New Delhi: Punjab National Bank (PNB) savings account holders alert! If you are one of the many PNB customers wondering why the bank deducted Rs 295 from your savings account and it was not credited back, the reason could be a simple mistake on your part.
You must have also seen the above item in your passbook or bank statement. Owners of PNB accounts may be confused as to why the bank has taken money without their knowledge. If you have also faced a similar problem, then there is a solution for it. Actually, money was withdrawn from your account due to NACH liability.
Let us 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) and NACH (Credit) are intended to facilitate interbank high volume, low/high value debit/credit bulk transactions, which are repetitive/recurring in nature, electronically using NPCI service.
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What are the types of NACH?
There are mainly two types of NACH – NACH Debit and NACH Credit.
In the above context, whenever you buy something on EMI or take a loan, the amount is deducted from your savings account on a specified date and you need to maintain sufficient balance in your account from a day prior to the due date. So, let’s say if the EMI is to be deducted on a particular date, for example on the 7th of every month, then the amount should be in your account from the 6th.
For return fee on return of NACH (Debit) due to insufficient funds, PNB charges Rs 250 plus 18% GST. This means, if you fail to maintain sufficient balance, the bank charges a penalty of Rs 295 (Rs 250 + 45 GST). This penalty is for insufficient balance due to which the NACH EMI order bounced.
So, if you want to prevent loss of your money from your savings account, maintain sufficient balance in your account if you have mandated NACH for your EMIs.