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Bank alert: Rules change for bank customers this month. Detail here
Several changes have been announced by SBI, PNB, ICICI Bank and others from February.
Several banks have announced changes as we enter the second month of the year. Customers must note that leading public sector and private banks including State Bank of India (SBI), ICICI Bank, Bank of Baroda, and Punjab National Bank have revised several operational rules.
Here are the changes:
State Bank of India
The country's largest lender, SBI, has increased the limit on its immediate payment service (IMPS) transactions. As of February 1, customers can make transactions up to ₹5 lakh instead of the earlier ₹2 lakh limit, the bank announced.
The SBI has fixed the service charges for transferring money under the new IMPS slab at ₹20, excluding GST. For transactions under ₹2 lakh, the bank will levy a service charge between ₹2 to 12, plus GST.
However, for IMPS transactions done digitally through net banking, mobile banking or YONO, SBI will not levy any service charge, it noted.
Also Read | Bank holidays in February 2022: Bank branches to remain shut for 12 days in February
Bank of Baroda
Bank of Baroda has changed its cheque payment rules and introduced a ‘Positive Pay’ system from February 1. The Positive Pay tool helps banks detect fraudulent payments.
“BOB customers are requested to provide us advance intimation of cheques issued to the beneficiaries so that Bank at the time of presentment for payment in CTS clearing (as well as on counter) can pass the High Value cheques without any confirmation phone call by your base Branch,” the bank had issued a notification earlier.
ICICI Bank
The ICICI Bank will raise its fee on all ICICI Bank credit cards. From February 10, customers will have to pay 2.50 per cent transaction fee.
The bank also announced 2 per cent charge of the total amount due, in case of cheque or auto debit returns. In addition to that, ₹50 plus GST will be debited from the customer’s savings account.
The charges are subject to a minimum transaction of ₹500.
Punjab National Bank
Public lender PNB hiked the penalty charge to ₹250 on failure of payment of an EMI transaction or any other installment due if there is insufficient balance in an account holder's account. The penalty was earlier fixed at ₹100.
