Big change in banking from February 1, 2025! 4 new rules will be applicable on SBI, PNB, and Canara Bank accounts!
Many important changes are going to happen in the major banks of India from February 1, 2025. These new rules will apply to the account holders of SBI, PNB, Canara Bank and all other banks. The aim of these changes is to make banking services more secure, efficient and customer-centric. These rules are not only important for account holders but will also start a new chapter for the overall banking system.
In this article, we will learn about these new rules in detail. We will understand how these changes will affect common customers and what can be the advantages and disadvantages of these. Also, we will know what precautions customers should take after the implementation of these rules and how they can improve their banking experience.
New banking rules to be implemented from 1 February 2025
From February 1, 2025, several new rules are being implemented by the Reserve Bank of India (RBI) which will be applicable to all banks. These rules are aimed at making the banking system more robust, transparent and customer-friendly. Let’s take a brief overview of these new rules:
| New Testament | Description |
| Change in minimum balance | You will have to maintain a higher minimum balance in your savings account |
| Change in ATM withdrawal fees | Less number of free transactions, higher charges on additional withdrawals |
| Changes in interest rates | Revision in interest rates on savings and FD |
| Expansion of digital banking services | New features in online and mobile banking |
| positive pay system | Mandatory for cheques above Rs 50,000 |
| change in bank timings | Banks will be open 5 days a week, work on new timings |
| Strictness in KYC rules | Customers will have to update their KYC, otherwise their account may be frozen |
Table of Contents
1. Change in minimum balance
The minimum balance amount for savings accounts in all major banks is being changed from February 1, 2025. This change will encourage customers to keep more money in their accounts.
- The minimum balance requirement in SBI will increase from Rs 3000 to Rs 5000
- In PNB, this amount will increase from Rs 2000 to Rs 3500
- Minimum balance in Canara Bank will be increased from Rs 1000 to Rs 2500
Customers have to note that if they do not maintain this minimum balance, they may have to pay penalty charges. So make sure to keep sufficient amount in your account.
2. Change in ATM withdrawal fees
Under the new rules, the free limit for withdrawing money from ATM has been reduced. Now customers will get only 3 free transactions per month, whereas earlier this number was 5. Apart from this, the charge for additional withdrawals has also been increased.
- After the free limit, the charge per transaction will increase from Rs 20 to Rs 25
- Withdrawals from non-home bank ATMs will attract a charge of Rs 30 per transaction
- You can withdraw a maximum of Rs 50,000 in a day
This change is aimed at promoting digital transactions and reducing cash withdrawals. Customers are advised to plan their ATM usage carefully and use UPI or net banking where possible.
3. Changes in interest rates
Banks have revised the interest rates on savings accounts and fixed deposits (FD). This change has been made in accordance with the current economic conditions and RBI policies.
- Interest rate on savings account increased from 3% to 3.5%
- Interest rate on 1 year FD increased from 5.5% to 6%
- Senior citizens will get 0.5% additional interest on FD
These new rates will encourage customers to save more and invest their money better. Senior citizens in particular will benefit from this.
4. Expansion of digital banking services
Banks have added many new features to their digital services. Their aim is to provide a better and safer online banking experience to the customers.
- AI-powered chatbots for 24×7 customer support
- Biometric login facility
- UPI limit increased to Rs 5 lakh per day
- Facility to open FD and RD from mobile app
- Option to issue virtual debit card
Customers are advised to take advantage of these new features, but at the same time take care of the security of their account. Change passwords regularly and do not share them with anyone.
5. Positive Pay System
Positive Pay System has been made mandatory for all cheques above Rs 50,000. The purpose of this system is to prevent cheque fraud.
- Check details have to be given to the bank before issuing the check
- The bank will verify the check details
- If the details do not match, the cheque will bounce
This system will provide additional security to the customers, but it may take some more time in cheque clearance.
6. Change in bank timings
The working days and timings of banks are being changed from 1 February 2025. This change has been made to improve the work-life balance of the employees and reduce operational costs.
- Banks will now open only 5 days a week (Monday to Friday)
- Bank timings will be from 9:45 AM to 5:30 PM
- Lunch break will be of 30 minutes (from 1:30 to 2:00 PM)
Customers are advised to plan their banking operations according to these new timings. Use digital channels for most services which will be available 24×7.
7. Strictness in KYC rules
Banks have further tightened the Know Your Customer (KYC) rules. This step has been taken to prevent money laundering and other financial crimes.
- It will be mandatory to update KYC every 2 years
- Biometric verification will be mandatory
- Providing incorrect or incomplete information may result in account freeze
- Additional documents may be required for high-value transactions
Customers are advised to keep their KYC documents up-to-date and provide all information sought by the bank correctly and on time.
Disclaimer: This article is for informational purposes only and the information given in it is entirely based on public domain and media reports. Readers are advised to confirm these information themselves from their respective bank or official sources. The author or platform will not be responsible for any change, error or alteration in the information given in the article. Always consult official sources for final decision and accurate information.
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