Financial Changes from February 2022: The second month of the year has already begun a day back. A new month usually brings in a few changes in the financial front for people in India, and February is no different. The personal finance sector this month will see a few changes, which have been implemented from the first day of February. From IMPS transaction updates at the State Bank of India, to the price revision in commercial LPG cylinders — a host of these new rules will affect the pocket of the common man from this month. For this, it is important to know about them in detail.
Here are Some of the Key Changes that Have Been Implemented from February 1
SBI IMPS Limit Hike
The State Bank of India, the country’s largest lender has increased limit on its IMPS (Immediate Payment Service) transactions. Under this, SBI account holders can do transactions of up to Rs 5 lakh, instead of Rs 2 lakh, the bank has notified. In a recent statement, the public sector bank has also said that it will not levy any service charges on IMPS transactions up to Rs 5 lakh done digitally, that is though internet banking, mobile banking and YONO.
However, for transactions above Rs 1,000 and up to Rs 5 lakh done though bank branches in an offline mode, a service charge along with applicable GST will be levied, the bank said.
LPG Price Revision
On February 1, state-owned oil marketing companies notified a cut of Rs 91.50 on 19-kg commercial LPG cylinder prices. The prices came into effect from February 1, Tuesday, news agency ANI reported. Commercial LPG cylinder price will now stand at Rs 1,907 in Delhi. On December 1, prices of 19-kg LPG cylinders were increased by Rs 100 bringing the price to Rs 2,101 in Delhi.
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. Chennai saw deduction of Rs 50.50 with the price of a 19-kg commercial gas cylinder to Rs 2,080.50 on the day.
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.
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.
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