From IMPS Transaction Fees to LPG Prices, THESE Rules Set to Change From February 1

Since these new rules will be affecting our day-to-day lives, it becomes important to know about these changes in detail.

New Delhi: Come Tuesday, February 1 and certain banking, finance related rules are set to change, impacting the lives of common man. Since these new rules will be affecting our day-to-day lives, it becomes important to know about these changes in detail.

Here are the major changes that would impact your everyday life from February 1, 2022:

SBI IMPS transaction fees

Country’s largest lender State Bank of India (SBI) has increased the limit for money transaction via Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh. However, the sad news for customers is that the bank will charge you for it. The SBI website reads that the bank will charge you Rs 20+ GST, for IMPS transactions between Rs 2 lakh and Rs 5 lakh. The charges will be effective from February 1, 2022. The charges for remitting money thorugh IMPS using SBI Anywhere Personal below Rs 2 lakh is however Nil.

Bank of Baroda positive pay

Bank of Baroda is going to make changes in its cheque payment rules from February 1, 2022. It will be mandatory for BoB Customers to make Positive pay confirmation for payments made via cheques above Rs 10 lakh.

PNB minimum balance rule

Punjab National Bank (PNB) will levy a penalty of Rs 250 in case of failure in payment of EMI or other installment due to lack of money in your account. The penalty for the same was previously Rs 100.

LPG prices

Oil marketing companies revise the prices of LPG on the first day of every month depending on the crude rates in the international markets. You must check the new prices before booking a gas cylinder for this month.