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Major rule changes for bank customers of SBI, PNB, ICICI, BOB- know it

From February onwards SBI, PNB, ICICI, and others are changing rules for its bank customers. These banks have announced rule changes recently. State Bank of India(SBI), ICICI, Bank of Baroda, Punjab National Bank has revised their operational rules.

Major changes are:

State Bank of India –

  • State Bank of India has increased its limit on IMPS(Immediate Payment Service) transactions. Now, customers can make transactions up to Rs. 5 lakh. Earlier the limit of IMPS was Rs. 2 lakhs only.
  • The bank fixed service charges of Rs. 20 for the new IMPS slab, excluding GST. For transactions under Rs 2 lakh, the service charge will be between Rs. 2 to Rs. 12, with GST.
  • Mobile banking, net banking, or YONO for IMPS transactions will not levy service charges.

Punjab National Bank –

  • PNB has hiked penalty charge to Rs. 250 on the failure of EMI transactions or any other installment due, if there is insufficient balance.
  • The earlier penalty was Rs. 100 only.

Bank of Baroda –

  • BOB has changed its cheque payment rules. It has introduced a ‘Positive Pay’ system now. The Positive Pay tool is meant to help the bank in the detection of fraudulent payments.
  • “ Bank customers are requested to provide the bank advance intimation of cheques issued to the beneficiaries so that Bank at the time of presentment for payment in CTS clearing (as well as on counter) can pass the High-Value cheques without any confirmation phone call by your base Branch,” the bank had issued a notification earlier, reported as per sources.

ICICI  Bank-

  • ICICI will raise its fee on all ICICI credit cards from February 10, 2022. A 2.5 % transaction fee will be applied to customers.
  • The bank announced a 2 % charge of the total amount due, in case of cheque of auto-debit returns. Rs. 50 plus GST will be debited from the customer’s saving account, as per sources.




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