New Bank Rules Effective From 1 February 2025
Changes to the ATM Cash Withdrawal System New ATM withdrawal rules will apply. Customers get three free withdrawals per month, after which a fee of ₹25 per transaction will be charged (previously ₹20). Using another bank’s ATM will cost ₹30 per transaction. The daily withdrawal limit is ₹50,000.
Changes In Interest Rate The interest rate on saving accounts will increase from 3 % to 3.5 %. Apart from this, the senior citizens will be benefitted of 05% on the saving accounts.
Changes In Minimum Balance The minimum balance requirement will increase: SBI from ₹3,000 to ₹5,000, PNB from ₹1,000 to ₹3,500, and Canara Bank from ₹1,000 to ₹2,500.
Kotak Mahindra Bank Service Charges: Kotak Mahindra Bank has revised its general features and charges
UPI Payment Security: The National Payments Corporation of India (NPCI) has mandated biometric OTP authentication for UPI transaction IDs to enhance security and reduce fraud.
IMPS Transfer Limit: The Reserve Bank of India (RBI) has increased the Immediate Payment Service (IMPS) transfer limit to ₹10 lakh per day. Instant transfers of up to ₹7 lakh can now be made without specifying the beneficiary's name.
FASTag KYC Update: Users are required to update their FASTag KYC information. Failure to do so will result in restricted access to toll plaza services. The update process can be completed online. oneindia.com
NPS Withdrawal Policy: The Pension Fund Regulatory and Development Authority (PFRDA) has increased the partial withdrawal limit under the National Pension System (NPS) to 30%, providing better financial support for unforeseen medical expenses.
SBI Home Loan Rates: The State Bank of India (SBI) has introduced a new home loan scheme with an annual interest rate reduction from 8.4% to 8.1%.