Starting Feb 1, 2022, financial lenders including the state-run banks, State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), and the private lender ICICI Bank have implemented changes in their banking system.
These changes in the banking systems are in relation to money transactions, payments check, fees applied on various banking services, and more.
Here are all the new changes you need to know about.
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Punjab National Bank
The government-owned public bank, starting Feb 1, 2022, has revised and increased its penalty charge on failure of payment on an EMI transaction, or any unpaid transaction, caused due to insufficient account balance.
The penalty charge has been risen to Rs 250.
Besides, the public sector bank has also shot up the auto-debit charges, starting Feb 1, from Rs 100/ transaction to Rs 250.
It has also risen the fees for a list of common banking services, also to come into effect from Jan 1.
SBI IMPS
The country’s largest public sector bank has increased the limit for free IMPS online transactions from Rs 2 lakh to Rs 5 lakh, in order to encourage an increasing number of customers to adopt digital banking.
Consequently, no service charge will be applied on Immediate Payment Service (IMPS) transactions up to Rs 5 lakh, conducted via Internet banking/Mobile Banking including YONO.
Bank of Baroda
The public sector bank has made certain changes to its clearance rule.
Starting Feb 1, 2022, check payment would require verification, which if not confirmed, shall lead to chances of the check being returned.
Also, the bank advised customers to make use of the positive pay system facility, for CTS clearing.
“As per the RBI directives, Positive Pay (CPPS) System will be mandatory w.e.f. 01.02.2022 for ?10 lakh & above-issued cheques. For details, call 18002584455/ visit www.bankofbaroda.in – Bank of Baroda”, this is the messaged BoB is sending to its customers.
ICICI Bank
The private lender will hike fees on all of its credit card lines. Transaction fee has been hiked to 2.5%, effective from Feb 10, 2022.
Additionally, besides a 2% charge of the total amount due, in case of cheque or auto-debit returns, GST of Rs 50 will be debited from the user’s account too.
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