From 1st July, many important rules governing your day-to-day banking activity will change. The rules related to deposit and withdrawal of money from banks will change. Also, rules related to withdrawal of cash from ATMs will change. Know these important changes to remain updated. While the rules will change, customers may have to spend more on certain banking services. Pic Credit: Reuters
Cash withdrawal from SBI ATMs to invite chargesCustomers will have to now pay charges for withdrawing cash from the SBI ATMs. “In view of the announcement made by Finance Minister on March 24, State Bank of India has decided to waive ATM charges for all ATM transactions made on SBI ATMs and other bank ATMs on account of exceeding the free number of transactions up to 30th June,” SBI’s official website said. The old rule will become effective from 1 July, if the facility is not extended. Pic Credit: Reuters
Less interest likely on PNB savings account:Punjab National Bank has reduced its savings bank deposit rates by O.5 per cent. From 1 July, the maximum interest rates on the savings account will be 3.25 per cent per annum. For accounts with balance up to Rs 50 lakh, the interest rate will be 3 per cent. India’s biggest state lender SBI and Kotak Mahindra Bank also reduced rate on savings account, earlier. Pic Credit: Reuters
Rules of Atal Pension Yojana to changeThe auto debit activity will resume in Atal Pension Yojana (APY) accounts after 30 June. The activity was stopped on account of the coronavirus pandemic. As per the 11 April circular of the Pension Fund Regulatory and Development Authority (PFRDA) the banks were asked not to carry out the auto debit activity into the APY accounts. Pic Credit: Govt Website
Bank of Baroda to freeze accountsBank of Baroda had earlier informed its customers through SMS messages that it will freeze those accounts which have not been updated and are not KYC compliant.
Relaxation on minimum balance requirement to goFrom 1 July the relaxation on minimum balance requirement will go. This requirement was temporarily waived off because of the coronavirus pandemic. Accounts not fulfilling minimum balance requirement will have to give charges. Pic Credit: Reuters
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