Top lenders like State Bank of India (SBI), Bank of Baroda (BoB), Canara and many other banks are revising their rules from today (July 1). The new rules will impact the account holders of these banks. These banks include SBI, Axis Bank, Canara Bank, Syndicate Bank, Bank of Baroda (BoB) and IDBI Bank.
For State Bank of India (SBI) customers:
From today, customers can withdraw cash four times without any charges from bank’s branches as well as ATMs. After four withdrawals, customers will have to pay a fee of Rs 15 plus GST on every transaction.
SBI does not charge Basic Saving Bank Deposit (BSBD) account holders on chequebook (10-leaf). The bank will charge Rs 40 plus GST for the subsequent 10-leaf cheque book. At the same time, Rs 75 will be charged on a cheque book with 25-leaf.
For Canara Bank and Syndicate Bank customers:
Canara Bank is going to change the IFSC code of Syndicate Bank from July 1, 2021. Syndicate Bank has been merged with Canara Bank on April 1, 2020. Canara Bank is going to change the IFSC code of the Syndicate Bank branch from July 1.
According to Canara Bank, add 10000 to the old IFSC Code of Syndicate Bank. For example, if the old IFSC code was SYNB0003687, then now the new IFSC code will be CNRB0013687 in its place.
For IDBI Bank customers:
IDBI Bank will give 20-leaf cheque book for free. Beyond the 20-leaf cheque book, Rs 5 per cheque will be charged by IDBI Bank. IDBI 'Sabka Savings Account' customers will be exempted from this change.
For Corporation Bank and Andhra Bank customers:
Corporation Bank and Andhra Bank have been merged with Union Bank. Similarly, customers of Corporation Bank and Andhra Bank will be provided with a new chequebook.
For Bank of Baroda customers:
A new IFSC Code has been issued by the bank. After the bank merger, the IFSC code of the customers has changed. Till now, it was given an exemption by the bank that you can transfer money through your old code. From today (July 1) the old IFSC Code will not work. Two years ago in the year 2019, Vijaya Bank and Dena Bank were merged with Bank of Baroda, only after which these codes were changed. After June 30, the codes of customers of Dena Bank and Vijaya Bank have stopped working.
For Axis Bank customers:
Axis Bank is going to charge for the SMS alert from today (July 1). According to the bank's website, customers will have to pay 25 paise per SMS for every SMS alert. SMS alert fee will be a maximum upto Rs 25 per month. However, promotional messages and OTP alerts sent by the bank will not be included in this revised rule.
