If you have an account with State Bank of India (SBI), Punjab National Bank (PNB), or Bank of Baroda (BOB), it’s crucial to stay informed about recent rule changes. These updates are designed to enhance your banking experience and ensure smoother financial transactions.
Key Features and Rule Changes in SBI, PNB, and BOB
State Bank of India (SBI)
- IMPS Transaction Limit: Increased to ₹5 lakh for hassle-free large transactions.
- Online Transaction Fee: No charges for online transactions.
- Minimum Balance Requirement: No penalty for non-maintenance of minimum balance.
Punjab National Bank (PNB)
- EMI Missed Payment Penalty: A fine of ₹50 for missing an EMI payment.
- SMS Alert Charge: A quarterly fee of ₹1 plus GST for SMS alerts.
- Cheque Book Charge: ₹ plus GST per page for digital mode cheque books.
Bank of Baroda (BOB)
- Positive Pay System: Mandatory for cheques exceeding ₹5 lakh to prevent fraudulent activities.
- Online Banking Facilities: Provides both mobile and internet banking services.
- Debit Card Annual Fee: No annual maintenance charges for debit cards.
Common Features Across All Three Banks
- DICGC Insurance Coverage: Deposits insured up to ₹1 lakh.
- Mobile and Internet Banking: Available for convenient digital transactions.
- Savings Account Interest Rate: Fixed at 2.70% per annum.
New Rules Effective from 1st March 2025
- Enhanced Online Security: Improved security measures to safeguard online transactions.
- Improved Customer Service: Banks are making active efforts to enhance customer experience and reduce service delays.
Documents Required to Open an Account
- Aadhaar Card
- PAN Card
- Driving License
- Voter ID Card
- Any other valid identity proof
Which Bank Offers Better Services?
While SBI is often preferred for its free online transactions and no minimum balance charges, PNB and BOB also excel with their specialized services, making all three strong options for banking needs.
Impact of New Rules
The revised IMPS limit in SBI simplifies high-value transactions, while stricter penalties on EMI defaults in PNB encourage timely loan repayments. The Positive Pay System in BOB adds a security layer for large cheque transactions.
Conclusion
Customers of SBI, PNB, and BOB should stay informed about these updates to avoid unexpected fees and improve their banking experience. Each bank has its unique benefits, and understanding these changes will help you make informed financial decisions.
Disclaimer: This article is for informational purposes only. For specific banking details, consult your bank directly to understand the latest rules and policies.
