If you have an account with State Bank of India (SBI), Punjab National Bank (PNB), or Bank of Baroda, this article is crucial for you. These three leading public sector banks have recently introduced new rules and service updates that directly impact account holders. The primary objective of these changes is to enhance customer service and strengthen banking security. Below, we provide a detailed breakdown of these latest updates.
Key Changes at a Glance
The following table summarizes the major updates made by these banks:
| Bank Name | Key Update |
|---|---|
| SBI | IMPS transaction limit increased to ₹5 lakh; no charge on online transactions. |
| PNB | EMI missed penalty increased to ₹250. |
| Bank of Baroda | Positive Pay System mandatory for checks above ₹5 lakh. |
Additionally, all three banks have introduced new charges on minimum balance requirements and ATM transactions.
SBI (State Bank of India) – New Rules
Increase in IMPS Transaction Limit
SBI has raised the Immediate Payment Service (IMPS) limit from ₹2 lakh to ₹5 lakh, allowing customers to transfer larger amounts conveniently online. Additional details include:
- No charges on online IMPS transactions.
- Transactions made through bank branches will attract a ₹20 + GST charge.
Revised Minimum Balance Requirement
- In rural areas, the minimum balance has increased from ₹500 to ₹1,000.
- In urban areas, the minimum balance limit has been raised from ₹3,000 to ₹5,000.
PNB (Punjab National Bank) – New Rules
Increased EMI Penalty
Customers who miss their EMI payments will now face a higher penalty:
- The penalty has been raised from ₹100 to ₹250.
- This applies to all types of debit failures.
Mandatory KYC Update
PNB has issued a directive for customers to update their KYC (Know Your Customer) details. Failure to comply may result in account restrictions.
Bank of Baroda – New Rules
Implementation of Positive Pay System
To enhance check security, Bank of Baroda has introduced the Positive Pay System:
- Customers issuing checks of ₹5 lakh or more must provide check details to the bank in advance.
- Checks without prior verification will not be cleared.
ATM Withdrawal Limit
- Customers can make only three free ATM withdrawals per month.
- Subsequent withdrawals will incur a ₹20 fee per transaction.
Additional Important Updates
UPI Payment Restrictions
- All three banks have reduced the daily UPI transaction limit to ₹1.5 lakh for enhanced security.
Changes in Checkbook and Debit Card Charges
Effective from February 1, 2025:
- A 25-page checkbook will cost ₹150 (previously ₹100).
- Debit card renewal fees have increased from ₹150 to ₹200.
New Fixed Deposit (FD) Plans
The banks have revised their fixed deposit schemes:
- SBI Patrons FD: Offers a 7.6% interest rate for super senior citizens (80+ years).
- PNB 303-Day FD: Provides a 7% interest rate for general customers.
- BoB Liquid FD: Introduces flexible new FD options.
Customer Recommendations
Considering these updates, customers should:
- Maintain the required minimum balance.
- Ensure timely EMI and bill payments.
- Adhere to new UPI and checkbook policies.
- Update KYC details promptly to avoid account issues.
Conclusion
These updates from SBI, PNB, and Bank of Baroda aim to enhance customer convenience and security. However, customers should be aware of the revised charges and comply with the new regulations to avoid inconvenience.
Disclaimer
This article is for informational purposes only. For official updates, visit the respective bank’s website or branch before making financial decisions.
