A PROJECT ON

PUNJAB NATIONAL BANK

SUBMITTED TO
BHARATI VIDYAPEETH (DEEMED TO BE UNIVERSITY),
PUNE (INDIA)

FOR THE PARTIAL FULFILMENT OF THE AWARD OF

DIPLOMA IN BANKING & INSURANCE

Mr. Siddhartha Agrahari

BY
T.Y.B.COM (A)
UNDER THE GUIDANCE OF Dr.Rajesh Danane

DEPARTMENT OF ECONOMICS AND BANKING

YASHWANTRAO MOHITE COLLEGE OF ARTS, SCIENCE
& COMMERCE, PUNE
APRIL-2022

1
 CERTIFICATE

This is to certify that the project report entitled Punjab National Bank is being submitted by
Siddhartha Agrahari in partial fulfilment of the award of the Diploma in Banking and
Insurance under the Faculty of Arts, Science & Commerce to Bharati Vidyapeeth University,
Pune (India) is a record of bonafide work carried out by him at our institution.

Date: 29/05/2022 Prin.(Dr) V. A.Rankhamble

Place: Pune

2
 CERTIFICATE

This is to certify that the project report entitled Punjab National Bank is being submitted by
Siddhartha Agrahari in partial fulfilment of the award of the Diploma in Banking and
Insurance under the Faculty of Arts, Science & Commerce to Bharati Vidyapeeth University,
Pune (India) is a record of bonafide work carried out by him at our institution.

Date: 29/05/2022 ( Head)

Dept. of Economics & Banking

Place: Pune

3
 CERTIFICATE

This is to certify that the project report entitled [Punjab National Bank]which is being
submitted in partial fulfilment of the award of the Diploma in Banking and Insurance
under the Faculty of Arts, Science & Commerce to Bharati Vidyapeeth University, Pune
(India) is the result of the original research work completed and carried out by Mr.
Siddhartha Agrahari under my supervision and guidance.

This work has not previously formed, the basis either in full or part, for the award of
this or any other degree, diploma or other similar title of this or any other educational
institution and the project report, as a whole, in its approach to the subject, its organization,
treatment of the material and its critical evaluation of independent work on the part of the
candidate.

Date: 29/05/2022 ( Dr . Rajesh Danane)

Place: Pune

4
 DECLARATION

I hereby declare that the thesis entitled Punjab National Bank submitted to Bharati
Vidyapeeth University, Pune (India) in partial fulfilment of the requirements for the award of
the award of the Diploma in Banking and Insurance completed and written by me under
the supervision and guidance of Dr. Rajesh Danane and has not previously formed the basis
for the award of any degree or diploma or other similar title of this or any other university.

Date: 29/05/2022 ( Mr . Siddhartha Agrahari )

Place: Pune

ACKNOWLEDGMENT
5
I wish to extend my special appreciation and thanks to my project guide Dr. Rajesh Dhanane
for his great experience, support and time dedicated to this project.

I would like to express my sincere gratitude towards Hon`ble prin. (Dr) V.

A.Rankhamble, Faculty Dr. Rajesh Dhanane, Bharati Vidyapeeth (Deemed to be University),
Pune without encouragement the work would not been possible.
I am indebted to Prof. D.V.Phad, Head, Department of Economics and Banking ,
Yashwantrao Mohite College of Arts, Science & Commerce, Pune. He is a good adviser,
professor and mentor throughout in my life without him, the writing of this project would
have been more complicated. And the last but not least, I am grateful to Prof. S. R. Patil,
Prof. D. H. Malve, Prof. V. N. Kadam, and all professor of the institute.

Finally, I would like to thank my parents MR. Prem Chand who has always been there
for me and helped a lot. I would also like to express my gratitude to Mr. Shikhar Agrahari
and all my family members and friends who have always been encouragement me and
provided the means to support my education.

Date: 29/05/2022 ( Mr . Siddhartha Agrahari )

Place: Pune

INDEX
6
Sr.N. Page
NO.
TOPIC

1. Introduction (Punjab National Bank ) 8-9

2. Origin (Punjab National Bank ) 10-13

3. History (Punjab National Bank ) 13-14

4. Punjab National Bank Products & Services 15-17

5. Application Of Charter 18-21

6. Special Customers/ Safe Deposit Vaults (Lockers)/ 21-25

7. Remitance Services/ Loan And Advances/ OTP Based Aadhaar Seeding And 25-27
Authentication Of Accounts

8. PNB Retail Internet Banking/ PNB Corporate Internet Banking/ Bharat BillPay 28-31

9. Real Time Gross Settlements (RTGS) / National Electronic Funds Transfer 32-42
(NEFT)/ NACH / PNB Immediate Payment Service
10.

7
Introduction
Punjab National Bank (PNB) is a state-owned commercial bank located in New Delhi. PNB is
one of the leading commercial banks in India. They offer banking products and also operate
credit card and debit card business bullion business life and non-life insurance business and
gold coins and asset management business. They are recognized as the bank offering
highest levels of customer satisfaction in Delhi and Chennai. As on 31 December 2020 PNB's
domestic branch network stood at 10925 along with 13914ATMs. The bank has four
overseas branches in Hong Kong Dubai and Offshore Banking Unit in Mumbai and
Representative Offices (RO) at Dubai (UAE) Shanghai (China) Sydney (Australia) and Dhaka
(Bangladesh). The bank has two overseas subsidiaries viz. PNB International Ltd. (UK) and
Druk PNB Bank Ltd (Bhutan). The bank also has one associate company viz. JSC Tengri Bank
(Kazakhstan) and one Joint Venture Bank in Nepal i.e. Everest Bank Ltd. The bank has got
permission from RBI for opening Representative office in Yangon (Mynamar). Punjab
National Bank was incorporated in the year 1895 at Lahore undivided India. The Bank has
the distinction of being the first Indian bank to have been started solely with Indian capital.
In the year 1940 the Bank absorbed Bhagwan Dass Bank a scheduled bank located in Delhi
circle. In the year 1951 they acquired the 39 branches of Bharat Bank and in the year 1961
they acquired Universal Bank of India. Punjab National Bank was nationalised in July 1969
along with 13 other banks. In the year 1986 they acquired Hindustan Commercial which
added Hindustan's 142 branches to the Bank's network. In the year 1993 they acquired New
Bank of India which the GOI. During the year 1996 they developed a packaged for corporate
customers for fast remittance of funds from different up-country branches. In the year they
set up a representative office in Almaty Kazakhstan. In the year 2000 the Bank has
introduced a scheme for providing finance against mortgage of immovable property. In
September 2000 they commenced their gold business in the form of Gold Import Scheme. In
November 2000 they launched an International Co-branded Credit Card of Punjab National
Bank and Hong Kong & Shanghai Banking Corporation (HSBC) in New Delhi. In March 2002
the Bank came out with their first Initial public offer (IPO) for 53060700 equity shares of Rs
10 each which resulted in the reduction of the government's shareholding in the Bank.
During the year 2002 they started their branch in M.G. Road Bangalore named as Mid-
Corporate Branch (MCD) to provide their corporate clients with a credit limit of Rs 3.5 crore
and above. They made joint venture with Infosys for the implementation of a Centralized
Banking Solution for them. Also they made a tie up with Cisco Systems for networking 3870
branches as part of their Rs 150 crore plan. In the year 2003 the Bank took over Kozhikode-
based Nedungadi Bank Ltd (NBL). The Bank entered into an alliance with New India
Assurance for selling their general insurance products. Also they opened a representative
office in London. During the year PNB Capital Service Ltd was amalgamated with the Bank.In
June 2003 the Bank entered into an MoU with Principal Financial Services Inc (USA) and
Vijaya Bank for joint venture partnership in Life Insurance Pensions and Asset Management
(MF) business. Also they formed a strategic alliance with Infrastructure Leasing and Financial
Services Ltd (IL&FS) for setting up a private equity fund for investing in domestic companies.
In the year 2004 the Bank acquired the assets of Hindustan Transmission Product Ltd. They
signed a corporate agency agreement with Export Credit Guarantee Corporation of India Ltd
(ECGC) for marketing ECGC's export credit insurance products through the network of the

8
bank's branches. Also an MoU was signed with Intel for the deployment of various IT-related
solutions. During the year the Bank signed an MoU with ICICI Bank for ATM network sharing.
They awarded a project to Tata Consultancy Services (TCS) for implementing human capital
management and payroll solution. They established a branch office in Kabul Afghanistan.
Also they opened a representative office in Shanghai. The bank established Edappal. Also
they opened a representative office in Dubai. In the year 2006 the Bank made a tie up with
MasterCard International to launch a signature-based debit card. Also they made a tie up
with Indian Airlines for online booking of air tickets. They opened a new branch in
Uttarakhand. In October 2007 the Bank entered into MoU with India Infrastructure Finance
Company with an aim to extend their cooperation and support to IIFC in areas of creating a
deal flow of infrastructure projects. In January 2008 the Bank commenced commercial
banking operations in Hong Kong. During the year 2008-09 the Bank opened 168 branches
out of which 90 are new branches and 78 branches was added through upgradation of
Extension Counters. They made collaboration with LIC for selling insurance policies and also
made a tie up with Oriental Insurance for selling non-life policies on a referral basis. In June
2008 they entered into a MoU with ILFS Cluster Development Initiative Ltd for providing
finance for various industrial infrastructure projects in the country. In September 2008 they
signed an MoU with SMC Global Securities Ltd and Networth Stock Broking Ltd for providing
online trading facility to Company's customers. They offered a unique '3 in 1 account'
comprising of Saving Demat and trading account. In February 2009 they commercially
launched their credit cards with 2 types of consumer credit cards namely Gold and Classic.
Also they entered into an agreement with Oriental Insurance Company to market insurance
products a practice also known as bancassurance. In March 2009 the Bank entered into an
understanding with Tata Motors for financing entire range of passenger cars. Also they
executed an agreement with The Life Insurance Corporation of India for bancassurance life
insurance under the provisions of IRDA's Referral Arrangement. During the year 2009-10 the
Bank opened 524 domestic branches out of which 347 are at new locations while 177
branches was added through upgradation of existing Extension Counters. They deployed
1400 ATMs taking the total count of ATMs to more than 3500 Nos. They opened two
overseas branches 1 in Hong Kong and another at DIFC Dubai and started a JV banking
subsidiary 'DRUK PNB Bank Ltd' in Bhutan. Also they opened a representative office in Oslo
Norway. During the year the Bank sold 6.5% of their stake in UTI Assets Management Co Ltd
and UTI Trustee Pvt Ltd thus bringing down their stake in both these companies to 18.5%.
They launched Corporate Credit Card with Individual liability. Also they launched Merchant
Acquiring Business through installation of Point of Sale (PoS) Terminals at Merchant
Establishments and Internet Payment Gateway by integrating through Merchant Website
with Brand Name PNB Biz.In May 2009 the Bank incorporated a subsidiary company namely
PNB Investment Services Ltd. In November 2009 they entered into an agreement with FIM
Bank (Malta) Banca IFIS Italy and Blend Financial Services Ltd Mumbai for setting up a joint
venture company for providing factoring forfeiting and trade finance related business.
During the year 2010-11 the Bank introduced new set of products and services such as PNB
Uphaar PNB Suvidha and World Travel Card. In December 13 2010 they acquired 63.64%
stake in JSC Dana Bank of Kazakhstan.

9
Origin
Punjab under the British especially after annexation in 1849 witnessed a period of rapid
development giving rise to a new educated class fired with a desire for freedom from the
yoke of slavery. Amongst the cherished desires of this new class was also an overriding
ambition to start a Swadeshi Bank with Indian Capital and management representing all
sections of the Indian community. The idea was first mooted by Rai Mool Raj of Arya Samaj
who, as reported by Lala Lajpat Rai, had long cherished the idea that Indians should have a
national bank of their own. He felt keenly "the fact that the Indian capital was being used to
run English banks and companies, the profits accruing from which went entirely to the
Britishers whilst Indians had to contend themselves with a small interest on their own
capital".
At the instance of Rai Mool Raj, Lala Lajpat Rai sent round a circular to selected friends
insisting on an Indian Joint Stock Bank as the first special step in constructive Swadeshi. Lala
Harkrishan Lal who had returned from England with ideas regarding commerce and
industry, was eager to give them practical shape.
`PNB was born on May 19, 1894. The founding board was drawn from different parts of
India professing different faiths and a varied back-ground with, however, the common
objective of providing country with a truly national bank which would further the economic
interest of the country.
The Bank opened for business on 12 April, 1895. The first Board of 7 Directors comprised of
Sardar Dayal Singh Majithia, who was also the founder of Dayal Singh College and the
Tribune; Lala Lalchand one of the founders of DAV College and President of its Management
Society; Kali Prosanna Roy, eminent Bengali pleader who was also the Chairman of the
Reception committee of the Indian National Congress at its Lahore session in 1900; Lala
Harkishan Lal who became widely known as the first industrialist of Punjab; EC Jessawala, a
well known Parsi merchant and partner of Jamshedji & Co. of Lahore; Lala Prabhu Dayal, a
leading Rais, merchant and philanthropist of Multan; Bakshi Jaishi Ram, an eminent Civil
Lawyer of Lahore; and Lala Dholan Dass, a great banker, merchant and Rais of Amritsar.
Thus a Bengali, Parsi, a Sikh and a few Hindus joined hands in a purely national and
cosmopolitan spirit to found this Bank which opened its doors to the public on 12th of April
1895. They went about it with a Missionary Zeal. Sh. Dayal Singh Majithia was the first
Chairman, Lala Harkishan Lal, the first secretary to the Board and Shri Bulaki Ram Shastri
Barrister at Lahore, was appointed Manager.
A Maiden Dividend of 4% was declared after only 7 months of operation. Lala Lajpat Rai was
the first to open an account with the bank which was housed in the building opposite the
Arya Samaj Mandir in Anarkali in Lahore. His younger brother joined the Bank as a Manager.
Authorised total capital of the Bank was Rs. 2 lakhs, the working capital was Rs. 20000. It
had total staff strength of nine and the total monthly salary amounted to Rs. 320.
The first branch outside Lahore was opened in Rawalpindi in 1900. The Bank made slow, but
steady progress in the first decade of its existence. Lala Lajpat Rai joined the Board of
Directors soon after. in 1913, the banking industry in India was hit by a severe crisis
following the failure of the Peoples Bank of India founded by Lala Harkishan Lal. As many as
78 banks failed during this crisis. Punjab National Bank survived. Mr. JH Maynard, the then

10
Financial Commissioner, Punjab, remarked...."Your Bank survived...no doubt due to good
management". It spoke volumes for the measure of confidence reposed by the public in the
Bank`s management.
The years 1926 to 1936 were turbulent and loss ridden ones for the banking industry the
world over. The 1929 Wall Street crash plunged the world into a severe economic crisis.
It was during this period that the Jalianwala Bagh Committee account was opened in the
Bank, which in the decade that followed, was operated by Mahatma Gandhi and Pandit
Jawaharlal Nehru. The five years from 1941 to 1946 were ones of unprecedented growth.
From a modest base of 71, the number of branches increased to 278. Deposits grew from
Rs. 10 crores to Rs. 62 crores. On March 31, 1947, the Bank officials decided to leave Lahore
and transfer the registered office of the Bank to Delhi and permission for transfer was
obtained from the Lahore High Court on June 20, 1947.
PNB was then housed in the precincts of Sreeniwas in the salubrious Civil Lines, Delhi. Many
a staff member fell victim to the widespread riots in the discharge of their duties. The
conditions deteriorated further. The Bank was forced to close 92 offices in West Pakistan
constituting 33 percent of the total number and having 40% of the total deposits. The Bank,
however, continued to maintain a few caretaker branches.
The Bank then embarked on its task of rehabilitating the displaced account holders. The
migrants from Pakistan were repaid their deposits based upon whatever evidence they
could produce. Such gestures cemented their trusts in the bank and PNB became a symbol
of Trust and a name you can bank upon. Surplus staff posed a big problem. Fast expansion
became a priority. The policy paid rich dividends by opening up an era of phenomenal
growth.
In 1951, the Bank took over the assets and liabilities of Bharat Bank Ltd. and became the
second largest bank in the private sector. In 1962, it amalgamated the Indo-Commercial
Bank with it. From its dwindled deposits of Rs. 43 crores in 1949 it rose to cross the Rs. 355
crores mark by the July 1969. Its number of offices had increased to 569 and advances from
Rs. 19 crores in 1949 to Rs. 243 crores by July 1969 when it was nationalised.
Since inception in 1895, PNB has always been a "People`s bank" serving millions of people
throughout the country and also had the proud distinction of serving great national leaders
like Sarvshri Jawahar Lal Nehru, Gobind Ballabh Pant, Lal Bahadur Shastri, Rafi Ahmed
Kidwai, Smt. Indira Gandhi etc. amongst other who banked with us.

Punjab Keshari Lala Lajpat Rai (Saluting The Spirit Of Our Founding Father)
The Life And Times Of Lala Lajpat Rai

There are few leaders of the pre-independence era who, after having plunged themselves
into the political struggle, continued to take an active interest in social, cultural and
educational work. Lala Lajpat Rai was one of such leaders. Born on 28th January, 1865 at a
small village, Dhudike in the Ferozepur district of Punjab, he belonged to the Agarwal Baniya
caste and it was perhaps because of this, in addition to taking part in social and political life
of the country, he took keen interest in industrial and financial matter also. His father was a
teacher of Persian and Urdu in a government school.
Having passed the final examination in Law from Punjab University, he started his practice
in1883, when he was barely 18 years old. Endowed with a rich legacy of moral and
intellectual background, Lala Lajpat Rai had benefit of education in the practical rationalism

11
of western science combined with the religious purity and moral elevation of Eastern
literature that put on him the hallmark of true culture. While sympathizing with and aiding
every movement made for progress, Lala Lajpat Rai identified himself very closely with Arya
Samaj, in which he found ample scope for the exercise of his patriotism, philanthropy and
religious zeal.
Having qualified as a pleader, Lala Lajpat Rai started practice at Hissar and soon became a
leading lawyer of the district. He organized the Arya Samaj there and put it on proper lines.
In 1892, he transferred his practice to the wider field at Lahore.Education, both secular and
religious, was in Lala Lajpat Rai’s view an important factor in national development. He took
part in the foundation of the D.A.V. College at Lahore.

Lalaji And Politics

Lala Lajpat Rai always felt drawn towards politics. It was in 1888 that he joined the Indian
National Congress when it met at Allahabad under the presidency of Mr. G. Yule. In 1905,
the Indian National Congress Committee having recognized in him an austere, sincere and
selfless devoted worker selected him as one of its delegates to place before the British, the
political grievances of the Indian people. He met the expenses of his trip from his own
pocket. He along with Gokhale carried on the political campaign in various parts of England
and brought home to the mind of the British, the evils of an unsympathetic and bureaucratic
government under which India was labouring and pleaded in eloquent language, adding
facts and figures in supporting their contention, cause of the half starving and half dying
people of India. Lala Lajpat Rai created an impression on the English Populace. After his
return from England, he was busy devising and organizing ways and means for political
advancement and industrial emancipation of the country.
The movement of “Swadeshi” was in the offing and he put his heart and soul into it. He
preached the message of Swadeshi to the people of Punjab and made it very popular. This
naturally enraged the bureaucracy and he came to be regarded as a revolutionary by the
Britishers and the Anglo-Indian press. He was openly dubbed as a Revolutionary and an
instigator of the armed forces.
The Jalianwala Bagh tragedy and the Government`s denial to censure the conduct of its
officers made him a complete non cooperator. He lost his faith in the British and threw
himself whole heartedly into the non-cooperation movement.In 1925, he joined the Swaraj
Party and became its deputy leader. He took active part in the deliberations of the debates
of the Assembly. It was he, who moved the resolution for the Boycott of the Simon
Commission in the Assembly. It was while leading the boycott procession at Lahore on the
30th October, 1928 that he received lathi blows on his chest which ultimately brought about
his death on the 17th November, 1928.

Lala Lajpat Rai And PNB

Lalaji was keenly concerned with the fact that though Indian capital was being used to run
English Banks and companies, the profits went entirely to the British, while Indians had to
contend themselves with a small interest on their capital. He echoed this sentiment in one
of his writing while concurring with Rai Mul Raj of Arya Samaj who had long cherished the

12
idea that Indians should have a National Bank of their own. At the instance of Rai Mul Raj,
Lala Lajpat Rai sent a circular to selected friends insisting on an Indian joint stock Bank as
the first step in constructive Swadeshi and the response was satisfactory After filing and
registering the memorandum and Articles of Association on 19 May, 1894, the bank was
incorporated under Act VI of the 1882 Indian Companies Act. The prospectus of the bank
was published in the Tribune, and the Urdu Akhbar-e-Am and Paisa Akhbar. On 23rd May,
1894, the founders met at the Lahore residence of Sh. Dyal Singh Majithia, the first
Chairman of PNB, and resolved to go ahead with the scheme. They decided to hire a house
in the famous Anarkali Bazar of Lahore opposite the post office and near well known stores
of Rama Brothers.On 12th April 1895, the Bank opened for business, a day before the great
Punjab festival of Baishakhi. The essence of the Bank’s culture was clear at this first meeting
itself. The fourteen original shareholders and seven directors took only a modest number of
shares; the control of the Bank was to lie with the large, dispersed shareholders, a purely
professional approach that was as uncommon then as it is today.

History
Punjab National Bank is a PSU working under the government of India regulated by
the Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949. It was registered
on 19 May 1894 under the Indian Companies Act, with its office in Anarkali Bazaar, in pre-
independent India (present-day Pakistan). The founding board was drawn from different
parts of India professing different faiths and of varying backgrounds, with the common
objective of creating a truly national bank that would further the economic interest of the
country. PNB's founders included several leaders of the Swadeshi movement such as Dyal
Singh Majithia and Lala Harkishen Lal, Lala Lalchand, Kali Prosanna Roy, E. C. Jessawala,
Prabhu Dayal, Bakshi Jaishi Ram, and Lala Dholan Dass. Lala Lajpat Rai was actively
associated with the management of the Bank in its early years. The board first met on 23
May 1894.[1] The bank opened for business on 12 April 1895 in LahorePNB is the first Indian
bank to have been started solely with Indian capital that survives to the present
earlier Oudh Commercial Bank was established in 1881, but failed in 1958. Mahatma
Gandhi, Jawaharlal Nehru, Lal Bahadur Shastri, Indira Gandhi and the Jalianwala
Bagh Committee have held PNB accounts.
In 1900 PNB established its first branch outside Lahore in India. Branches
in Karachi and Peshawar followed. The next major event occurred in 1940 when PNB
absorbed Bhagwan (or Bhugwan) Dass Bank, which had its head office in Dehra
At the Partition of India and the creation of Pakistan, PNB lost its premises in Lahore, but
continued to operate in Pakistan. Partition forced PNB to close 92 offices in West Pakistan,
one-third of its total number of branches, and which held 40% of the total deposits. PNB still
maintained a few caretaker branches. On 31 March 1947, even before Partition, PNB had
decided to leave Lahore and transfer its registered office to India; it received permission
from the Lahore High Court on 20 June 1947, at which time it established a new head office
at Under Hill Road, Civil Lines in New Delhi. Lala Yodh Raj was the Chairman of the Bank.

13
In 1951, PNB acquired the 39 branches of Bharat Bank (est. 1942). Bharat Bank became
Bharat Nidhi Ltd. In 1960, PNB again shifted its head office, this time from Calcutta to Delhi.
In 1961, PNB acquired Universal Bank of India, which Ramakrishna Jain had established in
1938 in Dalmianagar, Bihar. PNB also amalgamated Indo Commercial Bank (est. 1932 by S.
N. N. Sankaralinga Iyer) in a rescue. In 1963, The Burmese revolutionary
government nationalised PNB's branch in Rangoon (now Yangon). This became People's
Bank No. After the Indo-Pak war of 1965, the government of Pakistan seized all the offices in
Pakistan of Indian banks in September 1965. PNB also had one or more branches in East
Pakistan (now Bangladesh). The government of India (GOI) nationalised PNB and 13 other
major commercial banks, on 19 July 1969. In 1976 or 1978, PNB opened a branch in London.
some ten years later, in 1986, the Reserve Bank of India required PNB to transfer its London
branch to State Bank of India after the branch was involved in a fraud scandal. That same
year, 1986, PNB acquired Hindustan Commercial Bank (est. 1943) in a rescue. The
acquisition added Hindustan's 142 branches to PNB's network. In 1993, PNB acquired New
Bank of India, which the GOI had nationalised in 1980. In 1998 PNB set up a representative
office in Almaty, Kazakhstan. In 2003 PNB took over Nedungadi Bank, the oldest private
sector bank in Kerala. At the time of the merger with PNB, Nedungadi Bank's shares had
zero value, with the result that its shareholders received no payment for their shares. PNB
also opened a representative office in London. In 2004, PNB established a branch in Kabul,
Afghanistan, a representative office in Shanghai, and another in Dubai. PNB also established
an alliance with Everest Bank in Nepal that permits migrants to transfer funds easily
between India and Everest Bank's 12 branches in Nepal. Currently, PNB owns 20% of Everest
Bank. Two years later, PNB established PNBIL – Punjab National Bank (International) – in the
UK, with two offices, one in London, and one in Southall. Since then it has opened more
branches, this time in Leicester, Birmingham, Ilford, Wembley, and Wolverhampton. PNB
also opened a branch in Hong Kong. In January 2009, PNB established a representative office
in Oslo, Norway. PNB hopes to upgrade this to a branch in due course. In January 2010, PNB
established a subsidiary in Bhutan. PNB owns 51% of Druk PNB Bank, which has branches
in Thimphu, Phuntsholing, and Wangdue. Local investors own the remaining shares. Then on
1 May, PNB opened its branch in Dubai's financial center. PNB purchased a small minority
stake in Kazakhstan-based JSC Danabank established on 20 October 1992 in Pavlodar.
Within the year PNB increased its ownership till 84% of what has become JSC (SB) PNB, with
its share currently decreased to 49%. The associate in Kazakhstan now called JSC Tengri
Bank has branches in Almaty, Nur-Sultan, Karaganda, Pavlodar and Shymkent. September
2011: PNB opened a representative office in Sydney, Australia. December 2012: PNB signed
an agreement with US based life Insurance company MetLife to acquire a 30% stake in
MetLife's Indian affiliate MetLife India Limited. The company would be renamed PNB
MetLife India Limited and PNB would sell MetLife's products in its branches.

14
Punjab National Bank Products & Services

1. Deposit Account 

Punjab National Bank provides several types of Savings Account ranging from
Saving
regular to premium account, or family protection to salary account to its
Account
customers to fulfill their financial needs.

Punjab National Bank provides 2 types of Current accounts to the customers to

Current
fulfill their financial needs. These accounts are best suited for frequent banking
Account
transactions by Individuals, HUF, Firms, Companies.

2. Loans

Punjab National Bank offers attractive home loans to its customers with an
Home Loan
attractive rate of interest, low processing fees, and documentation charges.

Punjab National Bank offers 3 types of Personal Loans, serving all the urgent
Personal
financial needs of the customers at affordable interest rates. The minimum loan
Loan
account is Rs. 5,000.

Punjab National Bank provides facility to finance a two-wheeler for the general
Two
public and to women at special attractive interest rates. The minimum net
Wheeler
monthly income of the general public and women must be Rs. 10,000 & Rs.
Loan
8,000 respectively.

Punjab National Bank provides 2 types of Car Loans to its customers at

Car Loan attractive interest rates. The repayment tenure depends upon the type of car
and type of car loan selected by the applicant.

Punjab National Bank Education Loan so the customers can make the payment
Education
of course fees, purchase of books, instruments, uniform, hostel fees,
Loan
examination fees, etc. in the leading institutions of India & overseas.

Gold Loan Punjab National Bank provides loans against Gold Jewellery/Ornaments and
Gold Coins with a maximum value of up to Rs. 10 Lakhs. This type of loan is

15
 based on both Agricultural and Non-Agricultural Purposes.

3. Investments 

Punjab National Bank offers various Fixed Deposit Schemes with interest
Fixed Deposit
rates up to 6.75% on their investments so that they can deposit their surplus
(FD)
cash and enjoy. The tenure ranges from 7 days to 10 years.

Punjab National Bank offers Recurring Deposit with tenure ranging from 6-
Recurring
120 months. Customers will have to pay penalty charges in case of non-
Deposit(RD)
deposit of pending installments.

4. Cards 

Punjab National Bank provides a variety of credit cards to fulfill the needs of account
Credit holders with facilities such as attractive reward points, exclusive benefits, and much
Card more. These credit cards are designed to serve different needs of the customer
across various categories such as traveling, dining, shopping, etc.

Punjab National Bank Debit Cards comes with a variety of features to fulfill the
requirements of the account holders. These Debit cards are perfect to provide the
Debit
convenience of cashless transactions and assists to access funds in the account.
Card

5. Banking

Balance Account Balance can be checked 24*7 using netbanking, mobile banking, SMS,
Enquiry  passbook, customer care number etc.

Mini Punjab National Bank provides the facility of Mini Statement to the account
Statement holders that can be availed using Netbanking, Mobile banking, SMS Banking,

16
 Passbook, ATM & customer care no. to check the last 10 transactions.

Punjab National Bank also provides the facility of Internet Banking that allows
Net
the customers to check their account balance, make fund transfers, and other
Banking 
banking services anytime and from anywhere.

Customer
1800 180 2222
Care

Schemes / Products / Services

Punjab National Bank, is extensively catering to banking needs of Non-resident Indians,
Importers & Exporters particularly relating to foreign exchange business including Imports &
Exports of Goods & Services as also Remittances etc.
PNB offers various schemes / products /services relating to international banking. the broad
details thrreof are as under

 Indo Nepal Remittance Scheme (INREMIT Scheme)

 Foreign Currency Non-resident Deposit A/c Scheme (FD)
 Non-resident External Deposit A/c Scheme (SB/CA/FD)
 Non-resident Ordinary Deposit A/c Scheme (SB/CA/FD/RD)
 Foreign Inward Remittances – Rupee Drawing Arrangements / Speed Remittances with
Exchange Houses
 Money Transfer Schemes
 PNB-NRI REMIT Scheme
 Exchange of Foreign Currency Travellers Cheques/Notes
 World Travel Card
 Buyers` / Suppliers` Credit against Imports into India
 Letter of Guarantee (issued on behalf of foreign bank)
 Precious Metal Business (on consignment basis)
 Gold (Metal) Loan Scheme for Domestic Jewellery Manufacturers.
 ECGC – Bank assurance - Selling of policies to exporters

Mission
 Excellence in customer service
 Innovate banking products and financial services to serve all segments of the society
 Contribute towards growth in economy through multifarious activities/services.
 Contribute towards social banking

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 Application Of Charter

This Charter applies to all products and services listed below whether provided by branches,
subsidiaries and agents acting on behalf of the banks, across the counter, by post, through
interactive electronic devices and through technology (alternate delivery channels).

KYC Compliance:

In order to comply with regulatory/ statutory requirements, while opening the account we
will adhere to the Know Your Customer (KYC) Norms, Anti Money Laundering (AML)
guidelines, satisfy ourselves about the identity, including verification of address of a
person/s, seeking to open an account, to assist in protecting the prospective customer/s,
members of the public and ourselves against fraud and other misuses of the banking
system. We will also satisfy ourselves about the sources of income of the existing/
prospective customer. Customers shall also provide the desired documents as per the
requirements of the bank for updation and verification as per the periodicity of submission.

Products :

 All deposit accounts e.g. saving accounts, current accounts, term deposits, recurring
deposits, NRE, FCNR, NRO.
 Offer nomination facility to all deposit accounts (i.e. account opened in individual/
proprietorship capacity) and all safe deposit locker hirers (i.e. individual hirers).
 .Fund based (Retail Loans, Demand Loan, Term Loan, Cash credit, overdrafts) and Non fund
based (Letter of Credit/ bank guarantee).
 Foreign exchange products including remittances & money changing.
 Third party products and investment products.
 Demat accounts and Applications Supported by Blocked Amount (ASBA) facility.
 Card products including Credit Card, Debit Card, ATM Cards, Smart Cards.

Services :

Remittance facility to the customers by transfer through RTGS/NEFT/EFT/ Issuance of

Demand Drafts, Banker's cheques, etc.

 Payment services with regard to pension.

 Collection of cheques,
 Safe custody services, safe deposit locker facility
 Banking services related to Government transactions.
 Indian currency notes exchange facility.
 Settlement of claim cases in deceased accounts.
 Internet Banking Services

18
 To Act Fairly And Reasonably In All Dealings With
The Customers In Matters Of
 Providing minimum banking facility of receipt and payment of cash/ cheques at the banks'
counters. Basic banking services are provided in the no-frill accounts.
 Meet the commitments and standards in the Charter for the products and services offered
and in the procedure and practices followed.
 Ensuring that products and services meet relevant laws and regulations in letter and spirit.
 Ensuring dealings with the customers rest on ethical principles of integrity and transparency.
 Operating a secure and reliable banking and payment system.
 To deal quickly and sympathetically with customer grievances arising due to errors, delays in
handling of customer related issues or on account of problems arising due to technological
failure.

To Provide Services To The Customers As Per

Standards Laid Down In The Code Of Bank's
Commitments To Customers Of BCSBI

Display business hours.

Render courteous services.
Attend to all customers present in the banking hall at the close of business hours.
Provide separate 'Enquiry' or 'May I help you' counter at large branches.
Display interest rates for various deposit schemes from time to time.
Keeping customers informed about changes / modification in interest rates, charges, terms
& conditions through bank's website.
Provide details of various deposit schemes/services of the Bank in the bank's website.
Display Time-Norms for various banking transactions.
Pay interest for delayed credit of outstation cheques, as advised by RBI from time to time
Provide immediate credit in respect of outstation and local cheques up to a specified limit
subject to certain conditions, as advised by RBI from time to time.
Provide complaint register/ form and /suggestion box in the branch premises
Display address of administrative offices as well as Nodal Officer/Chief Hosts dealing with
customer grievances/complaints. There will be specific and proper queue management
system at branches where there is heavy crowd, with basic facilities of seating
arrangements, drinking water etc

19
Bank will reconcile certain issues regarding 'one-man' branches by putting in place proper
safeguards which ensure 'four eyes' principle, safety of cash and also continuity of services
in case of leave, etc
Uniform Account Opening Form (AOF) - common to all banks, similar to formats available
for loans and advances. Additional information required for individual banks may be
obtained in the Annexure to AOF which will also contain detailed checklist of documents to
be submitted by the customer and this check-list will also be available in the website of
Bank. Specimen of Account Opening Form is enclosed.
For account opening, the Know Your Customer (KYC) regulatory guidelines require us to
seek documents for (i0 proof of identity and (ii) proof of address. The documents required
for account opening are given in section 5.
Open no frill accounts under Financial Inclusion with prescribed minimum balance except in
accounts where specifically exempted.
Open a Savings Fund account in the name of individuals, singly or jointly, minors of the age
of 10 years and above or under natural/legal guardianship or by an illiterate/blind person.
The name of the payee as well as instrument number in case of debit entries and the name
of payee bank/drawer of instrument as well as instrument number in case of credit entries
will be provided by the bank in the Passbooks/Statement of Accounts.
Transfer the account from one branch to another branch, free of charge.
Account Number Portability: Customer will also be allowed to maintain the same account
number in a bank even when he /she moves to another city or shifts his account to another
branch in the same city. Request letter for transfer of account with account number
portability can be submitted either at transferor or transferee branch.
Provide facility of standing instruction for regular payments like insurance premium, rent,
tax etc.
Allow premature withdrawals, unless specified otherwise, at the rate of interest applicable
for the period for which the deposit has run or the contracted rate whichever is lower,
subject to penalty, if any,prescribed by the bank. No interest will be paid on premature
withdrawals of deposit which has remained with the bank for less than prescribed minimum
number of days for issuance of FDR.
Allow premature withdrawal of fixed deposits in the name of Deceased Depositor(s) to the
Survivors/nominee specified by the depositor(s) at the time of issuance of such fixed
deposit. On overdue fixed deposit bank may pay interest as per the method of calculation
prescribed from time to time.
Allow generally loans/overdrafts against deposits except on Certificates of Deposit (CD) Tax
Saver Scheme/ Capital Gains SchemeSuch loans are sanctioned by charging interest at rates
directed by RBI from time to time or as prescribed by the Bank.
As a measure of good customer service, the Bank may intimate the depositor in advance
regarding the date of maturity. Banks may also provide auto renewal facility at the request
of the customer. Renewal Notices for Term Deposits- The term deposit renewal notices will
be sent to customers preferably in electronic form to enable them to decide the renewal
terms, Statement of all deposit accounts in summary form giving details like principal
amount, maturity value, maturity dates, rate of interest, annualized interest yield etc. shall
be provided by banks. Further, the bank will not auto-renew the deposit accounts without
customer consent in writing.

20
Pay interest on deposits either monthly at discounted value or quarterly or half-yearly
(quarterly compounded i.e., reinvestment of interest) or on the date of maturity at the
option of the depositor as applicable under particular deposit scheme. Maturity proceeds of
Rs.20,000/- and above will be paid by account payee cheque or credit to account. Cash
payment of FDR/TDR will not be made if amount of Principal+ Interest is Rs.20,000/- and
more.
Provide TDS statement explicitly mentioning details of gross interest credited and TDS
debited .
Pay interest on overdue deposit if the deposit is renewed, as decided by the Bank from time
to time.
Issue duplicate FDR in the event the original FDR is lost, subject to Depositor(s) completing
required formalities prescribed by the Bank from time to time.
Provide linkage of Terms and Conditions of various Products like PPF or any future products
introduced for specific segments, say senior citizens, which are provided on an agency basis
by bank , properly integrated into the CBS.

Special Customers
Pensioners And Other Senior Citizens-

There will be prioritized service to senior citizens, physically handicapped persons by

effective crowd / people management available at all branches.
Provide automatic updation of age records and then conferring senior citizen benefits
wherever applicable once a customer becomes a senior citizen.
The needs of the senior citizens and the physically challenged persons will also be an
important input for Bank in deciding on the branch locale and its access.
Customers In Rural And Semi Urban Areas-

Bank will ensure proper currency exchange facilities and also the quality of notes in
circulation in rural areas.
It will be ensured that the branches are opened as per the schedule times and operating
them for the full hours.

Self Help Groups (SHGs)

SHG members will not be forced to take insurance products.

Bank will provide loans to SHGs in tranches. However, the same will take into account the
business requirements of the SHG rather than depending solely on the repayment made by
the SHGs.

Tribal Areas/North-East-

21
The business correspondent / facilitator model will be used for improving the banking
facilities in the tribal areas. Prominent citizens belonging to important Tribes of the region
could also be considered for appointment as Business Correspondent (BC).
Bank will ensure that at least one of the staff members in the branches in tribal areas is
conversant with local language.
Financial education material in pictorial form and audio presentations in local dialect will be
used in Tribal areas.
To achieve the banking/financial inclusion it will be endeavour of the Bank to implement the
guidelines provided by the RBI and Government to transfer and posting the staff to the
region. Further, the staff so selected and posted will also focus on local talent building and
development.
Bank will facilitate opening the accounts for the SHGs in the region in furthering the cause of
financial inclusion in the region.
Bank will take further steps for improvement in provision of RTGS / NEFT facility to the
customers from the region.

Providing Banking Facilities To Visually Impaired Persons-

in order to facilitate access to banking facilities by visually challenged persons, bank will
offer banking facilities including cheque book facility / operation of ATM/ locker etc., to the
visually challenged who are capable of using those facilities .
Legal Guardianship Certificate issued under the National Trust Act,1999 empowers the
disabled persons with autism, cerebral palsy, mental retardation and multiple disabilities to
have accounts.
Bank will rely upon the Guardianship Certificate issued either by the District Court under
Mental Health Act or by the Local Level Committees under the above Act for the purposes of
opening / operating bank accounts.
Essential details about the facilities are enumerated in the Enactment (Mental Disabilities
Act)

Payment Of Balance In Accounts Of The

Deceased Customers To Survivors/ Claimants

The bank follows a simplified procedure for settlement of death claims without insisting on
production of succession certificate. However, the bank may adopt such safeguards in
considering settlement of claims as appropriate including accepting an indemnity bond. The
bank will adopt a simplified procedure for settlement of claims of the deceased customers
relating to deposits, contents of Lockers and articles kept in safe custody with the bank. The
bank is continuously communicating to its customers for making nomination in the accounts
in terms of provisions of the Banking Regulation Act.
The simplified procedure as under:

22
Settlement Of Claim Cases On The Basis Of Nomination

Where the customer has made a nomination in the deposit account/Locker/ articles kept in
safe custody, on death of such customer, the nominee is required to make a request on
prescribed form to the concerned branch along with death certificate or other proof of
death. The nominee is required to establish his/her identity. The bank will make the
payment to the nominee unless on or before the time of payment any order of court is
received prohibiting the bank from making such payment. The nominee will receive the
money/contents of locker as a trustee of the legal heirs of the deceased.

Settlement Of Claim Cases In Joint Accounts With Survivorship Clause

In a Joint Account, if the Account Opening Form provides for payment of the balance to the
survivor, upon the death of one of the account holders, payment can be made to the
survivor unless on or before the time of payment any order of court is received prohibiting
the bank from making such payment. The survivor has to provide a Death Certificate or
other proof of death of the joint holder. The Survivor can make a request to the concerned
branch for transfer of the outstanding balance in his name.

Settlement Of Claims In Absence Of Nomination And/Or Survivorship Mandate

In such cases, the claimant is required to submit a claim form. In case the legal heirs of the
deceased customer are identifiable and there is no dispute amongst the legal heirs, the bank
has not prescribed any upper ceiling up to which claims can be settled without insisting for
obtaining Succession Certificate/Letter of Administration etc. These claims are settled after
obtaining Indemnity with or without Surety to the satisfaction of the bank. In case only one
of the legal heirs wants to claim / receive the amount or contents of locker etc. he/she can
obtain a Power of Attorney in his/her favor from the other legal heirs for receiving the
amount of the Deposit Accounts and / or the contents of the Locker.

Timeline For Settlement:

In case all formalities are completed by the claimant(s) the claim will be settled within 15
days from the date of submission of claim documents, complete in all respects, to the
Branch. At the time of payment of the claim, the claimant(s) shall give receipt to the Branch.

23
 Exchange Of Soiled/Slightly Mutilated Currency
Notes At Publick Sector Banks.
All branches of the bank will exchange freely soiled and slightly mutilated / cut notes of all
denominations. No essential feature of the note should be missing. The bank's currency
chest branches will exchange torn/mutilated/defective notes free of cost. Currency
exchange facility is offered to the Bank's customers and others.
The Bank follows RBI guidelines in this respect. RBI has permitted the banks to exchange
mutilated currency notes which are genuine and where mutilations are such as not to cause
suspicion or fraud. The Bank's currency chest branches exchange all categories of mutilated
currency notes. Refund value of these notes is, however, paid as per RBI (Note refund)
Rules. Currency exchange facility is offered to the Bank's customers and others.

Safe Deposit Vaults (Lockers)

The facility of safe deposit lockers is an ancillary service offered by the Bank. There will be a
completely transparent process in the allocation of locker facility. The bank's branches
offering this Facility will indicate/display this information. The identification of locker
branches shall be done by the Bank at its discretion based on potential and commercial
considerations etc. as the relationship of the Bank with the locker hirer(s) that of Bailor and
Bailee. Bank shall exercise due care and necessary precautions for the safety of lockers
provided to the customers like ordinary prudence will do in his case. However, bank shall
not be liable for any damage or loss to lockers or its contents, due to any reasons(s)
whatsoever.

The Major Aspects Governing The Services:

 A locker may be hired by an individual (not minor), firm, limited company, specified
associations, societies, etc.
 Nomination facility is available to individual hirer of safe deposit locker.
 Loss of key should be immediately informed to the branch. However all the expenses
incurred in repairing the lock and key shall be borne by the hirer(s).
 Lessee may use his/her own pad lock on the locker. Locker holders are however, advised to
get an insurance cover for the jewellery, valuables etc. kept in the locker.
 Lockers are available in different sizes.
 Lockers are rented out for a minimum period of one year. Rent is payable in advance. In
case of overdue rent, the bank will charge penalty as decided from time to time.
 The rent may be paid from the deposit account of the lessee through standing instruction.

24
 The Bank reserves its right to break open the locker if the rent is not paid despite notices
sent by the bank as per the rules, and recover charges thereof.
he facility of safe deposit vault is available to customers having SF/CA account with the
bank. For availing the above facility, the customer has to deposit a prescribed amount in
fixed deposit for a minimum period of three years for meeting the annual rent of the locker
out of interest and to meet break open charges, if required.

Articles In Safe Custody

Articles like shares, securities, etc. can be kept in safe custody with the Bank on prescribed
charges wherever such facility is offered. Large/small boxes must be locked by the
customer(s) and particulars must be written/ painted thereon. The lock should be covered
by sturdy cloth and sealed with the customer's seal. Relationship of banker and customer
shall be that of bailer and bailee.

Remitance Services
Customers may remit funds from one centre to another centre by RTGS, NEFT/EFT and
Demand Drafts by paying specified charges
Demand Drafts for Rs 50,000/- and above will be issued by the banks only by debit to the
customer's account or against cheques or other instruments tendered by the purchaser and
not against cash payment. Similarly, such payments for Rs 50,000/- and above will be made
through banking channels and not in cash.
Before taking delivery of the drafts, customer is to verify that the draft is complete in all
respects including signature of the official(s) along with their specimen signature numbers at
the place provided for.
The drafts can be revalidated by the payee(s) if they are identified as the holder in due
course. The drafts can be revalidated only once within one year from the date of issue. After
one year of the draft, they are to be cancelled at the issuing branch, and a fresh draft
obtained after paying the requisite service charges.
Bank will issue duplicate demand draft to the customer within a fortnight from the receipt
of request. For delay in issuing duplicate draft beyond the above stipulated period, the bank
will pay interest at the rate applicable for fixed deposit of corresponding maturity in order
to compensate the customer for such delay.

ATM/Debit Card Transaction

Branch in North Eastern region will endeavour to arrange for backup of alternate sources of
energy for supply of power for ATM machines so as to ensure continuous service to the
customers.

25
In case of doubt about the success / failure of an ATM transaction, the copy of the JP log
called for from an acquiring bank and the preceding and succeeding transactions will also be
included in the copy.

Mobile Banking

Transaction Value, Destination of transaction (two level authorization for non-routine

destinations), security based on hand-sets, frequency of payments will be introduced.
Bank will encourage formation of user communities to get feedback on the banks and also
to enhance the efficiency of their products and design new products.

SMS/E-Mail Alerts

Account Statement in PDF format will be sent by e-mail, if customer requests so (password
encrypted document).
Bank will send e-mail giving the balance position at agreed periodicity viz., daily, weekly,
fortnightly etc to Current account holders with high transactions .
ECS Mandate Management System
Bank will ensure that ECS Mandate Management System is working effectively to comply
with the mandate given by the customer in respect of limit of debit amount, expiry date,
withdrawal of mandate, etc. Withdrawal of mandate for any ECS debit payment will not be
left to the mercy of the beneficiary.

Loan And Advances

A.Pricing and Non-pricing Terms and Conditions of Loans- All Pricing and Non-pricing Terms
and Conditions of Loans will be in strict conformity with the Regulatory Guidelines and
correctly capture the risks involved and the rating of the borrowers concerned individually
or as a class. Regulation will ensure that customers clearly understand the pricing policies of
banks, and the Supervision will ensure strict compliance of bank with the Regulatory
Guidelines regarding Pricing and Non-pricing terms governing all Loans.
The CBS software will be so enabled so as to provide the following Provision to apply for
Retail Loan and will be available in bank's portal and Internet Banking. Reason for Penal

26
Interest on Loan accounts, Rate of Interest charged in Loan accounts etc. will be mentioned
in the Passbooks/Statement of Accounts.
Loan Interest Certificate/Education Loan interest Certificates are required for Income Tax
purpose by the borrowers every year. CBS software will be enabled to generate/issue such
certificates in respect of all Housing Loan and Educational Loan customers in the month of
April every year.
Loan Statement- Bank will ensure that loan statements are issued to the borrowers
periodically giving details of loan disbursed, demands and repayments effect along with
interest and details of charges.
Loan Documents- Borrower will be made aware upfront about various documents required
to be produced for processing of loan application, instead of in piecemeal.
Bank will automatically provide annual account statement to Home Loan customers without
request from them. Such statements will contain details of payment made towards principal
and interest including principal outstanding.
Normally bank guarantees will be closed and margin money returned upon return of original
bank guarantee duly discharged by the beneficiary. In its absence, it will be closed one
month after its expiry and after intimating the beneficiary. The title deeds will be returned
to the customers within a period of 15 days after the loan closure and for delayed return of
title deeds or where there is a loss of title deeds in the custody of the bank customer will be
suitably compensated as per the Compensation Policy of the Bank.
Bank has already switched over to Base Rate. Notice with regard to the benefits of
switchover and option available to the customer is displayed on our website.

OTP Based Aadhaar Seeding And

Authentication Of Accounts
In terms of amendments made under Prevention of Money Laundering (Maintenance of
Records) Second Amendment Rules, 2017, all accounts need to be aadhaar seeded and
authenticated with biometric or Yes-No facility
In order to facilitate the customers to seed aadhaar in accounts/authenticate already
seeded accounts, our bank has come out with a secure web page through which any
customer can do the same sitting at home. Since the seeding/authentication is OTP based,
only those customers whose mobile numbers are updated in bank accounts as well as in
aadhaar database can use this facility.

27
 PNB Retail Internet Banking
PNB Retail Internet Banking Details:

 Anytime & Anywhere Banking through Internet.

 Quick, simple and convenient way of Banking.
 Services available for NRI Customers also.

Internet Banking: New Facilities Introduced:

Change Home Branch
Location in
About Functionality
Application
Login--> Other Through this functionality, customer can transfer his account from one
Services--> Change branch to another with a condition that there should be no transaction
Home Branch done on that particular account on day of transferring the account.

Change Account Variant

Location in Application
Login--> Other Services-->
Change Account Variant
About Functionality (only for CSMR account)
Through this functionality, customer can upgrade or degrade their
current account to “Gold”, “Silver” & “Platinum” as per the
requirement.

BBPS
Location in
About BBPS Value Added Services
Application
- Repeat your last 10 bill
Through BBPS, customer can make payment.
Login--> Pay payments towards variety of utility service - Enroll for Standing Instruction
Bill (on providers/billers under different categories - Enable Notification button to
Dashboard) like – Mobile, Landline, DTH, electricity, receive monthly/quarterly or
gas, education fees etc. yearly notification of bill
payment to never miss it.

Positive Pay Service

Location in App About Positive Pay System
Login--> Value Added Services-- With Positive Pay System every account holder now can enter

28
 > Emergency Services--> Positive details of cheque ( date, amount etc) issued by him through
Pay system. IBS for secondary authentication.

Click Here For Features Of Internet Banking

Services/Features
Financial Services Non- Financial Value Added Services
Services

Fund Transfer within PNB View Account details  Online Registration & Password
Reset facility for Debit card
 Self Transfers  Statement of a/c holders.
 3rd Party Transfers  Nomination details  Online Registration & Password
 Transaction History Reset facility for Mobile Banking.
 AQB/AMB  Account wise TDS Details.
 User can schedule transaction for
Inter Bank Fund Transfer Cheque Related Services future date.
 24 by 7 facility, even on Stop payment of cheque  Recurring transactions e.g.
Sundays & Holidays through Cheque Status Inquiry Automatic credit to RD account
IMPS (using IFSC or MMID)  Raise Cheque book every month.
 NEFT request  Aadhar registration.
 RTGS*  PNB SurakshaCheque PAN registration.
 Indo Nepal Remittance Authentication  GSTIN registration.
 Destroy Cheque  View registered Mobile Number.
 Change User ID as per the user’s
Online opening of: Offline Service convenience.
 Personalized Dash board for
Requests:
 FD/RD overall view of accounts.
 Modify FD/RD instruction  Request for Limit Change E-Filing of Income Tax
 PPF Account opening without of Credit Card  Generating Form 26AS
visiting branch (during Request for redemption Site Map
Banking hours) of credit card reward View last 10 SMS received on
 Online closure of FD account points registered Mobile Number
on maturity and prematurely. E mail Statement E-interest certificate for deposit,
 Modify Fixed Deposit. Registration education & housing loan
Online closure of FD Account  Break FD Deposit accounts
 Renew FD Deposit  Register for PMJJBY, PMSBY &
 Apply for various Bank APY.
Credit Card Related products  Apply for OD under PMJDY
 Credit Card Payment  Personal Financial Management
 Adhoc and automated Bulk
Utility Bill Payments(Pre- Upload facility for Simplification
Login page) of Bulk payments facility

29
 Tax Payments Debit Card Related: Zero limit facility for corporate level.
View Only Facility in Corporate
 Debit card Internet
Fund transfer in Govt. personalization (setting Enroll/Un-enroll for PNB Verify
Business Account various limits)
 Hot-listing Debit cards
 PPF Accounts  Debit card activity
 SSA accounts inquiry
 Set/Reset Debit card PIN
OD for PMJDY Accounts  Debit Card ON/OFF

Demat Account
 Link Demat Account & view
details

PNB Corporate Internet Banking

 Anytime & anywhere Banking through Internet.
 Quick, simple and convenient way of Banking
Eligibility:
Any KYC- Compliant PNB Corporate customer can register for PNB Corporate Internet
Banking.
Features/Facilities
 Instant registration & activation with online User & role Management
 Quick view of account details/ Nominee details/ Cheque inquiry/ Statement of Account.
 Simplified Limit Setting process & Beneficiary Management.
 Fund Transfer to own accounts/other accounts within PNB
 Inter-Bank fund transfer through RTGS & NEFT.
 Future Transaction Management -Provision for recurring & scheduling transactions
 Utility Bill payment services -Electricity/mobile/telephone etc.
 Other Payments/Services:
o Railway / Airlines tickets, travel hotel booking  [like IRCTC, Airlines]
oGovernment taxes [like GST]
oFee payment to various educational institutions.
oSubscriptions/donations [like charitable institutes/organizations, Golden Temple,
Guruvayur Temple, Kerala, Shri Jagannath Temple, Puri and Radha Soami Satsang, Beas
etc.],
o Insurance premiums/mutual funds/ Kandla port payments
o Other services (like Domain registration, Cinema tickets, DTH etc)
o Online Share Trading [ IDBI Capital Service, SMC and Networth]
 Trade Finance functionality.
 Facility of E-Filing of Income Tax.

30
 Registration
Through Branch - Submit request form PNB -1212 (Form can be downloaded from PNB
Internet banking website -pnbibanking.in)
Internet Banking Security Features :
 Set Login Time restrictions.
 Manage Beneficiaries- You can Add/Modify/Delete the beneficiaries receiving funds from
your accounts.
 Various Level of Limits e.g. Overall Account Level, User Level, No. of beneficiaries, Type
of Transactions etc.
 Additional Factor of Authentication in the form of One Time Password or Digital Certificate.
 In order to further strengthen our Internet Banking system and make the system more secure
from various cyber attacks, “PNB IBS Shield” has been introduced for all Corporate Users.
Under IBS Shield, a User has to set his Image, Phrase & register for seven Challenge
questions.
 ‘VeriSign Secure site’ certification from Safe Script Ltd. All information sent to this site is
encrypted and protected from third parties.
 Passwords are cryptic and difficult to crack. (Combination of Alpha-numeric & special
character).
 We are constantly at task to make your transactions convenient, safe & secure.

PNB Bharat BillPay

The Bharat Bill Payment System (BBPS) offers the customers participating on BBPS
network `Anytime Anywhere` payment of bills. E.g.: A customer of Haryana can pay his bills
of Maharashtra within few minutes through PNB Net banking.
Consumers can pay bills of any biller at a single point with its widespread agent network
leading easy accessibility.
BBPS implements an integrated Bill payment system in the country that offers interoperable
and accessible bill payment services to customers and providing instant confirmation of
receipt of payment.

Real Time Gross Settlements (RTGS) / National

Electronic Funds Transfer (NEFT):
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 Real Time Gross Settlements (RTGS)
The acronym `RTGS` stands for Real Time Gross Settlement, which can be explained as a
system where there is continuous and real-time settlement of fund-transfers, individually on a
transaction by transaction basis (without netting). `Real Time` means the processing of
instructions at the time they are received; `Gross Settlement` means that the settlement of
funds transfer instructions occurs individually.

Are the payments under RTGS final and irrevocable?

Considering that the funds settlement takes place in the books of the Reserve Bank of India,
the payments are final and irrevocable.

What are the benefits of using RTGS?

RTGS offers many advantages over the other modes of funds transfer:
 It is a safe and secure system for funds transfer.
 RTGS transactions / transfers have no maximum amount cap.
 The system is available on all days on 24x7x365 basis. There is real time transfer of funds to
the beneficiary account.
 The remitter need not use a physical cheque or a demand draft.
 The beneficiary need not visit a bank branch for depositing the paper instruments.
 The beneficiary need not be apprehensive about loss / theft of physical instruments or the
likelihood of fraudulent encashment thereof.
 Remitter can initiate the remittances from his / her home / place of work using internet
banking, if his / her bank offers such service.
 The transaction charges have been capped by RBI.
 The transaction has legal backing.

How is the processing of RTGS different from that of National Electronic Funds
Transfer (NEFT) System?

Ans. NEFT is an electronic fund transfer system in which the transactions received up to a
particular time are processed in batches. Contrary to this, in RTGS, the transactions are
processed continuously on a transaction by transaction basis throughout the day.

Is RTGS a 24x7 system or are there some timings applicable?

RTGS is available 24x7x365 with effect from December 14, 2020.

Is there any minimum / maximum amount stipulation for RTGS transactions?

Ans. The RTGS system is primarily meant for large value transactions. The minimum
amount to be remitted through RTGS is Rs. 2,00,000/- with no upper or maximum ceiling.

What about processing charges / service charges for RTGS transactions?

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 Charges Applicable W.E.F. 20-05-2022

REAL TIME GROSS SETTLEMENT SYSTEM (RTGS)

Inward Transactions Free

Outward Transactions
Transaction Value From Branch From IBS/ MBS
Rs. 2 lakh to Rs. 5 lakh Rs. 24.50 + GST Rs. 24.00 + GST

Above Rs. 5 lakh Rs. 49.50 + GST Rs. 49.00 + GST

What is the essential information that the remitting customer needs to furnish to the
bank for making a remittance?

Ans. The remitting customer has to furnish the following information to a bank for initiating
an RTGS remittance:
 Amount to be remitted
 The account number to be debited
 Name of the beneficiary bank and branch
 The IFSC number of the receiving branch
 Name of the beneficiary customer
 Account number of the beneficiary customer
 Sender to receiver information, if any

How would one know the IFSC number of the receiving branch?

The IFSC number can be obtained by the remitter (customer) from his / her bank branch.
Alternatively, it is available on the cheque leaf of the beneficiary. This code number / bank
branch information can be communicated by the beneficiary to the remitting customer. The
list of IFSCs is also available on the RBI website at the

What care should be taken while originating an RTGS transaction?

The following should be ensured while putting through a funds transfer transaction using
RTGS –
 Originating and destination bank branches are part of the RTGS network.
 Beneficiary details such as beneficiary name, account number and account type, name and
IFSC of the beneficiary bank branch should be available with the remitter.
 Extreme care should be exercised in providing the account number of the beneficiary, as,
during processing RTGS transactions, the credit will be given to the customer’s account
solely based on the account number provided in the RTGS remittance instruction / message.

What is the time taken for effecting funds transfer from one account to another through
RTGS?

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Under normal circumstances, the beneficiary branches are expected to receive the funds in
real time as soon as funds are transferred by the remitting bank. The beneficiary bank must
credit the beneficiary`s account within 30 minutes of receiving the funds transfer message.

Can a remitting customer initiate a transaction for a future date?

No, the RTGS system does not accept future value dated transactions.

Can a transaction be originated to draw (receive) funds from another account?

No. RTGS is a credit-push system i.e., transactions can be originated by the payer / remitter /
sender only to pay / transfer / remit funds to a beneficiary.

Can an RTGS transaction be tracked? Would the remitting customer receive an

acknowledgement of money credited to the beneficiary`s account?

While the customers do not have the facility to track the transaction, the RBI has
implemented the feature of positive confirmation in an RTGS transaction. Under this, the
remitting bank would receive a message from RBI (through the beneficiary bank) that the
money has been credited to the beneficiary bank / customer account. Based on this, the
remitting bank should advise the remitting customer that money has been credited to the
receiving bank’s beneficiary account.

Contact Details of RTGS Cell

Punjab National Bank

RTGS Cell
2nd Floor, Plot No.- 5
Sector- 32, Gurugram
Haryana- 1220011
Tel: 0124- 4176985
Email: rtgs@pnb.co.in

Would the remitting customer get back the money if it is not credited to the
beneficiary`s account? Is there any time frame prescribed for it?

Ans. Yes, if it is not possible to credit the funds to the beneficiary customer’s account for any
reason, the funds received by the RTGS member bank will be returned to the originating bank
within one hour of receipt of the payment at the Payment Interface (PI) or before the end of
the RTGS Business day, whichever is earlier. Once the money is received back by the
remitting bank, the original debit entry in the customer`s account needs to be reversed.

Is a customer eligible to get compensation for delay in returning the payment?

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 In case of any delay in returning the failed payment, the originating customer is eligible to
receive compensation at current repo rate plus 2%.

What is UTR number?

Unique Transaction Reference (UTR) number is a 22 character code used to uniquely identify
a transaction in RTGS system.

What is LEI and what is its purpose?

The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to
financial transactions worldwide. It has been implemented to improve the quality and
accuracy of financial data reporting systems for better risk management. It is used to create a
global reference data system that uniquely identifies every legal entity in any jurisdiction that
is party to a financial transaction. It can be obtained from any of the Local Operating Units
(LOUs) accredited by the Global Legal Entity Identifier Foundation (GLEIF), the body
tasked to support the implementation and use of LEI. In India, LEI can be obtained from
Legal Entity Identifier India Ltd. (LEIL) (https://www.ccilindia-lei.co.in), which is also
recognised as an issuer of LEI by the Reserve Bank.

Which RTGS transactions should include LEI information?

All payment transactions of value Rs. 50 crore and above undertaken by entities (non-
individuals) should include remitter and beneficiary LEI information from April 1, 2021.

Is LEI required for individual customer transactions?

No, LEI is not required for customer transactions where both remitter and beneficiary are
individuals.

National Electronic Funds Transfer (NEFT) system

National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system

owned and operated by the Reserve Bank of India (RBI). It is an application developed by
RBI to facilitate customers to transfer funds from one bank account to another bank account
in India. It is an efficient, secure, economical, reliable and expeditious system of funds
transfer between Banks. There is no minimum or maximum limit for remittance through
NEFT

What are the advantages of using NEFT system?

NEFT offers the following advantages for funds transfer or receipt:

 Round the clock availability on all days of the year.
 Near-real-time funds transfer to the beneficiary account and settlement in a secure manner.

35
 Pan-India coverage through large network of branches of all types of banks.
 Positive confirmation to the remitter by SMS / e-mail on credit to beneficiary account.
 Penal interest provision for delay in credit or return of transactions.
 Minimal Charges
 No charges to savings bank account customers for online NEFT transactions.
 Besides funds transfer, NEFT system can be used for a variety of transactions including
payment of credit card dues to the card issuing banks, payment of loan EMI, GST payment,
inward foreign exchange remittances, etc.
 Available for one-way funds transfers from India to Nepal.

How does the NEFT system operate?

Following is the step-wise flow of NEFT transaction.

Step-1: An individual / firm / corporate willing to transfer funds through NEFT can use the
internet/mobile banking facility offered by his/her bank for initiating online funds transfer
request. The remitter has to provide details of beneficiary such as, name of the beneficiary,
name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank
branch, account type and account number, etc. for addition of the beneficiary to his/her
internet/mobile banking module. Upon successful beneficiary addition, the remitter can
initiate online NEFT funds transfer by authorizing debit to his/her account. Alternatively, the
remitter can also visit his/her bank branch for initiating NEFT funds transfer through
branch/off-line mode. The customer has to fill-in the beneficiary details in NEFT application
form available at the bank branch and authorize the branch to debit to his/her account to the
extent of the amount requested in NEFT application form.

Step-2: The originating bank prepares a message and sends the message to its pooling centre,
also called the NEFT Service Centre.

Step-3: The pooling centre forwards the message to the NEFT Clearing Centre, operated by
the RBI, to be included for the next available batch.

Step-4: The Clearing Centre sorts the funds transfer transactions beneficiary bank-wise and
prepares accounting entries to receive funds from the originating banks (debit) and give the
funds to the beneficiary banks (credit). Thereafter, bank-wise remittance messages are
forwarded to the beneficiary banks through their pooling centre (NEFT Service Centre).

Step-5: The beneficiary banks receive the inward remittance messages from the Clearing
Centre and pass on the credit to the beneficiary customers’ accounts.

What is Indian Financial System Code (IFSC)?

IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a
bank-branch participating in the NEFT system. It’s a 11-digit code with the first 4 alpha
characters representing the bank, and the last 6 characters representing the branch. The 5th
character is 0 (zero). IFSC is used by the NEFT system to identify the originating /

36
 destination banks / branches and also to route the messages appropriately to the concerned
banks / branches.

How can I find the IFSC of a bank-branch?

Bank-wise list of IFSCs is available with all the bank-branches participating in NEFT
scheme. List of bank-wise branches participating in NEFT and their IFSCs is also available
on the website of RBI at https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2009.

Who can avail NEFT system for fund transfer / receipt?

Individuals, firms and corporates maintaining accounts with our Bank can electronically
transfer funds to any individual, firm or corporate having an account with any other bank in
the country participating in the NEFT system.

Can the NEFT system be used for remitting funds even by those who do not have a
bank account?

Yes, the person having no bank account can remit funds through NEFT to a beneficiary
having a bank account, with another NEFT member bank. It can be done by depositing cash
at any branch of the bank, by furnishing additional details such as complete address,
telephone number, etc. Such cash remittances will, however, be restricted to a maximum of
Rs. 50,000/- per transaction.

Can I send funds to my relative / friend residing abroad through NEFT system?

The outbound remittances through NEFT system are permitted only to Nepal under Indo-
Nepal Remittance Scheme. Under this scheme, the remitter can transfer funds from any
branch of the bank in India to Nepal, irrespective of whether the beneficiary in Nepal
maintains an account with a bank branch in Nepal or not. The beneficiary would receive
funds in Nepalese Rupees.

What are the operating hours of NEFT?

The NEFT system is available round the clock throughout the year on all days, i.e., on
24x7x365 basis. NEFT presently operates in batches on half-hourly intervals throughout the
day.

What are the essential details required for remitting funds through NEFT system?

The essential elements of beneficiary`s identification are:

 Beneficiary`s Name
 Beneficiary`s Branch Name
 Beneficiary`s Bank Name
 Beneficiary`s Account Type
 Beneficiary`s Account No.

37
 Beneficiary`s Branch IFSC

Charges Applicable W.E.F. 20-05-2022

Payment System Revised Charges

NATIONAL ELECTRONIC FUNDS TRANSFER (NEFT)

Inward Transactions Free

Outward Transactions
Transaction Value From Branch From IBS/ MBS
Up to Rs. 10,000/- Rs. 2.25 + GST Rs. 1.75 + GST

Above Rs. 10,000/- and up to Rs. 1 Lakh Rs. 4.75 + GST Rs. 4.25 + GST

Above Rs. 1 Lakh and up to Rs. 2 Lakh Rs. 14.75 + GST Rs. 14.25 + GST

Above Rs. 2 Lakh Rs. 24.75 + GST Rs. 24.25 + GST

NACH
NACH (National Automated Clearing House) is a funds clearing platform set up by NPCI
(National Payments Corporation of India) similar to the existing ECS of RBI. NACH (Debit)
& NACH (Credit) aims at facilitating interbank high volume, low/high value debit/credit bulk
transactions, which are repetitive/recurring in nature, electronically using the NPCI service.

What are the variants of NACH?

Primarily there are two variants of NACH – NACH Debit & NACH Credit.

What is NACH Credit?

NACH Credit is an electronic payment service used by an institution for affording credits to a
large number of beneficiaries in their bank accounts for the payment of dividend, interest,
salary, pension etc. by raising a single debit to the bank account of the User Institution
(Corporate registered for NACH Services).

What is NACH Debit?

NACH (Debit) facilitates the Corporate for collection of telephone / electricity / water bills,
cess / tax collections, loan instalment repayments, periodic investments in mutual funds,

38
 insurance premium etc., that are periodic or repetitive in nature and payable to the User
Institution (Corporate registered for NACH Services) by large number of customers etc.

What are the key features of NACH Debit?

NACH Debit is a Mandate based debit service. Following are the key features of the NACH
Debit:
 Automated processing and exchange of mandate information electronically with well-defined
timelines for acknowledgement/confirmation.
 Each mandate needs to be accepted/ authorized by the debtor bank before the User can
initiate a transaction.
 Each mandate is uniquely identified by Unique Mandate Reference Number (UMRN), which
makes tracking of multiple mandate details easier for customers.

What is a mandate

Mandate is a one-time registration process. It is just an authorization to your bankers to debit

your account with a fixed amount or up to a certain limit as per the frequency given by you in
mandate form.

What is the size of the mandate? Is it mandatory to restrict mandate to the specified
size?

The mandate has to be in the size of a standard cheque i.e. 8” x 3 2/3”. It is mandatory to
restrict the mandate to the size mentioned above.

What is UMRN?

UMRN - UMRN is a Unique Mandate Reference Number allocated to each new mandate

created in NACH
Debit. It is auto generated by the NACH system during mandate creation. UMRN is
mandatory for every transaction and even during mandate amendment and cancellation.

I wish to repay my PNB Loan instalments through my saving account maintained with
other bank? How to proceed?

Please submit duly filled and signed NACH Mandate form to your PNB Branch. Branch will
get the mandate approved from your Bank through internal process. Once the mandate is
approved, the loan instalments will be start deducting from your account on the date/
frequency as mentioned by you in the Mandate form. Normally it takes T+5 days in approval
of mandate, but it may take a longer time in some cases because of involvement of various

39
 stake holders. Hence, it is advised to submit mandate at least 15 days prior to the due date of
loan instalment.

Can I make changes in NACH details registered?

Yes. You can modify the details registered for NACH by filling the Mandate form and
ticking the option as `Modify`. You can also cancel NACH registration by filling the
Mandate form and ticking the option `Cancel`.

I have already registered myself through ECS? Do I need to register again for NACH
services?

No, you need not to fill mandate form again. The existing mandate will continue to be valid
for NACH services.

I am a corporate and wish to avail NACH services for making payments to my

employees and collecting funds from my clients on regular basis. How to proceed?

Corporate needs to be register for NACH services at NPCI through their Branch. On
registration, NPCI will allot a Utility Code (User Number) to the corporate.
The further process is as under:
 NACH (Debit):
 Corporate customer will obtain NACH Mandate forms from his clients and submit to the
Branch. Branch will get the same approved from destination Banks of the clients through
internal process. Normally in takes T+5 days in approval of mandate, but it may take a longer
time in some cases because of involvement of various stake holders. Hence, it is advised to
submit mandate at least 15 days prior to the due date of collection of payments.
 After approval of mandates, Corporate may submit transaction file to the Branch as per given
frequency on the specified format of NPCI.
 NACH (Credit):
 Mandates are not required.
 After getting Utility Code from NPCI, Corporate may submit NACH Transaction file to the
Branch for further processing on the specified format of NPCI.

What are the benefits of NACH?

For Consumers:
 Timely payment of bills /instalments /premium without remembering the due dates.
 Faster processing time and less manual intervention.
For Banks:
 Less dependence on cheques and paper based transactions.
 Faster processing time and less manual intervention.
 Better service to customers and affiliate organizations.

40
 For Corporate (User Institutions):
 Better customer service.
 Timely disbursal of salaries, dividends, collection of EMIs and clearance of bills.
 Facilitates automatic credit of variable benefits like allowances, scholarships etc.
 Less dependence on cheques and paper transactions.

What are the prerequisites for availing NACH services for corporate?

Corporate wishing to avail NACH services needs to be registered with NPCI & obtain
Unique Identification Code (Utility Code) for NACH services through their sponsor Bank.

What do you mean by “utility code”?

Utility Code/ Corporate User ID refer to the User Number that has been allocated by NPCI,
to the Corporates.

What is a ‘user number’? Can a single corporate have two or more user numbers?

It is the ID issued to a corporate that is linked to the Sponsor bank. The corporate will have to
get a new User number if it changes its bank or will have to maintain multiple user number if
it is transacting with more than one bank.

Is the user number unique to the corporate or is it linked to the sponsor bank?

User number is unique across the system. If a corporate has a tie up with two banks he will
have 2 user numbers.

Define Sponsor Bank?

Sponsor Bank is the Bank, who lodges/initiates NACH Transaction files for collection/
distribution of funds on behalf of their Corporates registered for NACH services. In case of
loan EMI, the Bank acts as User Institution as well as Sponsor Bank.

Define Destination Bank?

The Bank responsible for processing of Inward NACH file is known as ‘Destination Bank’.
Service Charges:
Activity Charges

Outward NACH Credit Transactions of Corporate Rs. 2/- per record subject to a
Outward NACH Debit Transactions of Corporate minimum of Rs. 500/-

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 Inward NACH Mandate Verification
Outward NACH Mandate of Corporates
Returning charges on return of NACH (debit) on account of
insufficient Funds
Rs. 100/- per mandate on acceptance
Rs. 50/- per mandate on acceptance
Rs. 250/-

PNB Immediate Payment Service

 PNB IMPS (Immediate Payment Service) facilitates instant Inter Bank fund transfer on 24X7
basis.
 Funds can be transferred using MMID & Mobile Number or Account Number & IFSC.
 Service available 24x7, throughout the year including Sundays and Bank holidays.
 The fund transfer through IMPS can be done using -
o INTERNET BANKING
o MOBILE BANKING
o ATM
o Through Branch

Charges Through Internet Banking / Mobile Charges Through

Slab
Banking Branch

Upto Rs. 1000 NIL NIL

Rs. 1001 to Rs. 1
Rs. 5 + GST Rs. 6 + GST
lakh
Above Rs. 1 Lakh Rs. 10 + GST Rs. 12 + GST

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