Several new banking rules will be implemented in April. Many services will be discontinued, while many new services will be launched. These changes will affect account holders. Therefore, be aware of this change.
New Banking Rules: Before the start of the new month, several banking companies have announced revisions to the rules. From April 1, new rules related to savings accounts, ATMs and credit cards will come into effect. Not only this, but some banks are also going to expand their services. Many of the country's popular banks are included in this list.
SBI has changed the rules regarding Vistara credit card and bank account minimum balance. Apart from this, HDFC Bank, PNB, Canara Bank, Axis Bank and IDFC First Bank have also changed the banking rules. The aim of these changes is to increase transparency. Also, the banking process should be simplified.
New rules regarding credit card
SBI and IDFC First Bank are going to change the rules regarding co-branded Vistara credit card. The ticket voucher facility for Club Vistara SBI Prime Credit Card and Club Vistara SBI Credit Card will be discontinued. Renewal offers will also not be available. Milestone offers are also being discontinued for some expenses. IDFC First Bank is going to discontinue milestone offers for Club Vistara Credit Card. Axis Bank is going to implement new rules regarding Vistara credit card from April 18.
Know these rules
SBI, Punjab National Bank and Canara Bank, along with several banks, are going to implement the rules regarding minimum balance from April 1. A minimum balance has to be maintained in the savings account based on the urban, semi-urban or rural location. Failure to do so may result in a penalty.
Many public sector banks have changed the interest rates for savings accounts and fixed deposits. The interest rate for savings accounts will now be available based on the account balance.
Many banks are going to introduce a positive pay system. This will make the transaction safer. Cheques will be mandatory for payments above Rs 5,000. Customers have to verify the information entered on the cheque for deposit. This will ensure security and transparency. By doing this, fraud cases can be reduced.
Many banks are promoting digital banking. As an effort for this, new online banking and mobile banking related features may be added in the month of April.
Many banks will introduce AI chat boxes to help customers. Apart from this, features like two-factor authentication will also be strengthened so that digital transactions are safe.
Some banks have made changes in the charges related to withdrawing money from ATMs, which will come into effect from next month. A fee will be charged for doing more than the number of free transactions. The number of free transactions through ATMs has also been reduced by using ATMs of other banks. Money can be withdrawn from other banks' ATMs three times a month for free. If this is not done, banks may charge an additional fee of Rs 20 to Rs 25.
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