If you are a customer of the SBI, the BoB, the Syndicate Bank, Axis Bank, and a couple other banks, you will need to be aware that some of the rules are being updated or changed.
The new rules will come into effect from July 1, 2021.
Read on to find what rules are being changed and updated right here!
The State Bank of India (SBI), Bank of Baroda (BoB), Syndicate Bank and Axis Bank, along with the IDBI Bank and Canara Bank are changing and updating their rules and charges from July 1.
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New Rules Introduced By The State Bank of India (SBI)
As per reports, if you are a SBI Basic Saving Bank Deposit (BSBD) account holder, you will be able to withdraw cash only four times from ATMs or from the branches of the bank in a single month.
Additionally, you will also be required to pay a small processing fee of Rs. 15 plus GST from after the fifth cash withdrawal. SBI has also introduced revised prices for cheque books. BSBD account holders will now be required to pay Rs 40 plus GST for a 10-leaf cheque book and Rs 75 plus GST for a cheque book with 25 leaves
New Rules Introduced By Canara and Syndicate Bank
The IFSC codes of Syndicate Bank will be changing from July 1, 2021. As we all know, the Syndicate Bank has been merged with Canara Bank last year by the Reserve Bank of India.
Also, Syndicate Bank customers can add 1000 to their old IFSC codes before sharing them with others while receiving money. For example, if the previous code was SYNB0003687, the new IFSC code will be CNRB0013687.
New Rules Introduced By IDBI Bank
After July 1, 2021, the IDBI Bank will offer a cheque book of only 20 leaves for free. After these cheques are finished, the IDBI Bank will charge Rs. 5 per cheque. However, if you are a customer of IDBI ‘Sabka Savings Account’ will not have any changed in the rules.
New Rules Introduced By Corporation Bank and Andhra Bank
If you are a customer of the Corporation Bank and Andhra Bank, you will be given new cheque books from July 1.
New Rules Introduced By Bank of Baroda
Vijaya Bank and Dena Bank were merged with the Bank of Baroda in 2019. Both the banks have been allowed to use old IFSC codes till June 30, but after July 1, 2021, customers of these banks will be required to use the new IFSC codes.
Axis Bank
Axis Bank now will start 25 paise per SMS alert received by customers. This fee of Rs. 25 is the maximum fee that will be charged. However, the promotional messages and OTP alerts will remain free of charge.