SBI, PNB, BoB, ICICI customers alert! Major bank rules changed from February, check details

New Delhi: State Bank of India (SBI), ICICI Bank, Bank of Baroda, and Punjab National Bank have announced major changes in their operational rules, including check payments, transactions and IMPS, among others. 

Customers should take note of all the major changes before conducting any banking work. The latest banking rules have come into effect from February 1, 2022. 

Here are key changes banks implemented from February 1:  

Change in Bank of Baroda’s Positive Pay System

Bank of Baroda has made changes to the cheque clearance rule. From February 1, verification will be required for check payments, the state-owned lender said on its website. The check will be returned if there is no confirmation. The lender has urged its customers that they should use the feature for CTS clearing. 

SBI IMPS Limit Hike

SBI has increased the free limit from Rs 2 lakh to Rs 5 lakh on IMPS transactions from February 1, 2022. However, the bank will charge Rs 20 plus GST on IMPS transactions made via physical branches of the bank. 

“However, a new slab for Rs 2,00,000 to Rs 5,00,000 has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f 01.02.2022. The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions," SBI had said in its announcements.

PNB Minimum Limit

PNB’s latest change in the policy is a fine of Rs 250 that customers will have to pay if any instalments or investments fail due to lack of money in the debit account. Previously, the bank used to charge Rs 100 in case of a debit failure. Moreover, the bank has also increased the fine on-demand draft cancellation to Rs 150. Previously, the charge was Rs 100. Also Read: Budget short on structural reform announcements: Fitch Ratings

ICICI Bank Credit Cards Fee

ICICI Bank credit card customers will have to pay 2.50 per cent on cash advance, subject to a minimum of Rs 500 from February 10. The bank has also announced that the bank will charge 2 per cent of the total amount due if cheque or auto-debit returns. Also Read: Google One VPN is now available on iPhones