New Banking Rules: Big Changes in Banking Sector; These 4 Rules will Change from Tomorrow
The month of February will start from tomorrow and there will be some changes in the banking sector from the beginning of the month, which is related to people’s daily life. Because everyone has an account in the bank and this news is definitely related to your life. So, before the rules change, you should know about the changing rules.
The new changed rule will be implemented by the order issued by the Reserve Bank of India. Customers of SBI, PNB, Canara Bank and other major banks will be affected. The new Bank Act, which will come into force from 1 February 2025, will take a step towards making banking services more efficient and customer friendly. Account holders have to change their bank’s offline habits. It will work towards promoting digital banking usage and reducing cash transactions. The purpose of this new law is to make banking services more secure, professional and customer centric.
New Banking Rules
1. Changes in Minimum Balance Requirement
On February 1, 2025, the minimum balance amount will be increased in the savings account. SBI customers will now have to maintain a balance of Rs 5,000 in their account, which was earlier Rs 3,000. Similarly, the minimum balance of PNB has increased from 2 thousand to 3500. Canara Bank has increased this amount from Rs 1,000 to Rs 2,500. Customers are advised to maintain this minimum balance in their accounts and avoid paying fines.
2. Changes in ATM Withdrawal Fees
As per the new rules, the number of free transactions from ATMs has been reduced. Now only 3 free transactions per month will be allowed. After that, every additional transaction will incur a fee of Rs.25, which was Rs.20 earlier. Withdrawing from another bank’s ATM, this fee will be 30 rupees. You can withdraw only 50 thousand rupees in one day. This change has been made to promote digital transactions.
3. Revision in Interest Rates
The bank has changed the interest rates on savings accounts and fixed deposits as per the current financial situation. The savings account will now earn 3.5% interest, which was earlier 3%. Fixed deposit interest rates will increase from 5.5% to 6 % in a year. Similarly, senior citizens will get an additional 0.5 % benefit. This gives incentives to customers to save and invest.
4. Expansion in Digital Banking Services
New features have been added to online and mobile banking to make banking services more digital and customer centric. Customers can now make more secure and faster transactions. If you pay through digital payment, you can also get additional benefits and cashback.
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