New Rules from 1 April 2025: New rules related to banks are going to be implemented from the new financial year. New banking rules are going to be implemented in India from 1 April 2025. These changes will affect ATM withdrawals, minimum balance, check payment safety, digital banking, savings account and fixed deposit (FD) interest rates as well as credit card service.
New Rules from 1 April 2025: New rules related to banks are going to be implemented from the new financial year. New banking rules are going to be implemented in India from 1 April 2025. These changes will affect ATM withdrawals, minimum balance, check payment safety, digital banking, savings account and fixed deposit (FD) interest rates as well as credit card service. Customers can improve their banking experience by taking information about these rules in advance. Also, you can avoid extra charges and penalties.
Change in the rules for withdrawing money from ATM
Now bank customers will get the facility to withdraw money free only three times from the ATM of another bank. After this, a charge of Rs 20 to 25 will be levied on every extra transaction. Earlier, many banks used to provide the facility of withdrawing money five times for free. Now under the new rules, it has been reduced.
Change in minimum balance rules
Many big banks including State Bank of India (SBI), Punjab National Bank (PNB), and Canara Bank have implemented new conditions of minimum balance. Now customers will have to maintain different minimum balances depending on urban, semi-urban and rural areas. Failure to maintain the set balance will attract a penalty, the amount of which will vary according to the bank and type of account.
Positive Pay System (PPS) will be implemented
Positive Pay System (PPS) is being implemented to prevent bank fraud. Now for check payments of more than Rs 5,000, customers will have to verify the check number, date, beneficiary name and amount. This process will help prevent wrong payments and fraud.
Digital banking service will be improved
Banks are now launching new online services and AI-powered chatbots to make digital banking more safe and convenient. Apart from this, two-factor authentication and biometric verification are being strengthened to make digital transactions safe.
Changes in interest rates of savings account and FD
Many banks have announced changes in the interest rates of savings account and fixed deposit (FD). Now interest rates will be fixed on the basis of the amount deposited in the account. Due to this, customers holding large amounts are likely to get more interest.
Cut in credit card facilities
SBI and IDFC First Bank are making changes in the benefits of Vistara credit card. Facilities like free ticket vouchers, renewal benefits and milestone rewards will be discontinued. Axis Bank will also implement similar changes on its Vistara credit card from April 18, 2025.
