Some new rules related to banks are going to be implemented from April 1, which can have a direct impact on the pockets of the customers. Therefore, you should be fully aware of what changes are happening from April 1. These changes will affect ATM withdrawals, minimum balance and interest rates of fixed deposits (FD). Let us understand Banking rule updates in detail, so that you do not do anything knowingly or unknowingly which will cause you financial loss.

April 1 Banking Rule Updates:

Changes in minimum balance rules

A minimum balance amount is fixed by the banks for the accounts and a penalty is charged from such customers who have less amount in their account. Many banks including State Bank of India (SBI), Punjab National Bank (PNB) and Canara Bank have implemented new minimum balance conditions, which will come into effect from April 1. Now customers will have to keep different minimum balances in their account based on urban, semi-urban and rural areas. The bank will charge a penalty for not maintaining the fixed balance. How much this penalty will be, it will be decided on the basis of the bank and the type of account.

Withdrawal of money from ATM
From April 1, the rules are also changing regarding withdrawal of money from ATM. Now you will be able to withdraw money from another bank’s ATM only three times without any charge. After this, a fee of 20 to 25 rupees will have to be paid on every transaction. Earlier, many banks used to provide the facility of 5 free transactions. Therefore, after the new rules come into force, you will need to be more careful.

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Interest on savings account and FD
Some changes will also be applicable regarding interest rates from April 1. According to a report by Moneycontrol, many banks have announced changes in the interest rates of savings account and fixed deposit (FD). Under this, interest rates will be fixed on the basis of the amount deposited in the savings account. It is believed that this will benefit those customers more, who have more money in their account.

Reduction in credit card facilities
If you use a credit card, then from April you may get some less facilities. SBI and IDFC First Bank are cutting down on Vistara credit card facilities. Facilities like free ticket vouchers, renewal benefits and milestone rewards will now be discontinued. Axis Bank is also going to implement similar changes on its Vistara credit cards from April 18.

Positive Pay System (PPS)
Positive Pay System (PPS) is being implemented to prevent bank fraud. From next month, customers will have to confirm the check number, date, beneficiary name and amount for check payments of more than Rs 5000. Apart from this, banks are launching new online services and AI-powered chatbots to make digital banking more secure and convenient.

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