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New Delhi:- Get ready for major changes in banking system in India from 1 February 2025. Under the new rules issued by the Reserve Bank of India, account holders of major banks like SBI, PNB and Canara Bank will face some new arrangements. The main objective of these changes is to make banking service more secure, transparent and customer-focused.
The main objective under these new rules is to promote digital banking, limit the transaction of money and make banking process more transparent and simplified. Know how these changes that are implemented from February 1 are important for you

Changes in minimum balance

Now you have to keep more amount in your savings account. From February 1, the minimum balance for SBI account holders will be increased from Rs 3,000 to Rs 5,000. This limit for PNB will increase from Rs 1000 to 3500.

For Canara Bank account holders, this limit will be increased from Rs 1000 to Rs 2500. Keep in mind that if you do not keep this minimum amount in your account, then you may have to pay a fine.

ATM withdrawal fees change

Now the cash withdrawal fee from ATM is also going to increase. Now only 3 free transactions will be allowed per month, after which a fee of Rs 25 will be charged for each additional transaction.

If you withdraw money from the ATM of any other bank other than your home bank, then a fee of Rs 30 will be imposed for it. Apart from this, a maximum of Rs 50,000 can be withdrawn in a day. This change has been made aimed at promoting digital transactions.

Changes in Interest Rates

Banks are now ready to pay better interest on your investment. Now the interest rates on savings accounts in SBI, PNB and other banks have been increased from 3% to 3.5%.
Senior citizens will get an additional benefit of 0.5% on this, so that they will be able to make their savings more profitable. This will attract customers towards investment and will encourage more savings.

Digital banking service expansion

Now the banking world is going to be more digital. Online and mobile banking facilities have also been improved. New facilities have been added to banking services, which will now be able to make more secure and intense transactions. Digital payment can also provide additional cashbacks and benefits, which will encourage customers to adopt digital banking.

Customers will have to change their banking habits under these new rules to be implemented from 1 February. If you do not have a minimum balance in your account or withdraw money from ATMs again and again, you may have to face additional fees. Also, customers will get the benefit of better interest rates and digital banking facilities given by banks and they will be able to avail their banking services.

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