Revised Rules for Bank Customers from 1 July 2021
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State Bank of India (SBI), along with a few private banks like Bank of Baroda, Axis Bank, IDBI Bank, Canara Bank, and Syndicate Bank have decided to revise their rules and regulations. These revised rules have come into effect on 1 July 2021. Revisions were mainly made in the bank's cheque leaf and ATM withdrawal policies. Find out more about the updated and revised rules.
Revised Rules of State Bank of India (SBI)
Here are the revised and updated rules that SBI has introduced to its account holders:
- SBI account holders will have access to four free ATM cash withdrawals a month.
- Customers will be charged a processing fee of Rs.15 plus GST for each transaction after that.
- Customers with a Basic Saving Deposit (BSBD) account will have to incur charges for cheque books. The cost of a 10-leaf cheque book will be Rs.40 plus GST while for a 25-leaf one, the cost will be Rs.75 plus GST.
- SBI has exempted senior citizens from paying any charges for cheque books.
Revised Rules of Syndicate Bank & Canara Bank
After the merging of Syndicate Bank with Canara Bank last year, the banks have decided to change the IFSC codes of account holders of Syndicate Bank. These new IFSC codes will be made available to the customers from 1 July 2021.
Revised Rules of IDBI Bank
From 1 July 2021, IDBI Bank will offer only a 20-leaf cheque book to its customers. Those who exhausts the free limit will have to incur a charge of Rs.5 per cheque. Customers with IDBI "Sabka Savings Account'' will not be affected by these changes.
Revised Rules of Axis Bank
- Axis bank has decided to charge its customers 25 paise per SMS alert. It will also charge a maximum fee of Rs.25 per month for bank services. However, the bank won't be charging its customers for OTP alerts or promotional messages.
- The bank has also made a hike in the minimum balance for their various savings accounts.
Revised Rules of Bank of Baroda
After the merging of Dena Bank and Vijaya Bank with Bank of Baroda in 2019, customers of both banks were allowed to use their old IFSC codes. However, starting 1 July 2021, account holders from both banks are advised to use their new IFSC codes for all their transactions.
Revised Rules of Union Bank
On 1 April 2021, Corporation Bank and Andhra Bank were merged into the Union Bank of India. Now the Union Bank has decided to introduce new cheque books for the customers of the two banks. Account-holders will start receiving the new cheque books from 1 July 2021.
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