QAB charges PNB

Hello sir I would like to know the charges taken by PNB Bank on Quarterly Average Balance so please provide me some information about the same.

[Shaleen]

The meaning of QAB of Rs 10,000 is that on an average the accountholder needs to maintain Rs 10,000 daily.

What is QAB

Requirement is not to maintain Rs 10,000 balance every single day, but on an average.

Under QAB the bank computes the average balance on a quarterly basis, i.e. once every 3 month.

For example, for October to December quarter, day end balance for each day in the quarter would be summed up and divided by the number of days in the quarter to arrive at the QAB maintained

Balance maintained is as under:

Opening balance on quarter beginning, i.e. 1st October is Rs 8,000
Rs 8,000 are maintained for 14 days from 1st October to 14th October.

Thus total balance maintained for 14 days is (8,000 * 14) = 112,000
Rs 18,000 is maintained for 23 days from 15th October to 6th November.

Thus total balance maintained for 23 days is (18,000 * 23) = 414,000

Rs 3,000 is maintained for 27 days from 7th November to 3rd December. Thus total balance maintained for 27 days is (3,000 * 27) = 81,000

Rs 12,000 is maintained for 28 days from 4th December to 31st December. Thus total balance maintained for 28 days is (12,000 * 28) = 336,000

Closing balance on quarter end, i.e. 31st December is Rs 12,000
Total balance maintained for 92 days in the quarter is 943,000.

Thus on an average daily balance maintained is 943,000 / 92 = 10,250.

Note that even though balance maintained was below 10,000 for (14+27) = 41 days, still QAB requirement of Rs 10,000 is met.

Quarterly Average Balance charges of PNB

Particulars

PNB SILVER PNB GOLD PNB DIAMOND PNB PLATINUM

Minimum Quarterly Average Balance (QAB)
100,000 5,00,000 10,00,000 2,00,000
Initial Deposit 5,000

Non Maintenance of QAB Charges (per quarter)
150 600 1500 3,000

Minimum Balance for Sweep-in and Sweep-out facility 10,00,000
Sweep-in and Sweep-out in multiples of 50,000

Tenor of Term Deposit 15 to 91 days

At applicable card rate for respective bucket

The amounts will be swept out on 5th and 20th of every month.

If there is holiday on these days, the next working day