The lives of the average person will be affected by changes to certain banking and finance regulations starting on Tuesday, February 1. Therefore, it is important to know about the changes in advance. There are many major changes in rules that will affect the pocket of citizens, from a new price for LPG to an increased fee for IMPS transactions:
SBI IMPS transaction fees
According to the State Bank of India (SBI), the amount of money that can be transferred via Immediate Payment Service (IMPS) has been raised from Rs 2 lakh to Rs 5 lakh. The bank will, however, charge a fee for the service. A fee of Rs 20 + GST will be charged for IMPS transactions between Rs 2 lakh and Rs 5 lakh, according to the SBI website. SBI IMPS transactions under Rs 2 lakh are fee-free.
Minimum Balance at PNB
Punjab National Bank (PNB) will impose a Rs 250 fine on customers not paying EMI or other installments due to insufficient funds in their accounts as of February 1, 2022. Previously, the penalty was Rs 100.
The Baroda Positive Pay system
Bank of Baroda is changing its payments rules starting February 1, 2022, requiring Positive Pay confirmation for cheque payments. However, this change will only apply to cheque transactions exceeding Rs 10 lakh.
Price change for LPG
Taking note of crude oil prices in international markets, oil marketing companies update their LPG prices on the first day of each month. Before ordering a cylinder, anyone can check the new rates. The budget will be presented in parliament by Finance Minister Nirmala Sitharaman on February 1. A paperless budget will be presented due to the Covid-19 crisis. The Union Budget will be available on the Union Budget Mobile App after it has been presented in both houses of Parliament.
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