What Are The New Banking Rules For 2021: Top 5 Banks Updated These Rules

Major changes in the banking sectors have implemented by Top 5 banks in India. These changes will directly impact everyone’s daily life because banking is a very important part of our life.

If you are ignoring these changes in banking sectors then you could face a big financial loss unknowingly.

What Are The New Banking Rules For 2021

What are the new banking rules for 2021and how will these rules will affect your pocket and life? All the banks were started to apply these rules from 1 July 2021. These changes are directly related to your pocket.

State Bank Of India (SBI), Bank Of Baroda(BOB), IDBI Bank, Axis Bank, Camera Bank and Syndicate Bank have updated their banking rules from 1 July 2021.

These updated rules will be applicable on ATM transactions, demand for a new cheque book, SMS alerts. Some of the banks are updated their IFSC codes.

Related article: Citigroup to shut their retail operations in India

Let’s see what are the new banking rules for 2021 and how will it impact your pocket.

1. What Are The New Banking Rules For 2021 Of State Bank Of India (SBI):

The Basic Saving Deposit (BSD) account holders in SBI bank can withdraw the money only 4 times in a month from SBI ATM.

These 4 transactions are free and after completing these transactions every account holder has to pay Rs 15 extra in addition to extra GST charges for every 5th cash withdrawal transaction onwards.

These updated rules will impact your pocket so that the account owner could face financial losses for their cash withdrawal transactions.

In addition to that, SBI has also revised their rules for the prices of cheque books.

Now, it is mandatory to pay Rs 40 with extra GST charges for a 10-leaf cheque book and Rs 75+GST charges for every 25-leaf cheque book.

So, be careful while making any payment with the cheque and avoid mistakes.

2. What Are The New Banking Rules For 2021 Of Axis Bank:

The promotional alert messages and OTP services will remain free for every account holder. Apart from these services Axis Bank will charge 25 paise for every single message.

A total SMS fee of Rs 25 will be charged from every account holder as a part of SMS services. This would impact your pocket.

3.What Are The New Banking Rules For 2021 Of Bank Of Baroda (BOB):

Bank Of Baroda has updated their IFSC codes because Dena bank and Vijaya banks were merged into it.

For any further banking transactions update your IFSC codes to avoid failure of transactions. Till the end of June month, every customer can use the older IFSC codes.

Related article: Exclusive banking services of Bank Of Baroda

4.What Are The New Banking Rules For 2021 Of Canara Bank And Syndicate Bank:

The IFSC codes of Canara Bank and Syndicate Bank will come into effect from 1 July 2021 till the time their users can use the old IFSC code for financial transactions.

5. What Are The New Banking Rules For 2021 Of IDBI Bank:

IDBI Bank has also updated the banking rules for issuing a new chequebook. Initially, IDBI Bank is offering a 20-leaf cheque book free. After that, IDBI Bank will charge Rs 5 per cheque.

Changes In Taxation (TDS) Rules:
From 1 July 2021 several changes were observed and those will apply to all the taxpayers and account owners.

These changes were applicable for those non-taxpayers who have not filed their Income-tax return.

These tax-related changes were applied by few specific banks after the announcement made by our finance minister.

Other Important Things Which Can Be Affect On Your Pocket

Make Online Learning Licence:
With the help of internet availability and usage, you can make your learning licence at your home only.

You just have to apply online for making learning licence. Feel the application form and after passing an online test of RTO you will be eligible to get a learning license.

After passing the test, you can download and take a print out of your driving license at your home. Till now for taking a learning licence you have to go at RTO office for clearing the test as per your given time slot.

LPG Cylinder Prices Revised:
The prices of LPG cylinders were revised by Government Oil companies from 1 July 2021.

Due to the price changes on the LPG cylinder every person has to face financial losses. These changes will directly affect your pocket.

These price changes were regularly revised in every month.

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