Bank Customer Alert: these important rules change from April 1
Bank Customer Alert: Several major banking rule changes will come into effect in India from next month. These changes will affect millions of consumers and influence the way people manage their money. These important rules change from April 1 in bank.
Starting April 1, the new rules bring updates to ATM withdrawal limits, credit card benefits, minimum balance requirements, digital banking security, and more. These changes could mean higher fees for additional ATM withdrawals, stricter rules for maintaining minimum balances, and fewer privileges on some credit cards.
On the other hand, banks are improving security measures to protect digital transactions and introducing better online banking features. Let’s take a look at the rule changes in advance to avoid unnecessary penalties, make better financial decisions, and maximize the benefits offered by banks.
Major banking rule changes coming into effect from April 1, 2025 are cutting credit card privileges: SBI, IDFC First Bank and Axis Bank are withdrawing key benefits on their co-branded Vistara credit cards. Benefits like free flight tickets, milestone rewards and renewal bonuses will be discontinued, with Axis Bank implementing similar changes from April 18.
ATM Withdrawal Limits Reduced: Banks are tightening rules for withdrawing money from ATMs. Customers now only get three free transactions per month at other bank ATMs. If they exceed this limit, they will be charged a fee ranging from Rs. 20 to Rs. 25 per transaction, making it essential to plan withdrawals wisely.
Stricter Minimum Balance Rules: SBI, Punjab National Bank and Canara Bank are adjusting their minimum balance requirements. The required balance now depends on whether the account is in an urban, semi-urban or rural area. Customers may be penalized for failing to maintain the minimum balance.
Tighter Security with Positive Pay System (PPS): To curb fraud, banks are introducing Positive Payment System (PPS) for cheque payments above Rs.5,000. Before processing the cheque, customers will have to verify key details like cheque number, date, payee name and amount.
Also Read: Toll new policy: introduce national policy for tolling from April 1
