SBI, PNB ICICI, BOB Makes Important Changes in Banking System; Details Inside

Many national banks in India including ICICI Bank, Bank of Baroda (BOB), State Bank of India (SBI) and Punjab National bank (PNB) have announced banking system changes that will take effect on February 1, 2022.  

These banking rules apply to check payments, money transactions, and fees for various services, among other things. Let's take a look at what each of these banks has changed: 

Punjab National bank (PNB) 

The penalty charge for failing to pay an EMI transaction or any other instalment due to insufficient balance in an account has been increased by the Punjab National Bank to Rs.250. 

Customers will now be charged Rs.250 for each default, up from the previous penalty of Rs.100. Furthermore, readers should be aware that the PNB has raised the fees for a number of common banking services. 

State Bank of India (SBI)  

To encourage customers to use digital banking, the SBI has increased the limit for free IMPS online transactions from Rs.2 lakh to Rs.5 lakh, effective February 1, 2022. 

In addition, the bank stated in its statement that it would not charge a service fee on IMPS transactions under Rs.5 lakh. 

Bank of Baroda 

The Bank of Baroda has made changes to its cheque clearance policy. From February 1, the BoB has announced that all cheque payments will be subject to verification. If no confirmation is received, the check will be returned. 

Customers should also take advantage of the positive pay system for CTS clearing, according to the BoB. 

ICICI Bank 

The ICICI Bank will increase the fee on all of its credit cards starting February 1, 2022. Customers will have to pay a transaction fee of Rs.2.50 starting on February 10th. 

In addition, the bank has stated that in the event of a cheque or auto-debit return, customers will be charged 2% of the total amount due. 

In addition, the customer's savings account will be debited for Rs.50 plus GST. 

Note: For more details please visit your nearest bank.