Punjab National Bank (PNB) and Indian Overseas Bank serve crores of customers across India. Both these banks have branches across India and also serve a large rural population. Since these are public sector banks, people have faith in these PSBs and continue to do business with these banks. With the changing times, these banks have also provided many facilities to their customers including different types of Debit/ATM cards and internet banking. While internet banking services are free and banks do not charge for net banking, they do charge for some other services including debit cards.
In case you do not know, Debit cards are popularly known as ATM cards and can be used to withdraw cash from ATM machines, make purchases and make online payments. So, if you also have a debit card of these two banks – Punjab National Bank or Indian Overseas Bank, you might have received a message or seen an entry in your passbook that Rs 177 has been debited from your savings bank accounts. Deduction of Rs. , You might have been worried as to why the bank deducted this money from your account without informing you.
Let us tell you that PNB and IOB deduct Rs 177 as Annual Maintenance Charges (AMC) from the savings bank accounts of their customers for the basic debit cards issued to them. Though the AMC amount is Rs 150, it attracts 18% GST. So 18% of 150 is Rs.27. Now, Rs 155 + Rs 27 = Rs 177. Hence, the bank deducts Rs 177 from your savings account for the ATM/Debit card facility provided to you. This would have cleared your doubts about your bank deducting money from your savings accounts.
It may be noted that PNB has different charges for different types of debit cards and it ranges from Rs 150 to Rs 400 depending on the type of debit card.