Finance Minister Nirmala Sitharaman will be presenting the Union Budget on Saturday, February 1, 2025. There will be various changes apart from this Union Budget.
From February 1, 2025 there are various changes that several banks in India are going to face or bring. There will be various changes in State Bank of India, Canara Bank and others. By this new rules the bank will be promoting the digital banking as well as avoiding the banking frauds.
Changes In Cash Withdrawal System From ATM
From February 1, there will be changes in rules of withdrawal of cash from the bank. As per the update, people can withdraw from the ATM 3 times a month for free. After this Rs 25 will be charged for every transactions. Previously, the amount was Rs 20. And if you visit the other ATM to withdraw money it will charge you Rs 30.
According to media reports, a maximum amount of Rs 50,000 can be withdrawal from the ATM is a day.
Changes In Interest Rate
From February 1, 2025, the interest rate on saving accounts will increase from 3 % to 3.5 %. Apart from this, the senior citizens will be benefitted of 05% on the saving accounts.
Changes In Minimum Balance
Previously, it was necessary for the account holder in SBI to have minimum balance of Rs 3000. Now it will increase to Rs 5000.For Punjab National Bank this will go from Rs 1000 to Rs 3500. Similarly for the Canara Bank it will increase from Rs 1000 to Rs 2500.
Changes In ATM Transaction Limit
From February 1, there will be changes in rules related to ATM by Kotak for their customers. This will be made in fees including the general facilities. The Bank will make this fic this fees for several banking services.
Digital Banking Services
There will be changes in digital banking services. The facilities which are connected to online and mobile banking will get expanded. Now services can be added for the transactions can happen safely.
