New Banking Rules: Key Changes Starting From April 1

With the new financial year around the corner, i.e, April 1, new banking rules will also come into effect.

Customers need to be aware of these changes, especially regarding credit cards, savings account rules, and ATM withdrawal policies. It is better to familiarize yourself with these updates in advance to avoid penalties.

Here are the new changes:

1) ATM Withdrawals:

Banks have reduced free ATM withdrawals from five to three per month. Customers exceeding this limit will be imposed a charge of Rs. 20 to Rs. 25 per transaction.

2) Minimum Balance Requirement:

Banks have updated minimum balance rules based on account type, bank, and branch location. Failing to maintain the required balance will lead to extra charges.

3) Positive Pay System (PPS):

To improve transaction security, banks will implement the Positive Pay System. Customers issuing cheques over Rs. 50,000 must electronically verify cheque details to prevent fraud.

4) Improved Digital Banking:

Banks are introducing new online services, including AI-powered chatbots for support. They will also enhance transaction security with two-factor authentication and biometric verification.