Bank Customers Alert! Your Account will Freeze from July 1 if You Don’t Follow These Changes in Banking Services

Are you aware that from 1st July 2020, many banking services, rules and even charges will be changed? These changes will directly impact bank customers. Here we will inform you about all the banking services, rules and charges which are about to change and what will be their impact.

Changes in Banking Services from July 1, 2020

1. Bank deposits:

There will be lesser interest on bank deposits i.e. account holders will get lesser amount in terms of interest rates.

2. ATM cash withdrawal rules:

It is to be noted that rebate & exemptions on ATM cash withdrawal will come to an end. Government gave a relief on ATM cash withdrawal for the 3 months (April, May and June) due to covid-19.

3. Savings account minimum balance:

On your savings account, the monthly minimum balance requirement will be active again. Reportedly, Bank of Baroda might even freeze your account, if you as a banking customer fail to keep minimum monthly balance in your savings account of bank. There will also be different rules for metros, city & rural areas for savings account monthly minimum balance requirement.

4. PNB:

Punjab National Bank to slash 0.50 percent interest rates on savings bank accounts.

5. Account freeze:

Your bank account may become frozen if the banking customer fails to submit documents needed to continue the banking services.

6. Maximum 3.25% interest:

At the maximum, there will be 3.25 percent interest rates on the savings bank account.

Bank of Baroda on 10TH June had said that it will reduce its benchmark lending rate across different tenors by 15 basis points. As per it, the bank will reduce its marginal cost of funds based lending rates (MCLR) across several existing levels & tenors w.e.f. June 12.