There are going to be major changes in the Indian banking system soon. Major banks like SBI, PNB, and Canara Bank are going to implement new rules from 1 April 2025. These rules include minimum balance, ATM fee, interest rates, and digital banking changes. These changes are being made with the aim of making the banking process even more safe and transparent for customers.
Under these new rules, banks are also going to extend their digital banking services. In addition, positive pay systems are being introduced, which will increase security in large transactions. The purpose of these changes is to provide better services to customers and make the banking process easier. Let us know in detail about these new rules.
Banking system change: an observation
The table below gives a detailed description of the new rules:
| Rule | Description |
| Minimum balance | Different minimum balance requirements for urban, semi-urban, and rural areas. |
| ATM duty | High fees on more transactions than fixed numbers. The number of free transactions at other banks’ ATMs may be reduced. |
| Interest rates | Interest rates are being changed on savings accounts and fixed deposits. |
| Digital banking | Extension of online and mobile banking services. AI chatbots use for customer aid. |
| Positive pay system | Check mandatory for payment of more than Rs 50,000. This will increase security in transactions. |
| Credit card rules | Changes in milestone benefits and renewal benefits on SBI and IDFC First Bank’s credit cards. |
| Safety measures | Features such as two-factor verification are being strengthened. |
Minimum balance requirements
The minimum balance policies are being changed, which will be applicable from April 1. Banks such as SBI, PNB, and Canara Bank will have different minimum balance requirements for urban, semi-urban, and rural areas. For example, the minimum average monthly balance for urban areas in HDFC Bank is Rs 10,000, while in semi-urban areas it is Rs 5,000. If customers fail to maintain minimum balance, they may have to pay a fine.
Change in withdrawal fee from ATM
ATM transaction policies are also changing. Now high fees can be levied on more transactions than the fixed number. The number of free transactions at other banks’ ATMs may be reduced. Currently, most banks offer free transactions at their ATMs three to five times. Other banks’ ATMs are allowed to withdraw cash thrice a month, after which an additional fee of Rs 20 to 25 per transaction may be charged.
Changes in interest rates
Interest rates are being changed on savings accounts and fixed deposits. Now interest rates on savings accounts will depend on the remaining of the account. Its purpose is to attract long -term investment. Interest rates have also been changed on fixed deposits so that customers can get more benefits.
Digital banking expansion
Banks are going to extend their digital banking services. This will include new online and mobile banking features. AI chatbots will be used for customer aid. In addition, features such as two-factor verification are being strengthened so that digital transactions can be secured.
Start of positive pay system
Positive pay systems are being introduced, which will increase security in large transactions. In this system, check will be mandatory for payment of more than Rs 50,000. Customers will have to verify the information recorded in the check, which will reduce fraud cases and increase transparency in transactions.
Changes in credit card rules
Milestone benefits and renewal benefits are being made on the credit card of SBI and IDFC First Bank. Ticket voucher facility for club Vistara SBI Prime Credit Card and Club Vistara SBI Credit Card is being closed. Milestone benefits are also being closed for some expenses.
Strengthen safety measures
Banks are strengthening features like two-factor verification to secure digital transactions. In addition, AI chatbots are being used for customer aid, which can help customers immediately and improve their experience.
conclusion
The purpose of these new rules is to make the banking process even more secure, transparent, and customer-friendly. Customers should be aware of these changes so that they can improve their banking experience.
Important point:
- The requirements of minimum balance are changing.
- ATM fees are changing.
- Interest rates are being changed.
- Digital banking is being expanded.
- Positive pay systems are starting.
- Credit card rules are changing.
Disclaimer: This article provides general information and does not recommend any specific banking rule or policy. Customers should get specific information by contacting their bank.
