New Delhi: Punjab National Bank (PNB) Saving Account Holders ALERT! If you are also among several PNB consumers who have query as to why the bank has deducted Rs 295 from your savings accounts and the same was not credited back, the reason could be a simple oversight on your behalf.
You might have also spotted the aforementioned item in your passbook or bank statement. Owners of PNB accounts could be confused as to why the bank took the money without their knowledge. There is a solution if you have encountered a similar problem. Actually, because of NACH responsibilities, the money was taken out of your account.
Let’s first understand what is 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.
In the above context, whenever you buy something on EMI or take a loan, the amount gets deducted from your saving account on a fixed date and you are required to keep a sufficient balance in your account from a day in advance of the due date. So, suppose if the EMI is to be deducted on the a particular date, for eg 7th of every month, the amount needs to be in your account from the 6th.
For returning charges on return of NACH (debit) on account of insufficient Funds, PNB charges Rs 250 plus GST of 18%. This means, if you fail to maintain sufficient balance, the bank levies a penalty of Rs 295 (Rs 250 + Rs 45 GST. This penalty is for the insufficient balance due to which the NACH EMI mandate got bounced.
So, if you want to stop the loss of your money from your saving account, do maintain a sufficient balance in your account if you have mandated NACH for your EMIs.
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