Major Banking rules are changed and implemented from the first day of February. Read this article thoroughly if you are a customer of SBI, PNB, and Bank of Baroda. These changes are major and every customer of these banks should know it to avoid any penalty and to know new methods of payments. These rules will impact the life of a common man a lot. You must follow these rules that are implemented from the 1st of February 2022.
Here are the changed Major Banking rules to note down Banks
SBI Increased IMPS limits
SBI is the biggest public sector bank in India and ranked 43rd largest bank in the world. That provides marvelous financial services to its customers. Recently with new major banking Rules, SBI has increased the limits of IMPS (Immediate Payment Service) transactions. Adding to their statement SBI has also declared that no transactional charges are applicable upto the payment of Rs. 5 Lakhs if done through internet banking, mobile banking, and SBI YONO. Previously the limit was Rs 2 lakhs for the IMPS transactions. Now it has increased to provide the benefits of digital transactions to its customers. However, if you request to execute any transaction from Rs. 1000 to Rs. 5 lakh through offline mode (Through Bank Branches) then service charges will be applicable with GST.
Also read:SBI Hikes FD Rates From Today: Hurry Up Now
Bank of Baroda – Changed Rules For Cheque Payments
BOB has notified about the changes introduced in the cheque payment system which is implemented from 1st of Feb. Now the BOB customers need to provide details for high-value cheques in advance. Before handing the cheque to the beneficiaries, customers will have to provide the cheque details to the bank. So that the high-value cheques can be cleared in CTS clearing without any phone call confirmation.
Another rule that is applied by BOB is that from April 15, 2022 customers will have to provide positive pay confirmations for the cheque of amount Rs 10 lakhs and more. Later from May 1, 2022, that process of positive pay confirmation will become mandatory for the cheques of amount Rs 5 lakhs and above.
PNB – Minimum Balance Rule
Punjab National Bank has changed the penalty amount of Rs. 100 to Rs. 250 if any EMI or cheque bouncing issue occurs due to low balance in bank accounts. After this rule account holders should need to be more alert about their bank balance.
Revised LPG Prices
On 1st Feb Oil marketing companies in India have notified that the charges for 19 KG LPG cylinders are reduced by Rs. 91.5. Prices of domestic cylinders are unchanged which includes 5 Kg and 10 Kg cylinders.