New Banking Rules: Savings account rules will also be changed to some extent. Let’s take a look at what major changes are going to be seen in banking rules from April 1.
New banking rules will come into force in India as soon as the financial year 2025-26 starts on April 1. What changes will be seen in the new banking rules, from the use of credit cards to ATM cards, there is going to be a change in the rules. Savings account rules will also be changed to some extent. Let’s take a look at what major changes are going to be seen in banking rules from April 1.
Change will be seen in the fee for withdrawing cash from ATM card
Many banks have changed their ATM withdrawal policies. The number of free ATM withdrawals is being reduced every month, especially for transactions from ATMs of other banks. Now customers will be allowed free withdrawal only three times every month from the ATM of another bank, withdrawals beyond this limit will attract an extra charge of ₹ 20 to ₹ 25 per transaction.
Rules will change regarding minimum balance
State Bank of India, Punjab National Bank, Canara Bank and some other banks are going to update their minimum balance rules. Now the minimum balance will depend on whether the account is in urban, semi-urban or rural area. Penalty may be imposed for not maintaining the prescribed balance.
Emphasis on Positive Pay System
Many banks are introducing Positive Pay System (PPS). This system requires verification for check payments of more than ₹ 5,000. Customers will have to confirm information such as check number, date, payer’s name and balance before processing, which will reduce fraud and errors.
Features of digital banking will be improved
To promote digital banking, banks are launching better online facilities and AI-powered chatbots to assist customers. Better security measures like two-factor authentication and biometric verification will also be strengthened to protect digital transactions.
Changes in savings account and FD interest rates
Many banks are revising interest rates on savings accounts and fixed deposits. Interest on savings accounts will now depend on the balance in the account, which means that higher balances can earn better interest.
Changes will also be seen in credit card benefits
Major banks including State Bank of India and IDFC First Bank are making changes to their co-branded Vistara credit cards. Benefits such as ticket vouchers, renewal perks and milestone rewards will be discontinued. Axis Bank will implement similar changes from April 18, which will affect its Vistara credit cardholders.
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