These include banking changes. The Reserve Bank of India (RBI) will make major changes in the banking system. In such a situation, some account holders will have to face new arrangements.

In fact, banking services in big banks like State Bank of India, Punjab National Bank and Canara Bank will change. The new rules aim to make digital banking even better.

To encourage and prevent banking fraud. Let’s know which 5 banking rules will change from February 1?

Changes in ATM withdrawal charges

There may be changes in ATM withdrawal charges from February 1, 2025, which may increase. As per the rules, you can withdraw cash from ATMs free of cost only 3 times in a month. However, after this, a fee of Rs 25 will be charged for each transaction. Earlier, a fee of Rs 20 was charged. Please note that if you withdraw money from an ATM of a bank other than your bank’s ATM, you will have to pay a fee of Rs 30 for the same. As per the rules, a maximum of Rs 50,000 can be withdrawn in a day.

Interest rate change

State Bank of India, Punjab National Bank and other banks may offer higher interest on savings accounts. From February 1, the interest rate on savings accounts will be increased from 3 percent to 3.5 percent. Senior citizens will get an additional benefit of 0.5 percent on savings accounts.

Changes in minimum balance

The minimum balance will change from February 1. In such a situation, account holders will have to maintain a maximum minimum balance in their savings account. Earlier, it was mandatory for State Bank of India account holders to maintain a minimum balance of Rs 3000. Now the minimum balance will be increased to Rs 5000. For Punjab National Bank customers, the minimum balance in their accounts will be increased from Rs 1,000 to Rs 3,500. Along with this, the minimum balance limit of Canara Bank will be increased from Rs 1000 to Rs 2500. If the minimum balance is not maintained, then the account holders may have to pay a penalty.

ATM transaction limit

One change in banking rules from February 1, 2025 will be that Kotak Mahindra Bank will change the rules related to ATMs for its customers. In fact, there will be changes in the fees including general facilities for customers. The fees for different types of banking services will be determined by the bank.

Digital banking service

There will also be changes in digital banking services from February 1. Facilities related to online and mobile banking will be expanded. New services may be added that will make transactions more secure and faster. Users can get the benefit of more cashback by making digital payments.

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Yes Bank and ICICI Bank are going to make some changes in the service charges of their savings accounts, which will be applicable from May 1. Along with these changes, both banks have also announced the closure of select account types.

Yes Bank

• According to the official website of Yes Bank, the bank will be revising its minimum average balance (AMB) requirements across different savings account types, which are as follows –
• Savings Account Pro Max will require an AMB of Rs 50,000, while the maximum charge will be limited to Rs 1,000. Savings Account Pro Plus, Yes Essence Savings Account, and Yes Respect Savings Account will require an AMB of Rs 25,000, with a maximum charge of Rs 750.
• For Savings Account Pro, AMB of Rs 10,000 will be mandatory, and the maximum charge will be Rs 750. For Savings Value and Kisan Savings Account, AMB of Rs 5,000 will be required.

Apart from this, the bank will be discontinuing several account types, including Savings Exclusive, Yes Savings Select and many others tailored for specific customer segments.

ICICI Bank

ICICI Bank is also going to make changes in many of its banking services. This includes Minimum Monthly Average Balance (MAB), cash transactions charges, ATM interchange fees and more.

Meanwhile, the bank will close many accounts, which include Advantage Women Savings Account, Privilege Accounts Advantage Women Savings Account, Asset Linked Savings Account and Aura Savings Account.

These changes will happen in the regular savings account of ICICI Bank

• Debit card annual fee: Rs 200 per year. (Rs 99 per year for rural locations).
• Check Book: Nil for 25 checks in a year and Rs 4 per check thereafter.
• IMPS: Outward Transactions: The bank will levy tiered charges based on the transaction amount, which will range from Rs 2.50 to Rs 15 per transaction depending on the transaction value.
• Cash Transactions Charges: ICICI Bank will adjust the charges for transactions at domestic and non-domestic branches including third party transactions.

Also Read-

• Bank Loan Rules: Loan taking rules will change from October 1, RBI made new rules
• Best FD Rates: Which bank is giving the highest interest to senior citizens? Check FD rates of Axis, HDFC, Yes SBM Bank
• RBI imposed fine of lakhs on these 5 banks, know the reason here

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The list of bank holidays occurring every year and month is released by the Reserve Bank of India (RBI). In such a situation, before going to the bank, people can get information about when the banks are going to be closed in their city. Banks remained closed for many days in the beginning of February and this month is about to end and there are still 5 days when banks are going to be closed.

Banks will remain closed for two days-

However, bank goers will also get 2 days in between during these 5 days when they can complete bank related work. Chhatrapati Shivaji Maharaj Jayanti is on 19th February and banks are closed in some states on this occasion also.

Whereas, in many places there will be a bank holiday on 20th February also. Let’s see the complete list of bank holidays and know when and where the banks are going to be closed in the coming days.

Banks will remain closed for this reason-

Bank holiday is for two consecutive days, not 1 or 2 days. However, during this period banks are going to remain closed only in some states. 19 February 2024 is the birth anniversary of Chhatrapati Shivaji Maharaj on which banks in some states are closed. There is a bank holiday in Belapur, Mumbai and Nagpur on the occasion of Chhatrapati Shivaji Maharaj Jayanti (Chhatrapati Shivaji Jayanti 2024).

Banks will remain closed on the occasion of State Day

There will be a bank holiday on 20th February also, but banks will remain closed only in selected states. 20th February 2024 is the Statehood Day of Aizawl and Itanagar. On this occasion, there will be a holiday for banks in both the states.

3 days to complete the work

After 20th February, bank work can be completed on 21st February, 22nd February and 23rd February 2024. All the banks across the country are open for these three days, but after this the banks will be closed again for 3 consecutive days.

Banks will remain closed for 3 consecutive days

There is an opportunity for banks to complete their work from 21st to 23rd February, but after that there will be a holiday for all the banks across the country on 24th and 25th February. 24th February is the fourth Saturday of the month and banks across the country will remain closed on this day.

Whereas, due to weekly holiday on 25 February 2024, banks across the country will remain closed. At the same time, there will be a bank holiday on 26th February also, but on the occasion of Nyokum, there will be a bank holiday only in Itanagar.

How to complete your work when the bank is closed

If the bank is closed in your state or city and you need to do bank related work like transferring money to someone, withdrawing money from the bank or need cash, then you can do these works even when the bank is closed. Transactions can be done through online banking services sitting at home. Whereas, you can withdraw cash using the ATM machine with the help of your ATM card.

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This service has been started by the bank under Digital Payment Vision 2025. The MD & CEO of the bank said that a large number of people in rural areas still use keypad phones. With this service the customer will be able to make payments to anyone across India.

Have to use like this

First of all the customers of the bank have to dial the IVR number 9188123123.
After this the beneficiary has to be selected. Then the transaction has to be verified.
This service will be available in many languages. Customers can choose as per convenience.

Will be able to use name instead of number in bank account

Indian Overseas Bank (IOB) has launched a new facility called ‘Mera Khata Mera Naam’. Under this, customers of the bank will be able to use any name as the account number. The scheme has been started from the central office in Chennai. This facility will be available in all the 49 Regional Offices of IOB across the country. Initially this service will be available for savings and salary account customers. The Bank CEO said that this is the first of its kind scheme in the banking industry.

How to change account name: As per the scheme, the account name can be seven letters, or seven numbers, or a combination of seven letters and numbers. Customers will not need to remember their 15 digit account number.

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You will not need to maintain minimum balance after the new rule is made. Different amount of minimum balance is fixed according to different bank and account. The account holder has to pay penalty for not maintaining the minimum balance.

Big statement on minimum balance

Minister of State for Finance Bhagwant Kishanrao Karad had given a big statement in the last days regarding maintaining minimum balance in the account. He appealed to the board of directors of the banks and said that they can take a decision to abolish the penalty on the accounts of those who do not keep the minimum balance. Karad had said that banks are independent bodies. In such a situation, the Board of Directors can waive the penalty for not keeping the minimum amount.

At that time, the media had questioned the Minister of State for Finance regarding maintaining the minimum amount. He was also asked whether the government is considering giving instructions to the banks that no penalty should be imposed on the accounts in which deposits go below the prescribed minimum level.

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However, the minimum balance in the accounts varies with the banks. There are some conditions related to the minimum balance in the bank accounts of metro cities, cities and rural areas. Failure to comply with these conditions may result in deduction of charges by the Bank. Apart from this, the charges related to ATM withdrawal are also deducted by the banks.

State Bank of India (SBI), the country’s largest PCAU bank, had in March 2020 done away with the requirement of keeping a minimum amount every month on its savings accounts. Earlier, SBI account holders were required to maintain a monthly average balance of Rs 3000, Rs 2000 and Rs 1000 depending on the location in their accounts.

At the same time, it is mandatory for savings account holders in urban and metro cities to maintain an average monthly balance of Rs 10,000 in leading private sector bank HDFC. Whereas in small towns this amount is Rs 5,000. At the same time, it is mandatory for bank customers in rural areas to maintain an average balance of Rs 2,500 every quarter. Bank imposes penalty for not following this rule.

ICICI Bank’s savings account holders in metro or urban areas will have to maintain a minimum monthly average balance of Rs 10,000, Rs 5,000 in small-towns and Rs 2,000 in rural areas. On customers who fail to maintain the average balance, the bank imposes a shortfall charge of 6 per cent or a penalty of Rs 500, whichever is less.

It is mandatory for the savings bank account holders of Punjab National Bank located in metro and urban areas to maintain a balance of Rs 20,000 on a quarterly basis. Whereas, account holders in small-town and rural areas have to maintain a minimum quarterly average balance of Rs 1000 and Rs 500 respectively.

It is mandatory for Kotak Mahindra Bank savings account holders to maintain a monthly average balance of Rs 10,000 in metro and Rs 5,000 in non-metro areas. However, for failure to maintain the minimum balance, the bank charges a penalty of 6 percent of the shortfall in AMB.

All major banks in the country allow a limited number of free ATM transactions every month. But apart from doing the free transactions, banks levy charges along with applicable taxes. According to a notification issued by the Reserve Bank of India in June last year, banks were allowed to charge Rs 21 per transaction at ATMs over and above the monthly free transaction limit with effect from January 1, 2022.

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The Finance Ministry has expressed concern over the low rate of recovery from written-off accounts. The ministry said that public sector banks should increase it to 40 per cent, sources have informed.

The rate of recovery is 15 percent

Presently the recovery rate from written off accounts is less than 15 per cent. Public Sector Banks (PSUs) have been able to recover only 14 per cent of the amount written off in the last five years ending March 2022. During this, a total of Rs 7.34 lakh crore has been written off. Out of this, PSBs recovered Rs 1.03 lakh crore.

The meeting will be held with the officials of the government bank.

Sources said that it seems that after writing off the bad loans, the banks get complacent about the recovery from those non-performing assets (NPAs). He said that this level of recovery is not acceptable. Also more recovery from written off accounts directly increases their profits and improves capital. Sources said the Department of Financial Services would soon hold a meeting with senior officials of public sector banks to review the position on the issue.

What is NPA?

NPA means Non Performing Asset means stuck debt. In simple words, you can say that after taking the loan, when the lender is not able to repay the installment, then the money of the banks gets stuck. First an attempt is made to deposit this amount towards the bank but later it is declared as NPA.

RBI informed that as per the guidelines of the Reserve Bank of India (RBI) and the policy approved by the Boards of Directors of the banks, Non-Performing Assets (NPAs) have been written off from the books of the concerned banks by writing them off. It also includes NPAs for which full provisioning was made.

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The bank has given time till March 24 to get this work done. It has been warned that if this is not done, the bank account can be deactivated.

Update will have to be done by March 24

According to the tweet made by the bank, all the account holders having an account with Bank of Baroda will have to get their KYC updated by March 24. For this, they will have to go to the bank and submit their address proof and PAN card details. Failure to do so will ban the operation of the customers’ bank account. Along with this, action can also be taken to deactivate the bank account. SMS and email are also being sent by the bank in this regard.

Now the verification happens only once

Let us tell you that in order to avoid frauds earlier the bank used to call the customers from time to time and verify their documents. But now all the banks store all the data of customers in digital format. For this, customers have to submit the details of papers like their PAN card, Aadhaar card, voter card, voter card, electricity bill only once. After this, the bank saves them in digital format and keeps them in their computer.

This government organization does KYC

Central KYC is managed by Central Registry of Securitization Asset Reconstruction and Security Interest of India i.e. CERSAI, an organization of Government of India. Through this, senior officers of the government, intelligence agencies, RBI, Income Tax Department can extract the complete horoscope of any account holder. This arrangement has been made to stop black money in the economy and to curb the funding of terrorism.

Disadvantages of not getting Central KYC done

You will have to visit your respective bank to get the central KYC done for your account. All your documents will be deposited there. If you are negligent in this work, then the transaction from your account can be banned. Also, your bank account can also be permanently deactivated. Due to which you may have to face a lot of trouble.

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For the last few days, it is being claimed in the reports that the data of 6 lakh customers of the bank has been leaked on the Dark Web. It is being claimed in the report that the personal information of the customers has been leaked.

After getting the report, the information of the troubled people has been posted on the popular cyber criminal forum. People are very upset after the reports related to this came out. The report claimed that cybercriminals have leaked data related to account holders’ names, e-mails, addresses and mobile numbers. The leaked data of 6 lakh people has been put on the dark web.

Statement of HDFC Bank 

Statement has also come from HDFC Bank on this whole issue. The bank has denied any such claim by tweeting the official Twitter account. It was said from the side of the bank that no data of HDFC Bank has been leaked. It was also informed by the bank that no wrongful access has been made in our system. Customer data is completely secure.

The bank also wrote that there is complete monitoring of the banking ecosystem. Data security is primary for us. Such claims have been completely rejected by the bank.

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It is necessary to maintain  minimum balance (average monthly balance – AMB) in every bank’s savings account. The bank deducts charges on your savings account for non-maintenance of minimum balance. Here you are being told how much minimum balance you have to maintain in some banks.

State Bank of India (SBI)

The AMB requirement in SBI’s Basic Savings Account was spent in March 2020. Prior to this revision, SBI account holders in a metro area, semi-urban area and rural area had to maintain a monthly balance of Rs 3,000, Rs 2,000 or Rs 1,000 respectively. For non-fulfillment, a fine of between Rs 5 and Rs 15 was imposed every month.

HDFC bank

Savings account customers with HDFC Bank are required to maintain an average monthly balance of Rs 10,000 in urban areas and metro cities. In semi urban this limit is Rs 5,000. In rural areas, customers are required to maintain an average balance of Rs 2,500 in a savings account. Penalty is applicable for non-maintenance of the minimum amount.

ICICI Bank

Savings account customers with ICICI Bank are required to maintain an average monthly balance of Rs 10,000 in urban areas and metro cities. In semi-urban cities, this limit is Rs 5,000. In rural areas, customers are required to maintain an average balance of Rs 500 in a savings account. Penalty is applicable for non-maintenance of the minimum amount.

Punjab National Bank

Savings account holders are required to maintain a balance of Rs 20,000 on a quarterly basis in Punjab National Bank branches in urban areas. 1,000 in semi-urban areas and Rs 500 in rural areas.

Kotak Mahindra Bank

Kotak Mahindra Bank savings account holders need to maintain an average monthly balance of Rs 10,000 in metro areas and Rs 5,000 in non-metro areas. If the minimum balance is not maintained, there will be a charge of 6% per month.

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Banking services will remain affected for 4 days

Bank union has announced bank strike on 30 and 31 January. Along with this, January 28 is the fourth Saturday, due to which banks will remain closed. On the other hand, on January 29, due to Sunday, banks will be closed, so you can finish your important work on Friday or else you can finish your work on February 1.

Why is the strike happening?

United Forum of Bank Union (UFBU) meeting was held in Mumbai in which bank unions have decided to go on strike for two days. Bank unions are going on strike to pressurize the government to meet their demands.

Giving information, CH Venkatachalam, General Secretary of All India Bank
Employees Association said that a meeting of the United Forum has been held, in which it has been decided to go on strike for 2 days. He has told that there is a demand of bank unions that the banking work should be done for 5 days. Along with this, the pension should also be updated.

There is a demand to increase the salary, along with this there is a demand of the employees that NPS should be abolished and talks should be held to increase the salary. Apart from all this, there has been a demand to start the recruitment process in all the cadres. The union has decided to go on strike regarding all these demands.

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After such cases came to the fore, a letter has been written by the Finance Ministry. The Finance Ministry has directed heads of public sector banks to put in place a robust mechanism to curb ‘unethical practices’ in the sale of insurance policies to customers.

Complaints received by the Department of Financial Services

Such cases are continuously coming to the notice of the Ministry of Finance that customers are not given correct information for sale of insurance products. In view of this, this step has been taken by the Finance Ministry. In a letter to the Chairman and Managing Directors of public sector banks, it has been said that the Department of Financial Services has received complaints that fraudulent and unethical methods are being adopted by banks and life insurance companies for sale of policies to bank customers .

More cases of Tier-2 and Tier-3 cities have also come to the fore, where life insurance policies have been sold to customers above the age of 75 years in Tier-2 and Tier-3 cities. Generally, the products of their associate insurance companies are promoted by the banks.

If the customers refuse to take the policy, then the branch officials explain with great enthusiasm that they are under pressure from above. When customers go to take any kind of loan or buy fixed deposits, they are asked to take insurance etc.

A letter in this regard has already been issued by the department. In this, it was advised that no bank should force customers to take insurance from a particular company. It is also reported that the Central Vigilance Commission (CVC) has objected that incentives for selling insurance products not only put pressure on the field staff but also affect the core business of the banks.

In such a situation, due to the greed of the employees for commission and incentives, the quality of the loan can be ‘compromised’.

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From giving benefits of government schemes in banks to FD, the interest and amount is calculated by RBI. Agriculture loan waiver amount is also given by the government to private sector banks as assistance. After the decision of the government, these three private sector bank account holders have become happy. Let us know how these account holders will benefit.

The central government has made a big announcement for three private sector banks. The government has allowed all three banks to provide financial services for overseas purchases. Let us tell you that till now these rights were only with the government banks, but now it has also been with these three banks.

The government is of the view that these banks may be allowed to issue letters of credit of Rs 2000 crore on the capital and revenue side for a period of one year. In fact, the Defense Ministry has given huge responsibility to three private sector banks- HDFC Bank, ICICI Bank and Axis Bank. These three banks will now be able to offer letters of credit for overseas purchases and direct bank transfer business.

Private banks got this right for the first time

This is the first time that the government has allowed three private sector banks to provide financial services for overseas purchases. The Ministry of Defense itself has announced this. According to the Defense Ministry, the performance of these banks will be regularly monitored so that further action can be taken as per the requirement.

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