Hyderabad: State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), and ICICI Bank have announced changes in their banking system. These banking rules are regarding cheque payments, money transactions, fees applicable to various services, etc.
SBI has hiked the limit on its Immediate Payment Service (IMPS) transactions. According to the bank, SBI account holders will be allowed to do transactions of up to Rs 5 lakh, an increase from the existing limit of Rs 2 lakh. Customers will not have to pay any service charges for IMPS transactions up to Rs 5 lakh done through SBI YONO, internet banking, and mobile banking.
In a message issued to its credit card customers last month, ICICI Bank indicated that it has increased rates for numerous credit card services, including late payment fees. “Dear Customer, The Fee Structure on Your ICICI Bank Credit Card Will Be Revised Effective 10-Feb-22.” Visit bit.ly/3qPW6wj for more information about MITC,” the letter to ICICI Bank credit card holders added.
Customers would have to pay a transaction charge on cash advances of 2.50 percent on advanced sums on all cards, subject to a minimum of Rs 500, starting February 10, 2022. If a cheque is returned, the bank will now charge 2 per cent of the total amount owed, with a minimum charge of Rs 500.
On the other hand, BoB has announced changes to its cheque payments system. The bank has requested customers to provide an advance intimation of cheques issued to the beneficiaries. If customers provide the information, the bank at the time of CTS clearing can pass the High-Value cheques without any confirmation phone call from the base branch.
This method is a positive pay system. You will be required to verify certain aspects of the cheque issued by you to guarantee that it is cleared, i.e. processed and debited from your bank account, under the positive pay mechanism. These details include the date of the cheque, the 6-digit cheque number, the amount, and the name of the beneficiary. This can be done in person at a bank branch or online through your internet banking or mobile banking account.
PNB has said if there is a failure of payment of an EMI or any other installment due to the lack of sufficient balance in the account holder’s account, it would levy a penalty of Rs 250. Earlier, the penalty was fixed at Rs 100.
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