The second month of the year began just a few days ago. A new month usually brings with it a few financial changes for people in India, and February is no exception. This month, the personal finance sector will see a few changes that went into effect on February 1st.
From IMPS transaction updates at the State Bank of India to price revisions in commercial LPG cylinders, a slew of new rules will hit the common man’s wallet starting this month. This necessitates a thorough understanding of them.
Here are some of the major changes that went into effect on February 1st.
SBI IMPS Limit Hike
The country’s largest lender, the State Bank of India, has increased the limit on its IMPS (Immediate Payment Service) transactions. SBI account holders can now make transactions worth up to Rs 5 lakh instead of Rs 2 lakh, according to the bank. In a recent statement, the public sector bank also stated that it will not charge any service fees on IMPS transactions up to Rs 5 lakh that are completed digitally, such as through internet banking, mobile banking, or YONO.
However, a service charge of Rs 1,000 and up to Rs 5 lakh will be levied for transactions made through bank branches in an offline mode, according to the bank.
Bank of Baroda Positive Pay
Bank of Baroda has implemented changes in its cheque payments system from February 1. “BOB Customers are requested to provide us advance intimation of cheques issued to the beneficiaries so that Bank at the time of presentment for payment in CTS clearing (as well as on counter) can pass the High Value cheques without any re confirmation phone call by your base Branch, it said earlier in a notification.
Punjab National Bank minimum balance
Public lender Punjab National Bank has said that it will charge a penalty of Rs 250 if there is a failure of payment of an EMI or any other installment due to the lack of sufficient balance in an account holder’s account. Previously, the penalty for the same was fixed at Rs 100 in the Punjab National Bank.
LPG Price Revision
On February 1, state-owned oil marketing companies announced a Rs 91.50 reduction in the price of 19-kg commercial LPG cylinders. The prices went into effect on Tuesday, February 1st, according to the press release. In Delhi, the price of a commercial LPG cylinder has increased to Rs 1,907. Prices of 19-kg LPG cylinders in Delhi were raised by Rs 100 on December 1, bringing the total cost to Rs 2,101.
The price of a commercial gas cylinder in Kolkata was cut by Rs 89 to Rs 1,987, news18.com earlier reported. In Mumbai, commercial gas will now cost Rs 1,857 with the reduction of Rs 91.50. Chennal saw deduction of Rs 50.50 with the price of a 19-kg commercial gas cylinder to Rs 2,080.50 on the day.