If your account is in SBI (State Bank of India), PNB (Punjab National Bank), or BOB (Bank of Baroda), then this news is very important for you. These banks have recently made many major changes in their rules, which can affect your banking experience. The purpose of these changes is to provide better services to customers and make the banking system more secure.
These changes include important changes such as IMPS transaction limit, punishment on failure in EMI repayment, and positive pay systems. Apart from this, changes have also been made in ATM transaction limit, UPI payment limit, and checkbook and debit card fees. Let us know in detail about these changes.
Before understanding these rules, it is important to know how these rules will affect your banking functions.
Banking Rules Updated: SBI, PNB, Bob
The table below gives a detailed description of the main changes made by these three banks:
| Bank name | Main change |
| SBI | The IMPS transaction limit was increased to ₹ 5 lakh. No fee on online transactions. |
| Permission | A penalty of ₹ 250 on failure to repay EMI. New FD schemes were launched. |
| BOB | Positive pay system was implemented, in which prior approval is required for checks of more than ₹ 5 lakh. |
| All banks | New fees implemented on minimum balance and ATM transactions. The UPI payment limit was increased to ₹ 1.5 lakh. |
SBI changes
SBI has made several important changes for its customers:
- IMPS Transaction Limit: SBI has increased the limit of IMPS transaction from ₹ 2 lakh to ₹ 5 lakh. However, IMPS transactions made through the branch will charge a fee of ₹ 20 Plus GST.
- Online Transaction: There will be no fee on online transactions.
- Fixed Deposit Schemes: SBI has launched new schemes like Lakhpai RD and Patron FD. Lakhpai RD will get an interest rate of 6.75% for a period of 3 and 4 years, while the super senior citizens will get an interest rate of up to 7.6% in Patron FD.
PNB changes
PNB has also made some significant changes in its rules:
- Penal on failure to repay EMI: If a customer fails to repay EMI, he will have to punish ₹ 250.
- New FD Schemes: PNB has introduced new FD schemes with 7% for a period of 303 days and 6.7% interest rate for a period of 506 days.
Bob changes
BOB has also made some significant changes in its rules:
- Positive Pay System: BOB has implemented a positive pay system for check clearance, in which prior approval is required for a check of more than ₹ 5 lakh. The check will be returned without approval.
- Liquid Fixed Deposit: BOB has launched a liquid fixed deposits scheme, which facilitates partial withdrawal and premature withdrawal at the premature withdrawal.
General change
These banks have also made some general changes that apply to all customers:
- ATM Transaction Limit: Now customers can withdraw money from ATM for free only three times a month. After this, each transaction will be charged with a fee of ₹ 20.
- UPI Payment Limit: The daily limit of UPI payment has been increased to ₹ 1.5 lakh.
- Checkbook and Debit Card Fee: For 25 -page checkbook, now a fee of ₹ 150 will have to be paid, and the debit card renewal fee has been increased to ₹ 200.
Minimum balance and fee
These banks have also increased the minimum balance limit:
- In rural areas: The minimum balance has been increased from ₹ 500 to ₹ 1,000.
- In urban areas: The minimum balance has increased from ₹ 3,000 to ₹ 5,000.
Importance of KYC update
PNB has instructed its customers to update KYC (Know Your Customer). Not updating KYC may ban accounts. It is important to ensure that your KYC information is up -to -date so that you do not face any kind of inconvenience.
Improvement in banking security
The changes made by these banks aim to make the banking system more secure. Changes like positive pay systems will increase transparency and security in the check clearance process. In addition, reducing the UPI payment limit will strengthen safety standards in online transactions.
Suggestions for customers
Keeping these changes in mind, some suggestions can be given to customers:
- Check your account regularly so that you can understand your account status.
- Make KYC updates on time so that there is no restriction on your account.
- Use online transactions as they have no fee.
- Limit ATM transactions so that you can avoid the fee.
conclusion
It is clear from these changes that continuous efforts are being made to promote security and convenience in the banking sector. It is important to customers to follow these rules and keep their accounts updated. This will not only provide better services to you, but will also be safe.
Disclaimer: This article is to provide general information and the information given in it should not be considered as expert advice. Changes in banking rules are going on from time to time, so it would be appropriate to get the latest information by contacting your bank.
