Winning Bizness Desk
Mumbai. If you have a bank account, this news is crucial for you. Starting April 1, 2025, several banking rules across the country will undergo changes, directly affecting your savings account, credit card, and ATM transactions. Being aware of these updates in advance can help you avoid unnecessary charges and financial losses.
Changes in Banking Rules
The Reserve Bank of India (RBI) has approved an increase in ATM interchange fees, making cash withdrawals and balance inquiries from ATMs outside your home bank’s network more expensive. Previously, customers were charged ₹17 per transaction for withdrawing money from other bank ATMs, which will now increase to ₹19. Similarly, checking your balance at another bank’s ATM, which earlier cost ₹6, will now cost ₹7.
Digital Banking Enhancements
To promote digital banking, banks are introducing advanced features to improve customer experience. Many banks are now integrating artificial intelligence (AI)-based chatbots to assist customers with online banking services. Additionally, for enhanced security in digital transactions, two-factor authentication and biometric verification will be implemented, ensuring safer online banking experiences.
Digital Banking Enhancements
To promote digital banking, banks are introducing advanced features to improve customer experience. Many banks are now integrating artificial intelligence (AI)-based chatbots to assist customers with online banking services. Additionally, for enhanced security in digital transactions, two-factor authentication and biometric verification will be implemented, ensuring safer online banking experiences.
Revised Minimum Balance Rules
Several banks, including SBI, Punjab National Bank, and Canara Bank, have revised their minimum balance requirements. The required balance depends on whether your account is in an urban, semi-urban, or rural area. If your balance falls below the prescribed limit, you may face penalties.
Changes in Interest Rates
Many banks are also revising interest rates on savings accounts and fixed deposits (FDs). The interest on savings accounts will now depend on the account balance, meaning higher balances will yield better returns.
Know in nutshell
- April 1, 2025: New banking rules come into effect
- ATM Fees: Withdrawal fee from other bank ATMs increases from ₹17 to ₹19; balance inquiry fee rises from ₹6 to ₹7
- Digital Banking: AI-based chatbots, two-factor authentication, and biometric verification introduced for better security |
- Minimum Balance: Revised rules for maintaining minimum balance, penalties for non-compliance
- Interest Rates: Savings account interest to vary based on balance, FD rates may also change
