Punjab National Bank and Axis Bank are going to implement new rules in April. After this, the limit for keeping the minimum balance in the account will change and the scope of free transactions will also be limited every month. Also, paying by check will now become more secure.
new Delhi. The new financial year (2022-23), which starts two days later, will also bring with it many changes. The most important change in this is happening in some rules of Punjab National Bank (PNB) and Axis Bank.
Actually, some rules are going to change regarding minimum balance and free transactions in both public and private sector giant banks. This will have a direct impact on the pockets of the customers. Customers will have to take special care that while making transactions from their account from the new financial year, they will have to be aware of the changed rules.
What changes for PNB customers
PNB is also going to change its rules in April. The bank will implement the positive pay system from April 4. This means that after April 4, verification will have to be done for bank check payments. If there is no confirmation under the new rule, then your check will also be returned.
What is the impact on Axis Bank customers?
The limit on the customers of this bank to keep the minimum balance in the savings account is going to increase from April 1. After the implementation of the new rule, the minimum balance in the savings account will increase by Rs 10 thousand to Rs 12 thousand. According to the bank’s website, the limit for free cash transactions has also been changed to four free transactions or Rs 1.5 lakh.
Rule will be applicable on checks above 10 lakhs
According to the PNB website, after the implementation of Positive Pay System (PPS), if customers issue a check of Rs 10 lakh or more, then its confirmation will come on the PPS. In this, the person issuing the check will be asked for the details of his account number, check number, date, amount and in whose name the check has been issued. If the given details do not match then the payment by check will be stopped.
The bank has taken this step to curb the increasing fraud and fraud. Banks have also issued numbers for the convenience of their customers, where they can call and get information related to the new system. PNB customers will be able to get information by calling 1800-103-2222 or 1800-180-2222.
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