If you are a customer of SBI (State Bank of India), PNB (Punjab National Bank) or Bank of Baroda, then this article is very important for you. These three major public sector banks have recently made several changes in their rules and services, which will directly affect the account holders. The purpose of these changes is to provide better services to customers and make the banking system more secure. Let’s know in detail about these new rules and updates.
Summary of main updates
The table below has a quick summary of the main changes made by the three banks:
| Bank name | Main change |
| SBI | The IMPS transaction limit was increased to ₹ 5 lakh; No fee on online transactions. |
| Permission | The fine was increased to ₹ 250 for EMI missed. |
| Bank of Baroda | Positive pay system applied; Compulsory on checks of more than ₹ 5 lakh. |
| All banks | New fees implemented on minimum balance and ATM transactions. |
New rules of SBI (State Bank of India)
IMPS transaction limit increase
SBI has increased the limit of Immediate Payment Service (IMPS) from ₹ 2 lakh to ₹ 5 lakh for its customers. This change will be beneficial for customers who want to transfer a large amount online. Other than this:
- There will be no fee on online transactions.
- ₹ 20 + GST will be charged for IMPS from the bank branch.
Minimum balance limit
The minimum balance in rural areas has now been increased from ₹ 500 to ₹ 1,000, while in urban areas this limit has increased from ₹ 3,000 to ₹ 5,000.
New rules of PNB (Punjab National Bank)
EMI fined for missing
PNB has increased the amount of fine for customers who do not fill the installment of EMI or other investment at time. Now:
- Earlier, where ₹ 100 was fined, it has now been increased to ₹ 250.
- This rule will apply to all types of debit failures.
KYC update notice
PNB has instructed its customers to update KYC (Know Your Customer). Not updating KYC may ban accounts.
Bank of Baroda new rules
Positive pay system
Bank of Baroda has implemented a positive pay system to make the check clearance process more secure. According to this:
- On issuing checks of ₹ 5 lakh or more, the customer will have to inform the bank in advance.
- If you do not do so, the check will not be cleared.
ATM Transaction Limit
Now customers can withdraw money from ATM for free only three times every month. After this, every transaction will be charged with a fee of ₹ 20.
Other important changes
UPI Payment Limit
The three banks have reduced the daily limit of UPI payment to ₹ 1.5 lakh. This step has been taken keeping in mind the safety standards.
Checkbook and debit card fee
From 1 February 2025:
- The 25 -page checkbook will now be available for ₹ 150 (earlier it was ₹ 100).
- The debit card renewal fee has also been increased from ₹ 150 to ₹ 200.
New Fixed Deposit (FD) Plans
The three banks have also made some changes in their FD schemes:
- SBI Patrons FD: 7.6% interest rate for super senior citizens (80 years and above).
- PNB 303-day FD: 7% interest rate for general customers.
- Bob Liquid FD: New FD schemes with flexible options.
Suggestions for customers
Keeping all these changes in mind, customers should take care of the following things:
- Maintain minimum balance in your account.
- Make EMI and other payments on time.
- Follow new rules when using UPI and checkbook.
- Complete the KYC update on time.
conclusion
These changes made by SBI, PNB and Bank of Baroda have been made keeping in mind the convenience and safety of the customers. However, some additional charges may also apply to them, about which customers need to be informed about.
Disclaimer:
This article is written only for the purpose of providing information. Please contact the official website or branch of the concerned bank before taking any financial decision.
