SBI, ICICI, PNB and BOB announced changes in banking system

State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB) and ICICI Bank have announced changes in their banking system effective this month, 1 February 2022. SBI, ICICI, PNB and BOB announced changes in banking system. These banking rules are regarding check payments, money transactions, fees applicable to various services etc.

Punjab National Bank

Public lender PNB hiked the penalty charge to Rs 250 on the failure of payment of an EMI transaction or any other instalment due if there is insufficient balance in an account holder’s account. The penalty was earlier fixed at Rs 100. Punjab National Bank has hiked the charges of auto-debit effective from February 1, 2022.

“W.E.F. 01-02-2022, The Return Charges on NACH Debit Will Be Rs.250/-Per Transaction Instead of Rs.100/- Per Transaction”, according to PNB website. PNB has increased the fees for a variety of common banking services, which came into effect on January 15, 2022.

ICICI Bank credit cards fee

The ICICI Bank will raise its fee on all ICICI Bank credit cards. From February 10, customers will have to pay a 2.50 per cent transaction fee. The bank also announced a 2 per cent charge of the total amount due, in case of cheque or auto-debit returns. In addition to that, Rs 50 plus GST will be debited from the customer’s savings account.

SBI IMPS new rules

In order to encourage customers to adopt digital banking, the lender has enhanced the free IMPS online transactions limit to Rs 5 lakh from Rs 2 lakh. As of February 1, customers can make transactions up to Rs 5 lakh instead of the earlier Rs 2 lakh limit, the bank announced.

SBI said in a statement that it will not levy any service charge on Immediate Payment Service (IMPS) transactions up to Rs 5 lakh done through Internet banking/Mobile Banking including YONO.

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Bank of Baroda positive pay system

Bank of Baroda has decided to make some changes in the rule related to the check clearance rule. According to the information given by BoB, verification will be required for check payment from February 1. If there is no confirmation, the check can also be returned. The bank appealed to their customers that the customers should take advantage of the facility of a positive pay system for CTS clearing.

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The bank is sending SMSs to its customers stating “As per the RBI directives, Positive Pay (CPPS) System will be mandatory w.e.f. 01.02.2022 for Rs 10 lakh & above-issued cheques. For details, call 18002584455/ visit www.bankofbaroda.in – Bank of Baroda.”