QAB or Quarterly Average Amount is the minimum amount an account holder needs to maintain. This amount depends on the type of savings account. Recently, Punjab National Bank has updated their QAB charges in their policy.
You may receive a message like a QAB charge is debited from your bank account. Or while checking your transaction history through net banking, you can notice a debit of a certain amount under ‘SHORTFAL REC- QAB Charges‘. These mean that your bank account in PNB has less than the minimum required balance.
To understand the process better, go through the complete article.
What are the Latest QAB Charges in PNB?
According to the official website of PNB, the minimum quarterly average amount is different for different locations.
- For rural areas, the minimum balance to maintain in a PNB savings account is 500 rupees. If unable to keep at least 50% of the balance, a charge of 100 rupees will be deducted. If the balance is less than the QAB but more than 50% of it, then 50 rupees will be charged.
- For semi-urban areas, each savings account holder needs to keep 1000 rupees in their account. Otherwise, a QAB charge of 150 rupees will be deducted. Also, having a shortfall of less than 50% would charge 100 rupees.
- For Urban areas, the minimum quarterly average balance for savings accounts should be 2000 rupees. The charge for not maintaining this balance would be 250 rupees. Note that, if the current balance is less than 50% of the minimum QAB, 200 rupees will be deducted.
- Similarly, for metro areas, 2000 rupees is the minimum balance in the savings account. Otherwise, a 250 rupees and 200 rupees charge will be debited for a shortfall of more than 50% and less than 50% respectively.
QAB Charges in PNB Savings Account
| Area | Minimum Qab | Indial Deposit | Charges Shortfall In QAB Up To 50% | Charges Shortfall In QAB Above 50% |
|---|---|---|---|---|
| Rural | Rs. 500 | Rs. 500 | Rs. 50 | Rs. 100 |
| Semi Urban | Rs. 1000 | Rs. 1000 | Rs. 100 | Rs. 150 |
| Urban | Rs. 2000 | Rs. 2000 | Rs. 150 | Rs. 250 |
| Metro | Rs. 2000 | Rs. 2000 | Rs. 150 | Rs. 250 |
QAB Charges in PNB Current Account
| Area | Minimum Qab | Charges |
|---|---|---|
| Rural | Rs. 1000 | Rs. 400 |
| Semi Urban | Rs. 2000 | Rs. 500 |
| Urban | Rs. 5000 | Rs. 600 |
| Metro | Rs. 10000 | Rs. 600 |
According to the bank policies, there are two timeframes. One is monthly and one is quarterly. The tariff mentioned above is as per the quarterly time frame. It means the minimum average balance you need to maintain is through each quarter of the year. Also, note that all the percentages are calculated against the mandatory balance a customer needs to maintain throughout a quarter.
Another important piece of information according to the official website of PNB is the minimum initial deposit amount for different savings accounts. It is 500 rupees for rural areas, 1000 rupees for semi-urban areas, and 2000 for both urban and metro areas.
Why to mainatian QAB in PNB?
According to the bank policies, every account holder needs to maintain a minimum balance to keep the financial ratio requirements regulated. Every bank has distinct policies for minimum balances.
As an account holder, it is important to keep the minimum amount always to avoid penalty charges and gain credibility. Current, saving, and salary accounts might have different plans regarding QAB as well.
Conclusion
This article clears up all the doubts you have about QAB charges in PNB. Each bank has a different policy about this. Here’s the updated information for PNB savings account holders. It’s suggested to keep checking your bank balance for a while to make sure you’re maintaining the minimum QAB. You can do it just with some taps through the PNB One mobile application.