New Banking Rules: Before the start of the new month, several banks announced changes in their rules. Starting April 1, new regulations related to savings accounts, ATMs, and credit cards will come into effect. Additionally, some banks are expanding their services. Many prominent banks in the country are part of this list.
SBI has updated the rules for the Vistara credit card and the minimum balance requirements for bank accounts. Similarly, HDFC Bank, PNB, Canara Bank, Axis Bank, and IDFC First Bank have also introduced changes to their banking policies. These updates aim to increase transparency and make banking processes simpler for customers.
New Credit Card Rules
SBI and IDFC First Bank are changing the rules related to co-branded Vistara credit cards. The ticket voucher facility will be discontinued for the Club Vistara SBI Prime Credit Card and the Club Vistara SBI Credit Card. Renewal benefits will also no longer be available. Additionally, milestone benefits for certain expenses are being discontinued. IDFC First Bank will also discontinue milestone benefits for the Club Vistara Credit Card. Axis Bank will implement new rules related to the Vistara Credit Card starting April 18.
Changes in Minimum Balance Rules
SBI, Punjab National Bank, Canara Bank, and several other banks are updating the rules regarding minimum balances, effective April 1. The minimum balance requirement will depend on whether the account holder is in an urban, semi-urban, or rural area. Failing to maintain the required balance may result in a penalty. Additionally, many public sector banks have changed the interest rates on savings accounts and fixed deposits. The new savings account interest rates will now be based on the balance in the account.
Introduction of Positive Pay System
Many banks are introducing the Positive Pay System to increase security for transactions. Under this system, checks for payments above Rs 5,000 will require customer verification of the information entered on the check before deposit. This new process aims to reduce fraud and ensure transparency.
Focus on Digital Banking and New Features
In an effort to promote digital banking, many banks are adding new online features and improving mobile banking services. Some banks will introduce AI chatboxes to assist customers, and two-factor authentication will be strengthened to ensure secure digital transactions.
ATM Withdrawal Fees and Limits
Several banks have changed their ATM withdrawal fee structure, which will take effect next month. If you exceed the number of free transactions, you will be charged extra. Additionally, banks have reduced the number of free transactions at ATMs of other banks. Customers can now make up to three free withdrawals per month at other banks’ ATMs. Any additional withdrawals may incur a charge of Rs 20 to Rs 25.