Many banks have increased their fees on various services since February. SBI, the country’s largest bank, has announced that doing IPMS from its branches will henceforth incur higher fees.
The IMPS transfer limit has been raised.
The limit for transferring funds via Immediate Payment Services (IMPS) from the bank’s branches has been increased, according to the bank’s website. It has now been raised to Rs 5 lakh from Rs 2 lakh. It went into effect on February 1st. The bank would now charge Rs 20 plus GST on transfers of Rs 2 to 5 lakh.
ICICI Bank has increased credit card fees.
Similarly, ICICI Bank has raised its credit card fees. Customers have received a communication from the bank. The charge had been modified since February 10, he said. As a result, the cash advance transaction fee will be 2.50 percent. A fee of Rs 500 would be collected as a minimum. Similarly, you will be charged 2% of the total amount of the check is returned.
The minimum charge would be Rs 500 in this case. In other words, if a check for even Rs 500 bounces, the fee is Rs 500.
From February 10th, credit card rules will be in effect.
All of these credit card and check-related fees will take effect on February 10th, according to the bank. Punjab National Bank has announced that auto-debit would be launched on February 1st. If any installment is deducted from your account on a monthly basis and it bounces, you will be charged Rs 250 per transaction. Previously, it was Rs 100.
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The bank’s website provides information.
According to the bank’s website, if an account is linked to the loan and a payment is missed, the account would be charged extra. It has also raised the fees for common services as a result of this. This, however, only took effect on January 15th.
Change the least-balance rule.
According to the bank, if at least the balance is not in the account on a quarterly basis, it must be addressed. In metropolitan regions, the minimum balance amount in a bank account has been increased from 5,000 to 10,000 rupees. From February 1, information would have to be provided under the positive pay system for cheques of Rs 10 lakh or above, according to the Bank of Baroda.
The Reserve Bank has issued an order.
In reality, the Reserve Bank has requested that banks provide such a feature for checks with large sums in order to prevent fraud. This new system has already been implemented by a number of banks. The date, 6 digit check number, amount, and other details are all confirmed at this step.
