According to the latest report, new rules regarding the charges for the money transfer and the services have been revised and new rates have been established by the banks. The reforms will come to make changes to the transaction fees and other service fees for many banks in the country. In this article let’s take a look into the changes in the fees that have been made for different banks in the country.
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State Bank of India
State Bank of India is the largest bank in the country. As part of the latest changes in the fees, it is been informed that the ceiling for money transfers made at its bank branches using the Immediate Payment Service (IMPS) has increased from the previous rates. From the latest information that is been obtained from the SBI official website, new IMPS transaction slab of Rs 2 lakh to Rs 5 lakh would be available from February 1, 2022. According to the official website, the charges for transmitting money using IMPS for sums between Rs 2 lakh and Rs 5 lakh will be Rs 20 plus GST.
Bank of Baroda
Here are the details regarding the changes in the fees for the Punjab National Bank transactions. From the message that the bank is been sending to the customers in the previous days, it is informed that “As per the RBI directives, Positive Pay (CPPS) System will be mandatory w.e.f. 01.02.2022 for Rs 10 lakh & above-issued cheques. For details, call 18002584455/ visit www.bankofbaroda.in – Bank of Baroda.” A positive pay system is a method of double-checking the critical elements of high-value checks that is also established in the banks as per the instruction from the Reserve Bank of India.
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Punjab National Bank
The changes that are made latest to the payment and fees for translations are like this. As per the official website of the bank, “W.E.F. 01-02-2022, The Return Charges On NACH Debit Will Be Rs.250/-Per Transaction Instead Of Rs.100/- Per Transaction”. Also, it has to keep in mind that the charges for the auto-debit are also altered by the bank from February 1, 2022. The non-maintenance of the quarterly average balance (QAB) limit in the metro area has been enhanced to Rs 10,000 from Rs 5,000, according to the amended tariff accessible on the PNB website.
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