The Reserve Bank of India (RBI) and State Bank of India (SBI) have issued several new rules and guidelines for bank account holders. These new rules have come into effect from January 1, 2025. The objective of these rules is to make the banking system more secure, effective and customer-centric.
Under these new rules, some types of bank accounts may be closed, while changes have been made in the minimum balance and KYC rules for other accounts. Apart from this, many changes have also been made in digital transactions and online banking services.
In this article we will give detailed information about all these new rules and guidelines. We will also tell you what effect these rules will have on you and what precautions you should take.
Bank Account New Rules and Guidelines: At a Glance
| Description | Information |
| effective date | 1 January 2025 |
| affected accounts | idle, idle, zero balance |
| minimum balance | Zero for most accounts |
| KYC update | Mandatory every 2 years |
| digital transaction limit | ₹10 lakh per day |
| lounge access | New rules on RuPay credit card |
| FD rules | New guidelines for NBFC and HFC |
New Rules for Dormant and Inactive Accounts
According to the new guidelines of RBI, Dormant and Inactive Accounts can be closed. Its main objective is to prevent banking fraud and reduce misuse of accounts.
inactive accounts
- Accounts with no transactions for 2 years or more will be considered dormant.
- These accounts are more vulnerable to hacking and fraud.
- Banks can close these accounts or ask customers to activate them.
inactive accounts
- Accounts with no activity for 12 months or more will be considered inactive.
- To activate these accounts, customers will have to visit the bank branch and conduct transactions.
- If the account is not activated, the bank may close it.
New restrictions on Zero Balance Accounts
RBI has also imposed new restrictions on Zero Balance Accounts:
- Accounts maintaining zero balance for a long period may be closed.
- This step has been taken to strengthen KYC compliance and prevent misuse of accounts.
- Customers are advised to maintain minimum balance in their account.
Changes in minimum balance rules
SBI and other banks have removed the minimum balance requirement for most savings accounts:
- Basic Savings Bank Deposit Account: ₹0
- Savings Plus Account: ₹0
- Small Savings Account: ₹0
However, the minimum balance requirement still remains for some special accounts such as Resident Foreign Currency Domestic Account.
Strictness in KYC rules
Banks have further tightened KYC (Know Your Customer) rules:
- It will be mandatory to update KYC every 2 years.
- Facility of digital KYC update will be available.
- Accounts with incorrect or incomplete KYC may be closed.
New rules for digital transactions
RBI has issued new rules to make digital transactions more secure:
- The maximum daily limit for RTGS and NEFT will be ₹10 lakh.
- The daily limit for UPI transactions will be ₹1 lakh.
- Two-Factor Authentication will be mandatory for online transactions.
New rules for credit and debit cards
Banks have also issued new rules for the use of credit and debit cards:
- New norms for airport lounge access for RuPay credit card holders.
- Additional security measures for international card transactions.
- Facility to immediately block the card in case of misuse.
New guidelines for Fixed Deposit (FD)
RBI has made changes in FD rules for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs):
- Premature withdrawal allowed for small deposits up to ₹10,000.
- Premature withdrawal of entire amount permitted in case of serious illness.
- Mandatory to inform depositors two weeks before maturity.
New updates for EPFO
The Employees’ Provident Fund Organization (EPFO) has also made some important changes:
- EPF account holders will soon be able to withdraw money from ATM.
- EPS pensioners can now collect pension from any bank branch in India.
- IT infrastructure is being upgraded to improve services.
Tips for bank account holders
In view of these new rules, bank account holders should take the following precautions:
- Keep your account active regularly.
- Update KYC documents timely.
- Maintain minimum balance (where applicable).
- Take security precautions for digital transactions.
- Monitor your credit and debit cards regularly.
Disclaimer
This article is for informational purposes only. Although the information contained herein is from reliable sources, it may not be completely accurate or up-to-date. Please consult your bank or financial advisor before taking any financial decisions. The author or publisher will not be responsible for any loss or damage caused by the use of this information.
