Many rules related to banking will change on February 1
Many rules related to banking will change on February 1

Next month, many changes will take place. Budget 2022-23 will be presented by Nirmala Sitharaman on February 1. Besides affecting the economy, it will also have an impact on the lives of ordinary citizens. The budget is not the only change that banks will be made from February 1.

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A change will also be made to the rules for money transfers at SBI Bank starting February 1. A bank charges Rs 20 plus GST for transferring money between Rs 2 lakh and Rs 5 lakh using IMPS. The Reserve Bank of India (RBI) increased IMPS transactions from Rs 2 lakh to Rs 5 lakh in October 2021. In addition, the Reserve Bank has increased the limit for IMPS transactions to Rs 5 lakh instead of Rs 2 lakh.

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Bank of Baroda’s rules will change

On February 1, the Bank of Baroda will also change its check clearance rules. Customers will be required to use the positive pay system for check payments on February 1. Only after the check information is sent will the check be cleared. The changes are applicable to check clearances over Rs.10 lakh.

PNB rules will be stricter

Punjab National Bank’s (PNB) upcoming changes will directly affect your pocket. A penalty of Rs 250 will be charged if the installment or investment fails due to insufficient funds. Until now, this penalty was 100 rupees.

Price of a gas cylinder

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Every month, LPG prices are fixed on the 1st. In this case, it has to be seen what is the fluctuation in-cylinder prices on 1st February. If prices increase, it will certainly affect your pocket.

The budget will be presented

The budget presentation will be held on February 1 by Finance Minister Nirmala Sitharaman. Tax rules related to direct and indirect taxes (personal income tax rates) may be changed. Budgeting can bring many more changes to your financial life.

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