New Delhi: Punjab National Bank (PNB) has revealed plans to implement changes to its service charges effective October 1, 2025. Key adjustments include increased fees for stop payment instructions, locker rents, and standing instruction failures. While some charges will remain the same, others, particularly for lockers in urban areas, will see significant hikes. Customers are urged to familiarize themselves with the upcoming changes to avoid surprises.
Stop Payment Instruction Fees
Punjab National Bank (PNB) has decided to maintain the existing charge of ₹100 for stop payment instructions on individual cheques, but has increased the fee for a series of cheques. While the current fee for a series of three or more cheques is ₹300, from October 1, 2025, this will rise to ₹500 for five or more cheques. This change aims to streamline service delivery while ensuring that customers are adequately informed about the costs involved in managing their banking transactions.
Example: A customer who regularly uses multiple cheques for business may want to reconsider their approach to cheque issuance and payment management to avoid the increased costs associated with multiple stop payment requests.
Increased Locker Charges
PNB is also set to revise locker rental fees based on the size and location of the lockers. For small lockers, charges will remain at ₹1,000 in rural areas but will increase to ₹1,500 in semi-urban areas from ₹1,250. Urban residents will still pay ₹2,000 for small lockers.
For medium-sized lockers, rural customers will see an increase from ₹2,200 to ₹2,500, while semi-urban clients will pay ₹3,000 instead of ₹2,500. Charges for lockers in urban and metro regions have risen from ₹3,500 to ₹4,000.
Here’s a breakdown of the new locker charges:
| Locker Size | Rural Area | Semi-Urban Area | Urban Area | Metro Area |
|---|---|---|---|---|
| Small | ₹1,000 | ₹1,500 | ₹2,000 | ₹2,000 |
| Medium | ₹2,500 | ₹3,000 | ₹4,000 | ₹4,000 |
| Large | ₹4,000 | ₹5,000 | ₹6,500 | ₹7,000 |
| Very Large | ₹6,000 | ₹7,000 | ₹8,500 | ₹9,000 |
| Extra Large | ₹10,000 | ₹10,500 | ₹11,000 | ₹12,000 |
Changes to One-Time Registration Charges for Lockers
The one-time registration charge for establishing a locker facility is also being recalibrated. Currently, the fee is ₹200 in rural and semi-urban areas and ₹500 in urban zones. Going forward, PNB will standardize this with ₹200 for all sizes in rural and semi-urban areas and ₹500 for small and medium lockers in urban locations. Large, very large, and extra-large lockers will incur a one-time fee of ₹1,000 in urban and metro areas.
This structured fee aligns with broader banking sector practices, ensuring consistency across various branches while maintaining reasonable costs for consumers.
Standing Instruction Failure Charges Adjusted
Another notable shift is in the standing instruction (SI) failure charges. Currently, customers are charged ₹100 per failed transaction. Under the new rules, effective October 2025, PNB will implement a flat monthly charge of ₹100 plus GST for up to three failed transactions. Customers with term loans and recurring deposits will particularly benefit from this change, as it will simplify fee structures and mitigate unexpectedly high charges over multiple months.
Nomination Charges Update
Lastly, PNB’s nomination charges are also undergoing minor adjustments. The first-time nomination remains free, while subsequent requests will retain a fee of ₹100. Exceptions will apply in the event of a nominee’s death, where the process will be facilitated at the branch level upon presenting a death certificate. This change reflects PNB’s commitment to supporting customers through sensitive circumstances.
Conclusion
These upcoming changes by Punjab National Bank not only reflect the evolving landscape of banking services in India but also highlight the need for customers to stay informed and actively manage their banking affairs. For instance, business owners relying on cheque transactions and individuals storing valuables in bank lockers should prepare for the financial adjustments these fee changes will necessitate.
As the Indian economy continues to accelerate post-pandemic, understanding such changes can help customers optimize their financial health and enhance their banking experience in a competitive and often complex environment.
Bankerpedia’s Insight 💡
Punjab National Bank’s upcoming changes to service charges reflect broader trends in India’s banking landscape. The increased fees for lockers and stop payments signify a shift as banks seek to enhance profitability amidst rising operational costs. While these changes may lead to higher expenses for consumers, they also encourage greater financial literacy and proactive management of banking services. It’s crucial for customers to review these new charges carefully and consider adjusting their banking habits accordingly. Savvy clients may also explore competitive options among banks to ensure they receive the best value for their needs.
How Does This Affect the Banking Ecosystem? 🏦
- Bank Employees → Increased charges may lead to customer dissatisfaction and complaints.
- Bank Management → Increased service charges may reduce customer transactions, impacting revenue.
- Bank Customers → Increased service charges will raise costs for bank customers.
- Investors / Shareholders → Increased fees may reduce customer satisfaction, affecting profitability.
- Regulators (RBI, SEBI, Govt.) → Regulators may need to reassess consumer protection measures.
- General Public → Increased banking fees affecting customers’ financial expenses.
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