The month of March is going on and this is a very important time for banks. By the way, many new banking rules are being implemented by the Reserve Bank of India in April, which will come into effect from April 1. With these rules, the banking system will be made more strong, secure, easy and transparent for the customers. So let's know about these rules.
Minimum balance requirements
The minimum balance policy is being updated in banks. From April 1, a higher minimum balance will have to be kept in the savings account than before. How much minimum balance should be in the account may vary depending on the type of account and geographical location such as urban, semi-urban, or rural.
ATM withdrawal charges may increase
From April 1, ATM transaction policy is also going to change, more charges can be taken for doing more free transactions than the fixed number. The number of free transactions will be reduced in the use of ATMs of other banks.
Change in interest rates
Public sector banks have revised the interest rates of savings accounts and fixed deposits. Interest rates on savings accounts will now be charged in different percentages depending on the account balance.
Digital banking will expand
According to the information, to bring digital revolution by banks, online and mobile banking services offered to customers are being upgraded. AI chatbots are being used in many banks to answer customer queries.
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