Bank alert: Rules change for bank customers this month

Several banks have announced changes as we enter the second month of the year.

Customers must note that leading public sector and private banks including State Bank of India (SBI), ICICI Bank, Bank of Baroda, and Punjab National Bank have revised several operational rules. 

The country's largest lender, SBI, has increased the limit on its immediate payment service (IMPS) transactions

As of February 1, customers can make transactions up to ₹5 lakh instead of the earlier ₹2 lakh limit, the bank announced.

The SBI has fixed the service charges for transferring money under the new IMPS slab at ₹20, excluding GST

For transactions under ₹2 lakh, the bank will levy a service charge between ₹2 to 12, plus GST.