Starting April 1, 2025, important changes have been introduced in the rules related to savings accounts in India. These updates aim to improve customer experience, security, and digital banking services. Here’s a simple breakdown of all the new rules and how they will affect your bank account.
ATM Withdrawal Rules Updated
From now on, savings account holders can withdraw cash three times a month for free from their own bank’s ATM, and two times from other bank ATMs. After these five free transactions, a fee of ₹20 to ₹25 will be charged per transaction. This rule encourages customers to limit unnecessary withdrawals and use digital methods instead.
Minimum Balance Requirement Changed
The minimum balance requirement has been revised based on location:
- ₹10,000 for urban areas
- ₹5,000 for semi-urban areas
- ₹2,000 for rural areas
If the account balance goes below these limits, the bank may charge a penalty. It is important for customers to maintain the required balance to avoid these charges.
Positive Pay System Introduced
To prevent cheque fraud, banks have introduced the Positive Pay System (PPS). If you issue a cheque for more than ₹5,000, you will need to confirm the cheque details like:
- Cheque number
- Date
- Name of the receiver
- Amount
This extra step will help avoid mistakes and fraud during cheque transactions.
Digital Banking Gets Smarter and Safer
Banks are now offering advanced digital services with improved security:
- AI-powered chatbots for faster customer service
- Biometric verification and two-factor authentication for added security in online banking
- Easy and secure mobile banking options for all customers
These changes are designed to make digital banking more user-friendly and secure.
Interest Rates Revised
Banks have also revised interest rates for savings accounts. Customers who maintain a higher balance in their accounts will now get higher interest rates. This change encourages people to save more and enjoy better returns on their savings.
Conclusion
The new savings account rules starting from April 2025 are aimed at providing a better, safer, and smarter banking experience. From ATM limits to interest rate changes, these updates will impact every customer. To get full details or specific updates, contact your bank. These steps are a move towards more responsible and secure banking in India.