Important news for the customers of the 3 banks- State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda. All these three banks have already taken initiatives to enhance their online or net banking facilities, which will help their customers in future as well.
What is the important news
These web-based and mobile banking rules will directly benefit account holders, as old rules have been simplified and made more customer-friendly. Furthermore, a ₹1 lakh financial assistance scheme has also come into effect from October 2025, which will be directly credited to eligible account holders. This article explains all the important updates for SBI, PNB, and Bank of Baroda account holders in simple language so that everyone can understand and benefit from the new information related to their bank account.
The new update introduces several important changes for bank account holders. These include minimum balance requirements, account inactivity, KYC procedures, digital transaction fees, and schemes like the ₹1 lakh direct deposit scheme. These changes are aimed at improving banking security, convenience, and customer service. SBI and Punjab National Bank have now completely waived charges or penalties for not maintaining the minimum balance. This has brought significant relief to small and rural account holders, who can now enjoy banking services without any financial burden. Bank of Baroda has also implemented this exemption to some extent, but has set limits for digital and cash transactions.
When bank can close an account?
If an account remains inactive for two years without any transactions, the bank can close it. However, the customer will be notified beforehand so that they can activate their account in time. This rule helps the bank streamline its accounts and prevent fraud.
Now, every account holder will be required to update their KYC (Know Your Customer) every two to three years, a crucial security measure under RBI guidelines. Failure to update KYC may result in temporary account closure or limited service access. This will strengthen account holder identity and financial security.