What modifications for SBI, ICICI Bank, PNB and Bank of Baroda prospects in February

State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB) and ICICI Bank have introduced modifications of their banking system efficient this month, 1 February 2022. These banking guidelines are relating to test funds, cash transactions, charges relevant to numerous companies and so forth. Let’s check out what these new modifications are.

SBI IMPS new guidelines

In order to encourage prospects to undertake digital banking, the lender has enhanced the free IMPS on-line transactions restrict to ₹5 lakh from ₹2 lakh. As of February 1, prospects could make transactions as much as ₹5 lakh as a substitute of the sooner ₹2 lakh restrict, the financial institution introduced.

SBI stated in a press release that it’ll not levy any service cost on Immediate Payment Service (IMPS) transactions as much as ₹5 lakh carried out by Internet banking/Mobile Banking together with YONO.

Punjab National Bank

Public lender PNB hiked the penalty cost to ₹250 on thefailure of fee of an EMI transaction or every other instalment due if there may be inadequate stability in an account holder’s account. The penalty was earlier mounted at ₹100.

Punjab National Bank has hiked the costs of auto-debit efficient from February 1, 2022. “W.E.F. 01-02-2022, The Return Charges On NACH Debit Will Be Rs.250/-Per Transaction Instead Of Rs.100/- Per Transaction”, in keeping with PNB web site.

PNB has elevated the charges for a wide range of widespread banking companies, which got here into impact on January 15, 2022.

Bank of Baroda constructive pay system

Bank of Baroda has determined to make some modifications within the rule associated to the test clearance rule. According to the knowledge given by BoB, verification can be required for test fee from February 1. If there is no such thing as a affirmation, the test can be returned. The financial institution appealed to their prospects that the purchasers ought to make the most of the power of a constructive pay system for CTS clearing.

The financial institution is sending SMSs to its prospects stating “As per the RBI directives, Positive Pay (CPPS) System can be necessary w.e.f. 01.02.2022 for ₹10 lakh & above-issued cheques. For particulars, name 18002584455/ go to www.bankofbaroda.in – Bank of Baroda.”

ICICI Bank bank cards payment

The ICICI Bank will increase its payment on all ICICI Bank bank cards. From February 10, prospects must pay a 2.50 per cent transaction payment. The financial institution additionally introduced a 2 per cent cost of the whole quantity due, in case of cheque or auto-debit returns. In addition to that, ₹50 plus GST can be debited from the shopper’s financial savings account.

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