Public sector banks like SBI, PNB, and Canara Bank have rolled out new rules for their customers in 2025, aiming to improve services and security. These changes affect several key areas, from minimum balance requirements to digital banking enhancements. Here’s what you need to know:
What Are the Changes in Minimum Balance Requirements?
Customers of SBI, PNB, and Canara Bank must now maintain updated minimum balances in their savings accounts to avoid penalties.
- Why the Change? The banks aim to improve account maintenance and reduce penalty-related disputes.
- What Should Customers Do? Check the updated minimum balance requirements for your account type and ensure compliance to avoid additional charges.
How Have ATM Withdrawal Fees Changed?
Significant updates have been made to ATM transaction limits and charges:
- Free Transaction Limits: Customers can make only a limited number of free transactions per month.
- Higher Charges: Beyond these limits, additional fees will apply, especially for withdrawals from non-home bank ATMs.
- OTP-Based Withdrawals: Transactions above a specified amount now require OTP verification, ensuring safer cash withdrawals.
What Are the New Interest Rate Updates?
Interest rates for savings accounts and fixed deposits have been revised by these banks:
- Savings Accounts: Adjusted rates to align with market trends.
- Fixed Deposits (FDs): Locked deposit rates have been updated, offering new opportunities for higher returns.
- Customer Action: Regularly check your bank’s updated interest rates to maximize your earnings.
MUST READ: Private Sector Salary Hike 2025: Shocking Pay Raise Revealed – Check Your New Salary Now!
How Have Digital Banking Services Improved?
Digital platforms for SBI, PNB, and Canara Bank have received significant upgrades:
- New Features: Enhanced security protocols, instant fund transfers, and AI-powered customer support.
- Cybersecurity Measures: Updates include robust protections against cyber-attacks.
- Customer Action: Ensure your banking apps are updated to access the new features and remain secure.
What Are the New Cheque Regulations?
The Positive Pay System (PPS) has been introduced for cheque transactions of ₹50,000 and above:
- How It Works: Customers must verify cheque details before processing.
- Benefits: Increased transparency, improved security, and fewer cheque rejections due to non-compliance.
Why Are These Changes Important for Bank Customers?
These updates reflect the banks’ commitment to enhancing customer service, security, and digital innovation. Staying informed about these changes ensures:
- Compliance with updated rules.
- A seamless banking experience.
- Protection against penalties and disruptions.
MUST READ: 8th Pay Commission Surprise: Massive Pension Hike Revealed – Check How Much You’ll Get!
FAQs
What is the new minimum balance requirement for SBI, PNB, and Canara Bank accounts?
The minimum balance requirement varies by account type and bank. Customers should check with their respective banks to avoid penalties.
How have ATM withdrawal rules changed?
Free transaction limits have been reduced, and additional fees apply for transactions beyond these limits. OTP-based withdrawals are now mandatory for high-value transactions.
What are the new interest rates for savings accounts and FDs?
Savings account rates and FD rates have been revised to reflect market trends. Customers should review the latest rates to maximize their returns.
What is the Positive Pay System (PPS)?
PPS requires customers to verify cheque details for transactions above ₹50,000, enhancing security and transparency.
Why are OTP-based ATM withdrawals mandatory?
OTP-based withdrawals are designed to prevent fraud and enhance the security of high-value transactions.
How can customers access the new digital banking features?
Customers must update their banking apps to enjoy enhanced digital services such as AI-powered customer support and instant fund transfers.
When do these changes take effect?
The new rules are effective immediately. Customers are advised to stay updated through official bank notifications.
How will these changes improve the banking experience?
These updates aim to enhance security, reduce disputes, and streamline banking processes, ensuring a better experience for customers.
Click here to know more.
A passionate content writer specializing in creating engaging, SEO-optimized content. With expertise in blogs, web copy, and storytelling, I craft words that connect with audiences and deliver results.