Rs 177 Debited From Your PNB, Indian Overseas Bank-IOB Account? Know Why Bank Deducted Money From Your Saving Account


Punjab National Bank (PNB) and Indian Overseas Banks serve crores of customers across India. These two banks have branches across India and they cater to a large number of rural populations as well. Since these are public sector banks, people have trust in these PSBs and they continue to trade with these banks. With the changing times, these banks have also extended a host of facilities to their consumers 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.

If you are not aware, a debit card is popularly known as an ATM card and can be used for withdrawing cash from ATM machines, shopping and making online payments. So, if you also have a debit card from either of these two banks – Punjab National Bank or the Indian Overseas Bank, then you might have received a message or seen an entry into your passbook showing a deduction of Rs 177 from your saving bank accounts. You might have been worried that why the bank deducted this money from your account without informing you. 

Allow us to tell you that the PNB and the IOB deduct Rs 177 from their customers’ saving bank accounts as an annual maintenance charge (AMC) for the basic debit card issued to them. Though the AMC amount is Rs 150, it attracts a GST of 18 per cent. So 18% of 150 is Rs 27. Now, Rs 155+Rs 27= Rs 177. Therefore, the banks deduct Rs 177 from your saving account for the ATM/Debit Card facility provided to you. This might have cleared your doubt about your bank deducting money from your savings accounts.

It may be noted that the PNB has different charges for different kinds of debit cards and it ranges from Rs 150 to Rs 400 depending upon the type of the debit card.


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