Prominent banks revised their money rules last month: Here's what happened.

From the State Bank of India's IMPS transaction updates to the Bank of Baroda's check clearance rule adjustments, many new rules have affected the average person's wallet.

Money rules changed at prominent banks

A few banks have declared changes to their financial frameworks. Clients were informed in advance regarding the new rules. You should know the new rules to keep yourself updated about various banks' latest charges and fees. 

On 01 Feb 2022, the new guidelines came into force. A huge number of new standards were introduced at various banks. Here is the complete list of changes that have been introduced. 

Also read- Mobile banking trends in India after COVID-19 pandemic

bank rules changed

Bank of Baroda changed cheque clearance rules

The new rules were introduced on 01 Feb 2022. The cheque clearance process now requires clearance from the customer. If the customer does not verify, the cheque can be returned as well. The bank has informed the customers via SMS and has asked the customers to take advantage of the new rules that enhance the security of the cheque clearance process.

The State Bank of India has changed IMPS fees

SBI has enhanced the free limit for IMPS transactions and will not be charging for transactions of up to Rs 5 Lakhs. The new rules include the transactions done through the YONO app as well. So you can make IMPS payments without worrying about the charges. The benefits of the new rules were communicated to the customers.

Also read- How digital payment methods are changing the face of the Indian Economy

Bank rules

Punjab National Bank has hiked auto-debit charges.

The Punjab National Bank has hiked the auto-debit charges from 01 Feb 2022. The return charges have been hiked from Rs 100 per transaction to Rs 250 per transaction. The bank had previously hiked charges on 15 Jan 2022. The customers were informed about the new charges to make them aware. 

ICICI Bank has hiked credit card charges

ICICI Bank has hiked credit card charges to 2.5% per transaction. Also, in case you do not pay your credit card dues on time, you might be liable for a charge of 2 per cent on the total amount due. Also, in case of a default, you might be charged Rs 50 plus the GST amount per auto-debit default. 

Conclusion

Various banks updated the new rules, and you should make sure that you understand these updated charges. The banks informed their customers in advance about the new charges and various related changes. 

A few banks have declared changes to their financial frameworks. Clients were informed in advance regarding the new rules. You should know the new rules to keep yourself updated about various banks' latest charges and fees. 

On 01 Feb 2022, the new guidelines came into force. A huge number of new standards were introduced at various banks. Here is the complete list of changes that have been introduced. 

Also read- Mobile banking trends in India after COVID-19 pandemic

bank rules changed

Bank of Baroda changed cheque clearance rules

The new rules were introduced on 01 Feb 2022. The cheque clearance process now requires clearance from the customer. If the customer does not verify, the cheque can be returned as well. The bank has informed the customers via SMS and has asked the customers to take advantage of the new rules that enhance the security of the cheque clearance process.

The State Bank of India has changed IMPS fees

SBI has enhanced the free limit for IMPS transactions and will not be charging for transactions of up to Rs 5 Lakhs. The new rules include the transactions done through the YONO app as well. So you can make IMPS payments without worrying about the charges. The benefits of the new rules were communicated to the customers.

Also read- How digital payment methods are changing the face of the Indian Economy

Bank rules

Punjab National Bank has hiked auto-debit charges.

The Punjab National Bank has hiked the auto-debit charges from 01 Feb 2022. The return charges have been hiked from Rs 100 per transaction to Rs 250 per transaction. The bank had previously hiked charges on 15 Jan 2022. The customers were informed about the new charges to make them aware. 

ICICI Bank has hiked credit card charges

ICICI Bank has hiked credit card charges to 2.5% per transaction. Also, in case you do not pay your credit card dues on time, you might be liable for a charge of 2 per cent on the total amount due. Also, in case of a default, you might be charged Rs 50 plus the GST amount per auto-debit default. 

Conclusion

Various banks updated the new rules, and you should make sure that you understand these updated charges. The banks informed their customers in advance about the new charges and various related changes. 

NEWSLETTER

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