Effective today i.e, 1 April 2025, check major rules related to banking and personal finance that going to impact your wallet.
Banking Rule Changes From 1 April 2025: The policy revision will affect ATM withdrawal policies, savings account rules, credit card benefits, and more. Customers should keep up with the frequent updates coming through them to ensure the security of their accounts, access new features and services, and maintain a smooth banking experience.
ATM Withdrawal Charges
The RBI has set guidelines for ATM transaction fees, such as the free limit and the maximum permissible charge per transaction. In compliance with these guidelines, several banks have revised their ATM withdrawal fees with the number of free ATM withdrawals per month being reduced, particularly for transactions at ATMs operated by other banks. Customers will now only be permitted three free withdrawals each month at other bank ATMs; after that, there will be a charge of Rs 20 to Rs 25 every transaction.
Minimum Balance Requirements
There is a minimum average balance that all savings account customers must maintain in their accounts. Furthermore, there will be a penalty based on the required savings account balance amount if the same is not maintained. Several banks are revising their minimum balance policies to include penalties for dropping below the amount. The minimum balance requirements for banks will differ based on the type of account, bank, and branch location (metro, urban, semi-urban, or rural).
Positive Pay System (PPS)
To combat banking fraud, the RBI implemented the Positive Pay System (PPS). Several banks are implementing the PPS to improve transaction security. Customers who issue cheques for amount above Rs 50,000 are required by PPS to electronically provide the bank with important details about the cheques they have issued to beneficiaries. Before the cheque is presented for payment, these data will be verified. Redressal actions would be made if the CTS pointed out any disparity between the presenting and drawee banks.
Enhanced Digital Banking Features
Several key digital trends will shape banking with AI banking assistants improving money management, digital advice being improved and mobile services setting the standard. Banks are launching advanced online features and AI-powered chatbots to help customers. Additionally, enhanced security measures, such as two-factor authentication and biometric verification will be strengthened to secure digital transactions.
Savings Account And FD Interest Rates
Several banks are revising interest rates on savings accounts and fixed deposits. Effective from today HDFC bank has discontinued with its Special FD scheme. Additionally, from 1 April 2025 HDFC bank has revised its FD for general citizen offering highest interest rate of 7.25% on tenure of 10 months to less than 21 months. Yes Bank has also announced rate revision in its FD rates effective today from tenures ranging from 181 days to 60 months offering highest interest rates upto 7.98% in 12 months to < 24 months tenor effective 1.04.2024.
Credit Card Benefits
Starting April 1, 2025, major banks are revising credit card rules, which will affect rewards, charges, and more. SBI will halve SimplyCLICK Swiggy rewards to 5X and cut Air India Signature points from 30 to 10. IDFC First will discontinue the benefits of the Club Vistara milestone.
UPI transactions
With effect from April 1, mobile numbers linked to UPI accounts that have not been used for a long time will be removed from bank records. If your phone number is linked to a UPI app and has not been used for a long time, banks will delete it from their records, and UPI services will be suspended for the account.
