Many national banks in India, including ICICI Bank, Bank of Baroda (BOB), State Bank of India (SBI) and Punjab National Bank (PNB), have announced changes to the banking system which will come into effect on February 1, 2022.
These banking rules apply, among other things, to check payments, monetary transactions and fees for various services. Let’s see what each of these banks has changed:
Punjab National Bank (PNB)
The penalty for failure to pay an EMI transaction or any other installment due to insufficient balance in an account has been increased by the National Bank of Punjab to Rs 250.
Customers will now be charged Rs.250 for each defect, up from the previous penalty of Rs.100. Additionally, readers should be aware that the PNB has raised fees for a number of common banking services.
State Bank of India (SBI)
To encourage customers to use digital banking services, the SBI has increased the limit of free IMPS online transactions from Rs.2 lakh to Rs.5 lakh, effective February 1, 2022.
Also, the bank said in its statement that it will not charge service fees on IMPS transactions below Rs.5 lakh.
Bank of Baroda
The Bank of Baroda has made changes to its check clearing policy. From February 1, the Bob announced that all check payments will be subject to verification. If no confirmation is received, the check will be returned.
Customers should also take advantage of the positive payment system for CTS clearing, according to the Bob.
ICICI Bank will increase fees on all its credit cards from February 1, 2022. Customers will be charged a transaction fee of Rs 2.50 from February 10.
In addition, the bank has indicated that in the event of a return of check or direct debit, customers will be charged 2% of the total amount due.
Additionally, the client’s savings account will be debited with Rs.50 plus GST.
Note: For details, please visit your nearest bank.
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