Banking System Change: 6 new rules will be implemented from April 1, account holders will be affected

Many new banking rules will be implemented in April. Many services will be closed, while many new services will be started. These changes will affect the account holders. Therefore, one should be aware of these.

New Banking Rules: Before the new month starts, many banking companies have announced amendments in the rules. From April 1, new rules related to savings account, ATM and credit card will come into effect. Not only this, some banks are also going to expand their services. Many famous banks of the country are included in this list.

SBI has changed the rules related to Vistara credit card as well as bank account minimum balance. Apart from this, HDFC Bank, PNB, Canara Bank, Axis Bank and IDFC First Bank have also changed banking rules. The purpose of these changes is to increase transparency. Also, the banking process is to be made easier.

New rules related to credit card

SBI and IDFC First Bank are going to change the rules related to co-branded Vistara credit card. Ticket voucher facility will be discontinued for Club Vistara SBI Prime Credit Card and Club Vistara SBI Credit Card. Renewal benefits will also not be available. Milestone benefits are also being discontinued for some expenses. IDFC First Bank is going to discontinue milestone benefits for Club Vistara Credit Card. Axis Bank is going to implement new rules related to Vistara Credit Card from April 18.

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Know these rules

1. SBI, Punjab National Bank and Canara Bank, along with many other banks, have changed the rules related to minimum balance, which are going to be implemented from April 1. Minimum balance will have to be managed in the savings account based on urban, semi-urban or rural location. Failure to do so may result in a penalty.
2. Many public sector banks have changed the interest rates on savings accounts and FDs. The interest rate on savings accounts will now be available based on the balance of the account.
3. Many banks are also going to introduce the positive pay system. This will make the transaction secure. Checks will be mandatory for payments of more than Rs 5,000. Customers will have to verify the information entered in the check to make deposits. So that security and transparency can be ensured. Doing this can reduce cases of fraud.
4. Many banks are promoting digital banking. In an effort to this, new online and bank mobile banking related features can be added in April.
5. Many banks will introduce AI chat boxes to help customers. Apart from this, features like two factor verification will also be strengthened so that digital transactions remain safe.
6. Some banks have made changes in the fees related to cash withdrawal from ATM, which will be effective next month. Charges will be levied for doing more than the number of free transactions. The number of free transactions through ATM has also been reduced by using ATMs of other banks. Cash can be withdrawn three times a month from ATMs of other banks. If this is not done, banks can charge an extra charge of 20 to 25 rupees.

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