There are changes in the banking sector from time to time, which directly affect the account holders. From 11 February 2024, 4 new rules related to bank accounts are going to be implemented, which will affect the customers of big banks like State Bank of India (SBI), Punjab National Bank (PNB), and Canara Bank (Canara Bank). The purpose of these changes is to provide better services to customers and make the banking process more transparent.
If you are a customer of these banks, then it is very important to know how these rules can affect your account. In this article, we will give full information about these new rules so that you can be prepared in advance and avoid any inconvenience.
What are the 4 new rules related to bank accounts?
These four rules, which have come into force from 11 February 2024, are mainly made keeping in mind the facilities and safety of the account holders. Let’s know in detail about these rules:
1. Change in ATM Cash Withdrawal Limit
Banks are now going to make some amendments in the cash withdrawal limit from ATMs.
- SBI: SBI has reduced the daily cash withdrawal limit to ₹ 20,000.
- PNB: Punjab National Bank has decided to impose additional fees on ATM transactions if customers cross the monthly free limit.
- Canara Bank: Canara Bank has implemented the OTP based system to make the ATM PIN generation process more secure.
2. Changes in Cleque Clearance Process
Positive Pay System is being made mandatory to make the check clearance process more secure.
- This system will apply to checks of ₹ 5 lakh or more.
- The customer will have to send its details bank through SMS or mobile app before issuing checks.
- This step has been taken to prevent fraud.
3. New Testament of Minimum Balance Maintenance
Now the rules for maintaining minimum balance have been changed:
- SBI and PNB: The amount of penalty has been increased due to non -maintaining minimum balance.
- Canara Bank: Customers in rural areas are exempted to maintain minimum balance.
4. Changes in Interest Rates and FD Rules
Interest rates on fixed deposits (FD) and savings accounts have been amended:
- SBI and PNB have raised their interest rates slightly.
- Canara Bank has introduced special FD schemes for senior citizens.
Overview of new rules
| Name of rules | Description |
| ATM cash withdrawal limit | Cash withdrawal limit was reduced; Additional fees applied |
| Check clearance (positive salary) | Compulsory on check ₹ 5 lakh or more |
| Minimum remaining maintenance | The fine was increased; Rebate in rural areas |
| Interest Rates and FD Rules | Amendment of interest rates; Benefits for senior citizens |
The influence of these changes on account holders
These new rules will directly affect the daily banking activities of the account holders.
Advantage
- Safety improvement: Positive Pay System will help prevent fraud.
- Better services: OTP based ATM PIN generation system will increase the safety of customers.
- Benefits to senior citizens: Special interest rates in FD schemes will be beneficial for senior citizens.
Challenges
- Increasing fine for not maintaining minimum balance may increase economic pressure on customers.
- Lowering ATM withdrawal limit can cause problems to customers with cash needs.
How to prepare yourself for these changes?
Adopt the following tips to reduce the impact of these rules and to be better prepared:
- Check the balance of your account regularly and maintain minimum balance.
- Follow Positive Pay System while issuing checks.
- Use digital transactions more so that the ATM withdrawal limit does not occur.
- Get information about your bank’s new interest rates and FD schemes.
Which customers should pay special attention?
- Customers who often issue large checks will have to use positive pay system properly.
- Those who have difficulty maintaining minimum balance in their account may have to face additional fees.
- Senior citizens who invest in FD schemes should take advantage of new schemes.
conclusion
These four new rules, which come into force from 11 February 2024, are extremely important for account holders. Their purpose is not only to increase the safety of customers but also make banking services more transparent. However, in some cases these changes may be challenging for customers. Therefore, get information about these rules in time and prepare your financial plan accordedly.
Disclaimer:
This article is written only for the purpose of providing information. Please confirm these rules by contacting your respective bank.
