The financial roadmap of each person should represent a savings account as one of its main elements. Besides securing your savings, it offers you the access to all bank facilities conveniently. In India, the banking industry has introduced new policies and policies, which will have a strong impact on those with savings accounts. These new rules are an attempt to make sure that banking operations are more efficient and safe for the customers.
Change In Minimum Balance Rule
Starting from April 1, 2025, popular banks have granted changes in the minimum balance regulations. From April 1, 2025, all the holders of savings accounts are required to maintain a minimum balance which varies according to the region in which their account is held. For instance, the minimum balance required in urban banks has gone up, rural ones are lower. Customers who do not have minimum balance may be charged additional charges.
New Limits On ATM Withdrawal
Using a motive to make banking processes easier, the number of free cash withdrawals from ATMs now has been decreased. Now, distributions from ATMs of other banks are limited to three per month with no added fees. Later on customers will have to pay a fee of ₹20 to ₹25 in respect of every subsequent transaction. Older customers had up to five free withdrawals at other banks’ ATMs, but the number has decreased.
New Guidelines For UPI Transactions
There have been updates in the UPI payment system as well. It updates a customer is unable to change his mobile number within an extended period, then his UPI ID will be deactivated. In doing so, only those customers where there is an active mobile number will be able to use UPI services. This procedure aims at strengthening the security of digital banking.
Revision Of Interest Rates On Savings Account
A few banks have made changes to the interest rates they offer to savings accounts. These interest rate changes are regulated by the bank as well as the present market trends. Customers will get the best out of their savings account by contacting their bank to find out current interest rate details.
Conclusion
Regulation changes on saving accounts have led to important changes that touch on the customers. Stuff such as minimum balance rules, cheque withdrawal limits, rules governing UPI transactions and altercations in interest rates will impact individual account holders. Considering these revisions, customers should adjust how they do their banking. For more details on these changes, contact your bank and adjust your finance plan accordingly.
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