These 4 new rules will be applicable on all accounts including SBI, PNB, Canara Bank from January 21, 2025! Know details – StudyToper

The banking sector in India is undergoing continuous growth and change. Recently, a news has gone viral on social media claiming that from January 21, 2025, four new rules will be applicable on the accounts of State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank and all other banks. . This news is spreading rapidly and is creating concern and curiosity among people.

In this article, we will give detailed information about these alleged new rules and try to understand whether this information is true or a rumor. Additionally, we will also highlight real changes happening in the banking sector and important information for customers.

Alleged new rules applicable to bank accounts

According to the news going viral on social media, the following four new rules are being claimed to be applicable on all bank accounts from January 21, 2025:

1. Minimum Balance: It will be mandatory to maintain a minimum balance of Rs 5000 in all bank accounts.
2. ATM Transactions: Only 5 free ATM transactions will be allowed in a month.
3. Checkbook Charge: There will be a charge of Rs 500 for each chequebook.
4. Online Banking: A fee of Rs 200 per month will have to be paid for online banking services.

analysis of viral news

It is important that we view such reports carefully and check their authenticity. Let us analyze these alleged rules in detail:

minimum balance

Currently, the minimum balance requirement is different for different banks. For example:

It is worth noting that banks may change their rules from time to time, but such major changes require RBI approval and sufficient notice.

ATM transaction

Currently, most banks allow their customers 3-5 free ATM transactions per month. After this, a fixed fee is charged per transaction. This rule is already in place and there is little possibility of any major change in it in 2025.

check book charge

Most banks provide a certain number of free check pages to their customers. For example, SBI gives its customers 10 free check pages per year. After this, a nominal fee is charged. The charge of Rs 500 per checkbook appears to be very high and has not been confirmed by any official source.

online banking fees

Currently, most of the banks provide free online banking services to their customers. Given the efforts of the government and RBI to promote digital banking, it is unlikely that banks will charge so much on online banking.

Real changes and trends in the banking sector

While the rules mentioned in the viral news seem questionable, some real changes and trends are being seen in the banking sector:

1. Expansion of digital banking: Banks are rapidly moving towards digital services. The use of mobile banking, UPI, and internet banking is increasing.
2. Promotion of cashless transactions: Government and RBI are encouraging digital payments. This may reduce ATM usage.
3. Strictness in KYC rules: KYC (Know Your Customer) rules for bank accounts are becoming more stringent.
4. Rationalization of bank branches: Many banks are reducing the number of their branches and focusing on digital services.
5. Emphasis on customer security: New rules and technologies are being adopted for cyber security and fraud protection.

Important Tips for Customers

In view of the changes taking place in the banking sector, there are some important suggestions for customers:

1. Keep information updated: Check your bank’s website and official notifications regularly.
2. Learn Digital Banking: Learn how to use mobile and internet banking. This is convenient and often less expensive.
3. Take security precautions: Take precautions to protect your bank account and password. Do not share your banking information with anyone.
4. Keep track of fees and charges: Keep track of the various fees and charges associated with your bank account.
5. Check statements regularly: Check your bank account statements regularly and report any unauthorized transactions immediately.

RBI’s efforts to improve banking services

The Reserve Bank of India (RBI) is continuously working to improve banking services and customer protection. Some important initiatives are:

1. Digital Rupee: RBI is working on Digital Rupee or Central Bank Digital Currency (CBDC), which can make digital transactions more secure and efficient in the future.
2. Customer Grievance Redressal: Banks have been directed to develop more effective mechanisms for redressal of customer complaints.
3. Promotion of Fintech: RBI is encouraging Fintech companies, which can provide innovative banking solutions.
4. Cyber ​​Security Standards: Cyber ​​security standards for banks are being further tightened to ensure the security of customer data and money.

Possible future changes in banking sector

Some possible changes that can be seen in the banking sector in the coming years are:

1. Use of AI and Machine Learning: Banks can make greater use of AI in customer service and risk management.
2. Blockchain technology: The use of blockchain technology may increase in some banking processes.
3. Personalized banking services: Services tailored to customers’ individual needs may become more prevalent.
4. Green Banking: More emphasis can be placed on environmentally friendly banking practices.
5. Open Banking: Data sharing between banks and fintech companies could increase, leading to the development of new types of financial services.

Disclaimer

This article is for informational purposes only. The news going viral about alleged new rules to be applicable on bank accounts from January 21, 2025 appears to be a rumour. Any such major change requires approval from the Reserve Bank of India (RBI) and an official announcement by the banks. Customers are advised to rely only on information received from their Bank’s official channels and to contact their Bank directly in case of any doubt.