4 Key Banking Rules From February 2022 You Need To Know

The most essential aspect to consider following the budget announcement is four crucial banking changes that will take effect in February 2022. We've highlighted four key banking rules that are changing this month and that banking customers should be aware of.

SBI IMPS Charges

The country's largest lender, State Bank of India (SBI), stated last month that it will modify the charges for the Immediate Payment Service (IMPS) transactions. SBI's new IMPS transaction rules will go into effect on February 1, 2022. There is no service charge on transactions up to Rs 1,000 after the modification.

For amounts between Rs 1000 and Rs 10,000, a service charge of Rs 2 plus GST is imposed; for amounts between Rs 10,000 and Rs 1 lakh, a service charge of Rs 4 plus GST is decided to apply; and for amounts between Rs 1 lakh and Rs 2 lakh, a service charge of Rs 12 plus GST is levied.

A service charge of Rs 20+GST is levied on IMPS transactions for more than Rs 2 lakh but less than Rs 5 lakh. Only transactions made through branch channels are subject to these charges. These charges will not apply to IMPS transactions made via SBI net banking, mobile banking, or the YONO mobile app.

India Post Payments Bank New Saving Account Interest Rates

On January 25, 2022, India Post Payments Bank announced a change in interest rates on its savings accounts. The modified interest rates, according to the bank are effective as of 25.01.2022. According to a notification of IPPB "This is to inform all the concerned that India Post Payments Bank has revised its interest rate on all the customer variants of Savings Accounts as per the Asset Liability Committee approved policy effective from 1st February 2022, as per below table." These interest rates will be paid to customers quarterly, according to the IPPB, and will be calculated on the daily end-of-day balance.

Savings Bank Deposit Slabs	Current Interest Rate	Revised Interest Rate
Balances up to Rs 1 lakh	2.50% p.a.	2.25% p.a.
Incremental Balances above Rs 1 Lakh & up to Rs 2 Lakh	2.75% p.a.	2.50% p.a.

ICICI Bank Credit Card Service Charges

The fee structure for all ICICI Bank credit cards will change on February 10. On cash advances, customers must pay a 2.50 percent transaction fee, with a minimum of Rs 500. A service charge of 2% of the total amount due, subject to a minimum of Rs 500, would be imposed in the event of a cheque return. In addition, ICICI Bank will impose a 2% auto-debit return fee on the total amount outstanding, with a minimum of Rs 500.

Late payment fees on your credit card are also modified as well. Except for the ICICI Bank Emeralde Credit Card, the late payment charge on other ICICI credit cards is based on the total amount outstanding. There will be no late payment fee if the total amount due is less than Rs 100, but if the total amount due is between Rs 100 and Rs 100, a late payment fine of Rs 100 will be applied.

A late payment fee of Rs 500 will be levied on total amounts outstanding ranging from Rs 501 to Rs 5000. A late payment fee of Rs 750 and Rs 900 will be imposed on total amounts outstanding of Rs 5001 to Rs 10,000 and Rs 10,001 to Rs 25,000, respectively.

A late payment fee of Rs 1000 and Rs 1200 will be charged on total amounts payable of Rs 25,001 to Rs 50,000 and more than Rs 50,000. According to ICICI, these charges will take effect on February 10, 2022.

Bob Positive Pay Rule

According to Reserve Bank of India regulations, the 'Positive Pay' system would be compulsory for cheques for more than Rs 10 lakh from February 1, 2022. Customers are requested to provide key details of the cheque before handing it over to the beneficiaries, according to the Bank of Baroda (BOB), so that the bank can transfer the high-value cheques without any reconfirmation phone call from the base branch at the time of presentment for payment in CTS clearing as well as at other than the base branch of BOB.

In a notification, the bank has said that "W.e.f. 01st February 2022, Positive Pay confirmation will be mandatory for cheques issued for Rs.10.00 lacs & above. That means Rs.10.00 lacs & above issued cheques shall be returned in the clearing/Intersol without payment if positive pay confirmation is not provided."