This Article is From Apr 11, 2018

Punjab National Bank (PNB) Online Fund Transfer Charges Explained

PNB currently charges Rs 5 (plus GST) per IMPS transaction, a fee ranging from Rs 2.50 to Rs 25 for NEFT transfers and Rs 25-Rs 55 for RTGS.

Punjab National Bank (PNB) Online Fund Transfer Charges Explained

PNB online fund transfer: The bank's customers can currently transfer a minimum of Rs 2 lakh via RTGS

Punjab National Bank (PNB) offers a host of electronic services or e-services such as NEFT (National Electronic Fund Transfer), RTGS (Real Time Gross Settlement) and IMPS (Immediate Payment Service). While PNB charges Rs 5 (excluding GST) per transaction for IMPS transfers, it charges a fee ranging from Rs Rs. 2.50 to Rs 25 for NEFT transfers and Rs 25-Rs 55 for RTGS, according to the bank's website - pnbindia.in. An electronic transaction or wire transfer refers to transfer of funds from one bank account to another bank account that occurs electronically, through use of computer-based systems without the direct intervention of bank staff.

While there is no minimum amount prescribed for NEFT or IMPS transactions, RTGS transactions require the transfer amount to be a minimum of Rs 2 lakh, according to the PNB website.

Here's a look at PNB's charges for wire transfers through NEFT, IMPS and RTGS modes:


PNB IMPS

PNB offers IMPS or Immediate Payment Service for instant transfer of funds via internet banking, mobile banking, ATM or any of the bank's branches. The customer is required to provide details such as MMID (Mobile Money Identification Number), mobile number or account number along with the IFSC code to request an IMPS transfer, according to PNB. MMID is a seven-digit unique number for an account, out of which the first four digits are the unique identification number of the bank offering the IMPS service. PNB customers can generate an MMID through mobile banking, internet banking or ATMs. For receiving funds, PNB customers required the registered mobile number.

Charges

PNB charges Rs 5 plus GST per IMPS transfer, according to the bank. "However, for updated information, please visit Service charges link at Bank's Corporate website www.pnbindia.in," it mentions.

Limit

PNB customers can make IMPS transfers up to Rs 50,000 per day. "However, through SMS & NUUP (National Unified USSD Platform) variants, limit is Rs.5000/- per day and through ATMs limit is Rs.10000/- per day," according to PNB.

PNB NEFT

NEFT is developed by the Reserve Bank of India (RBI) to facilitate customers to transfer funds from one bank account to another bank account within the country. A PNB customer can request an NEFT transfer by providing information such as the amount to be remitted or debited, name of the beneficiary bank, name and account number of the beneficiary customer and IFSC code of the receiving branch, according to the PNB website. IFSC or Indian Financial System Code is printed on cheque leaves, the bank mentions. All branches of PNB "are NEFT enabled", according to the bank.

NEFT operates in batches.

Charges
 
PNB service charges for NEFT
Transaction AmountCharges
Upto Rs.10000/-*Rs. 2.50 + GST
Above Rs10,000/- to Rs.1,00,000/-*Rs.5.00 + GST
Above Rs.1,00,000/- to Rs.2,00,000/-Rs. 15.00 + GST
Above Rs.2,00,000/-Rs.25.00 + GST
(Source: pnbindia.in)

Limit

There is no minimum or maximum limit for remittance through NEFT.

PNB RTGS

RTGS or Real Time Gross Settlement refers to a real-time settlement of funds transfers individually on an order by order basis (without netting), wherein real-time means the processing of instructions at the time they are received rather than at a later time. A PNB customer can request an RTGS transfer by providing information such as amount to be remitted or debited, name of the beneficiary bank, name and account number of the beneficiary customer, according to the PNB website.

Charges
 
BlockTime Of Transaction VerificationTime Varying Tariff Per Transaction (Rs.)RTGS Charges + GST
 FromTo Rs. 2 lacs to Rs. 5 lacsAbove Rs. 5 lacs
18:0011:00NilRs.25/- + GSTRs50/- + GST
2After 11:0013:002Rs.27/- + GSTRs52/- + GST
3After 13:0016:305Rs.30/- + GSTRs55/- + GST
4After 16:30 10Rs.30/- + GSTRs55/- + GST
(Source: pnbindia.in)

Limit

While PNB customers can transfer a minimum of Rs 2 lakh via RTGS, there is no maximum limit prescribed by the bank.

NEFT or National Electronic Fund Transfer and RTGS (Real Time Gross Settlement) are two popular modes of wire or electronic transfers. While NEFT works on a batch-based system, wherein transactions are carried out in batches at pre-scheduled intervals several times a day, RTGS is instant. RTGS is usually preferred for high value transactions. Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service.
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