If your account is in SBI, PNB, or BOB, then definitely read this news. These banks have made several important changes in their rules, which can affect your banking experience. These changes have taken place in various fields such as ATM transactions, check clearance, IMPS transactions, and fixed deposits (FD) schemes.
The purpose of these changes is to provide better services to customers and make the banking system more secure. SBI, PNB, and BOB have implemented several new rules for their customers, including minimal balance, ATM duty, and UPI payment limit.
Before understanding all these changes, it is important to know how these rules will affect your banking functions. Let us know in detail about these changes.
Banking rules updated
The following are a detailed description of changes made by these 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. |
| 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. |
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 deposit scheme, which provides partial clearance to customers and fees a low fee on 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, every 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 made changes in the rules of minimum balance:
- In rural areas: The minimum balance is required to be ₹ 1,000.
- In urban areas: The minimum balance is required to be ₹ 5,000.
Important things
Keeping these changes in mind, customers should manage their banking works carefully. Here are some important things that should be noted:
- Check your account regularly so that minimum balance can be maintained.
- Take care of the range of ATM transactions and do transactions as required.
- Take care of the UPI payment limit and use other options for large transactions.
- Use positive pay systems for check clearance so that the check is not returned.
conclusion
It is clear from these changes that banks are making continuous efforts to provide better services to their customers and make the banking system safe. Customers should follow these rules and run their banking works in a systematic manner.
Disclaimer: This article is to provide general information and should not be taken as any specific banking advice. Changes in banking rules continue from time to time, so customers should contact their bank and get the latest information.
