Implementing these new rules is going to bring savings account by April 2025. April 2025 has witnessed other new avenues in the Indian banking sector pertaining to saving accounts. With this change, more enhanced banking was brought about via an improved experience.
Changes to savings accounts rules will take effect from 1st April 2025. Customers can use up to ATM withdrawals for cash in three free transactions at the bank’s ATM and two other bank ATMs. From there on, a transaction fee of ₹20-25 will be charged for withdrawal.
Minimum Balance Limit
The stipulated amount for the minimum balance on a savings account has undergone renewal. Now the customers will be expected to maintain an amount of at least ₹ 10,000 in urban areas and further ₹ 5,000 and ₹ 2,000 for semi-urban and rural areas respectively. Penalties might be imposed on customers maintaining an amount below that fixed.
New Rules In ATM Transactions
Change has occurred in the rules being followed in cash withdrawal from an ATM. Now, customers will avail three free-of-charge withdrawals at the ATM of their own banks, while two transactions at those of other banks will be free. After that point, they will have to pay a fee of ₹20 to ₹25 for each additional transaction.
Implementation Of Positive Pay System
The Positive Pay System (PPS) has also been introduced to make the payment by checks more secure in the savings account. Under this system, a customer will be obliged to verify the check number, date, naming the payer as well as the amount when a check drawn exceeds ₹5000. To eliminate fraud and errors, this step has been taken.
Improvement In Digital Banking
The banks proved with new facilities available for the advantages to digital banking. AI chatbots powered with intelligent online banking would be available to customers. Furthermore, biometric verification and two-factor authentication have been reinforced for superior safety in digital transactions.
Revision In Interest Rates
The interest rates on saving accounts are also altered. Interest varies from one deposit amount to another; higher balances in accounts would attract better interest rates to induce customers to save more.
Conclusion
The newly introduced rules concerning savings accounts in the year 2025 are accurate in moving towards a more secure and convenient banking experience for the customers. These improvements will lend the customer better services while improving their ability to manage their finances better. For the individual wanting to know much more about these new rules, their bank should be contacted to benefit from these changed provisions. Happy with the changes? Let’s discuss!
Also Read: Bank FD Rates Changed: Which Bank Offers The Best FD Rates In April 2025? See Details
