Following concessions are allowed subject to recovery of out of pocket expenses
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Concession To Staff/ Ex-Staff Members |
Following concession to staff members / ex - staff members of the Punjab & Sind Bank are permitted
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Concession To Pensioners |
No Service Charge is to be levied to pensioners on collection / discount of pension bills / cheques of Central / State Government and Armed Forces. |
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Concession To Freedom Fighters |
No service charges are to be levied on collection / discounting of pension bills / pension cheques of freedom fighters. |
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Concession To Defense Personnel |
In the account of defense personnel in active service as well as ex - servicemen, collection of outstation cheques and issuance of DD shall be free of charge, subject to collection of out-of-pocket expenses. |
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Concession To Religious, Welfare Service, Charitable Institutions, Differently abled Individual and Institutions Set Up for their benefit |
The facility of collection of upcountry instruments at par, payment of DD to their own benefit at par are permitted provided these institutions are exempted from payment of Income Tax Act and copy of Certificate is obtained by branch. |
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Account Of Government Department / Ministries |
Cheques issued by Government Department representing subsidies under IRDP and other special program shall be collected at par. |
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Co-Operative Banks, Land Development Banks, Regional Rural Banks, Service Co-Operative, District Rural Development Agency etc. |
Concession of 50 % of service charges shall be extended to Co-operative Banks for issuance of DD/RTGS/NEFT, which maintain their account with the Bank. The Urban Co-operative Banks shall give an undertaking at their Head Office level that they shall levy the charges of Public Sector Banks to Customers. |
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Bank Under Agency Arrangements |
Service Charges are as per agency arrangement to be levied provided benefit is not passed on to customers. |
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Concession To Educational Institutions |
Salary bills of teachers employed in Government run schools may be done at par and discounting free of charge also for sum up to Rs.5000/- per individual in case the employee’s salary accounts are maintained in our Bank. |
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Concession To Regional Rural Banks |
No Collection charges are to be levied by Bank for collection of cheques / draft tendered by RRB irrespective of whether RRB is sponsored by the Bank or not. |
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Payment To Suppliers While Disbursing Loan Under Government Sponsored Schemes |
No charges are to be levied for remittance under above scheme. |
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Concession in Remittance / Collection |
No Service Charge is to be levied on Rupee Draft issued by Correspondent Bank and Exchange Companies favouring NRI Customers provided Rupee Draft favouring NRI customer is issued by branches of same Bank abroad or Correspondents / Foreign Officers of any Foreign / Indian Banks or ECS maintaining accounts with this bank or any other bank. Draft should be payable through rupee accounts maintained at branches in India nominated by the Banks. |
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Sharing of service charges with other Banks
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When outstation cheque / bills sent or received for collection, where we do not have our branch / other bank does not have their branch, then collection charges are to be shared with other bank in the ratio of 50:50 and & Out of pocket expenses be charged on actual basis from the depositor of the instrument as per existing practice. |
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Transfer Of Funds - Deposit Accounts |
No service charges to be levied on cheques issued as per court order for placing the amount in term deposit. |
