL: ₹1,895 | Target: ₹2,155 Bharat Dynamics Share Price has retested its breakout zone on the daily chart and headed up. It is respecting its 20 DEMA support zones with sight dips being brought into. The ADX line is rising, which confirms the strength of the uptrend. Buy Titan | CMP: ₹3,700 | SL: ₹3,645 | Target: ₹3,825
Hindustan Times
21 hours ago
- Hindustan Times
Three arrested in ₹68-crore HSVP fund embezzlement case
The Anti-Corruption Bureau (ACB), Panchkula, has arrested three individuals—Vijay Kumar, Manoj Kumar Singla, and Sunil Garg (a private individual residing in Suncity Parikrama, Sector 20, Panchkula)—in connection with a ₹ 68-crore embezzlement case involving government funds. The arrests were made following substantial evidence collected during the ongoing investigation. (HT File) The arrests were made following substantial evidence collected during the ongoing investigation. The case dates back to 2015, when a bank account was allegedly opened at Punjab National Bank, Manimajra, Chandigarh, without authorisation from senior officials of the Haryana Shehri Vikas Pradhikaran (HSVP). According to ACB officials, Sunil Bansal, who was the senior accounts officer at HSVP, Panchkula at the time, illegally transferred around ₹ 68 crore in government funds to this unauthorised bank account between 2015 and 2019. This amount included ₹ 22 crore from the Land Acquisition Office (LAO) in Gurugram and ₹ 46 crore from the HUDA account in Panchkula. The funds were then diverted to various private bank accounts. ACB officials revealed that ₹ 7 crore was transferred to Manoj Kumar Singla's account, ₹ 5.88 crore to Sunil Garg's, and ₹ 5 crore to Vijay Kumar's—totaling ₹ 17.88 crore. Additionally, around ₹ 4 crore was found in accounts of two companies linked to the trio, maintained at HDFC Bank's Zirakpur branch. The unauthorised PNB account was closed on February 27, 2019, just a day before Sunil Bansal retired. An FIR was registered on March 7, 2023, at Sector 7 Police Station under IPC Sections 420 (cheating), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), 471 (using forged document as genuine), and 120B (criminal conspiracy). The case was handed over to the ACB in November 2023. The role of the then PNB branch manager and other bank officials at Manimajra is also under investigation.
Hindustan Times
a day ago
- Business
- Hindustan Times
Mehul Choksi challenges fugitive status in PNB fraud case from Belgian prison
Diamond merchant Mehul Choksi who is key accused in the ₹ 13,500 crore Punjab National Bank (PNB) fraud case, has approached the Special Court under the Prevention of Money Laundering Act (PMLA) in Mumbai, seeking the dismissal of the Enforcement Directorate's (ED) application to declare him a fugitive economic offender (FEO). Aggarwal contended that Choksi is, therefore, in the "constructive custody" of Indian authorities.(AP file) Through his counsel, Advocate Vijay Aggarwal, Choksi has argued that the legal basis for declaring him a fugitive is fundamentally flawed. He is currently lodged in a Belgian prison following his arrest recently, which was carried out on the basis of a non-bailable warrant issued by an Indian court and under an official extradition request made by the Indian government. Aggarwal contended that Choksi is, therefore, in the "constructive custody" of Indian authorities. "How can someone be considered a fugitive when he has been arrested at the behest of India and is in custody due to Indian proceedings?" Aggarwal told ANI. He further explained that under the Fugitive Economic Offenders Act, a person must meet two conditions: one is leaving India to avoid prosecution, and the second, refusing to return to face legal proceedings. "In my client's case, neither criterion is fulfilled," Aggarwal stated. "He left India for medical treatment in New York with due police clearance from Mumbai, and at that time, no case had been filed against him. So the allegation that he fled to evade prosecution is baseless." As for his alleged refusal to return, Aggarwal pointed to a Dominican court order from 2021, issued after an alleged abduction attempt on Choksi. The order barred him from leaving Antigua, and significantly, it was passed in the presence of the CBI, effectively making it a restriction imposed with the knowledge of the Indian government. Aggarwal stated that the FEO plea has been pending in the Mumbai court for years without resolution. "Now that my client has been arrested in Belgium, at India's request, and remains in custody in Antwerp prison in relation to Indian charges, he is effectively under Indian jurisdiction," he argued. "Judicial precedents recognise such custody as valid under Indian law. Hence, there's no ground to continue the FEO proceedings." Simultaneously, Choksi is also fighting legal proceedings in Belgium. In a recent petition filed before the Belgian Court of Appeal--prepared by Advocate Aggarwal and submitted by his local legal team--Choksi has alleged that his arrest violated Belgian legal procedures and fundamental rights. The plea claims that Belgian authorities failed to follow due process, infringing on Choksi's basic legal protections and violating principles of natural justice. He has sought immediate release, citing these procedural lapses. This petition follows the recent rejection of Choksi's bail by a three-judge bench of the Belgian Court of Appeal, which conducted proceedings in Dutch. The court has yet to schedule the next hearing in the matter.
