BIG NEWS: Major changes in rules for IMPS transactions, Minimum Balance and more, check what’s new this month

Several rules related to banking and finance sectors are changing from this month. This might affect your day to day transactions, hence you must know all the details!

Here are some of the key details that you must know about:

SBI IMPS transaction charges

One of the largest public sector banks of India – SBI has increased the limit for money transactions via IMPS (Immediate Payment Service) from Rs 2 lakh to Rs 5 lakh. However, they will charge you for the same. The SBI website mentioned that they will charge Rs 20 + GST for IMPS transactions between Rs 2 lakh and Rs 5 lakh. The charges are effective from this month. There will be no charges for transactions below Rs 2 lakh.

Bank of Baroda Positive Pay

BoB has made changes in their cheque payments. It is now mandatory for BoB customers to make a Positive pay confirmation for cheque payments above Rs 10 lakh.

PNB Minimum Balance

The Punjab National Bank penalty for not maintaining the minimum balance is Rs 250 which was previously Rs 100. This penalty will be levied in case of failure in payment of EMI or other instalments due to insufficient funds.

LPG Prices

LPG rates are revised every month. This month the price of an LPG gas cylinder (14.2kg) in Delhi stands at Rs 899.50 and in Mumbai, the cost of a 14.2kg LPG gas cylinder is the same. In Kolkata, the price is Rs 926. There is no change in prices for domestic cylinders weighing 5 kg and 10kg.

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