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Rules change for bank customers this month
February 03, 2022
Several Banks have announced changes as we enter the second month of the year. Customers must note that leading public sector and private sector banks including SBI, ICICI, Bank of Baroda, and Punjab National Bank have revised several operational rules.
The nation’s largest lender, SBI, has increased the limit on its immediate payment service transactions. As of February 1, customers can make transactions up to ₹5 lakh instead of the earlier ₹2 lakh limit, the bank announced.
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.
The ICICI bank will raise its fee on all ICICI Bank credit cards. From February 10, the customers will have to pay a 2.50% transaction fee.
The bank also announced a 2% 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.
Public lender Punjab National Bank hiked the penalty charge to ₹250 on the 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.
Important Links:
- Professional Diploma in Banking and Financial Services: https://ask.careers/courses/professional-diploma-in-banking-management/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
