State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BOB) and ICICI Bank this month have announced changes in their banking system with effect from February 1, 2022.
These banking rules are in respect of cheque payments, money transactions. Charges are also applicable on various services etc. Let’s take a look at what are these new changes?
SBI IMPS new rules
To encourage customers to switch to digital banking, the lender has increased the limit for free IMPS online transactions from ₹2 lakh to ₹5 lakh. The bank announced that from February 1, customers can transact up to Rs 5 lakh instead of the earlier limit of Rs 2 lakh.
SBI said in a statement that it will not charge any service charges on Immediate Payment Service (IMPS) transactions up to Rs 5 lakh made through internet banking/ mobile banking including YONO.
What has changed by Punjab National Bank
PNB increased the penalty charge to ₹250 for failure to pay EMI transactions or any other installment in case an account holder has insufficient balance in the account. Earlier the fine was fixed at ₹100.
Punjab National Bank has increased the charges for auto-debit with effect from February 1, 2022. As per PNB website, withdrawal fee on NACH debit is Rs.100/-
ICICI Bank hikes credit card charges
ICICI Bank will increase its charges on all ICICI Bank credit cards. From February 10, customers will have to pay a transaction fee of 2.50 per cent. The bank also announced to charge 2 per cent of the total amount due in case of check or auto-debit returns. In addition, ₹50 plus GST will be debited from the customer’s savings account.
250/- per transaction instead of Rs.250/- per transaction. PNB has increased the charges for various general banking services, which came into effect on January 15, 2022.
Bank of Baroda changed the rules related to cheque clearance rules
Bank of Baroda has decided to make some changes in the rules related to cheque clearance rules. According to the information given by Bank of Baroda, verification will be necessary for cheque payment from February 1. If there is no confirmation, the cheque can also be returned. The Bank appealed to its customers to avail the facility of Positive Pay System for CTS Clearing.
The bank is sending SMS to its customers, which states that “As per RBI instructions, Positive Pay (CPPS) system will be mandatory. 01.02.2022 For cheques issued of ₹10 lakh and above. For details, call on 18002584455 / visit www.bankofbaroda.in – Bank of Baroda.”
