A raft of new rules concerning savings accounts came into force as of January 1, 2025, in India. The Reserve Bank of India (RBI) and the Ministry of Finance have framed these changes to ease the way for the customers and enhance the transparency of the banking system. The primary objects of these new rules are to provide good comfort for customers and to promote digital banking. Let us take a look at some of the new rules coming into play in 2025 concerning savings accounts.
Exemption In Minimum Balance Requirement
With the new rules, the requirement of maintaining a minimum balance in savings accounts with all public sector banks has been done away with completely. Earlier, customers had to maintain a certain amount in their account, violating which they were fined. This was a huge relief to small customers and low-income groups.
Change In Interest Rates
As for interest rate changes about savings accounts, these were also changed in 2025. Now all banks are required to pay annual interest at the rate of not less than 4% on savings accounts. This is an effort to promote savings by customers. In addition, banks will also have to ensure that interest is calculated on a daily basis and credited to the account on a monthly basis.
Promotion Of Digital Banking
In the new rules, banks are also encouraged to actively promote digital banking facilities. Now opening an account online, transferring funds, and making bill payments shall not require customers to visit a branch. Besides this, banks must develop user-friendly mobile banking apps and internet banking portals.
Transparency In Fee Structure
Under the new rules, banks have to be more transparent about their charges. Now it is necessary for banks to give all information about the charges clearly to the customers before the opening of an account. In addition to this, it would be mandatory for banks to inform the customers about any new charges 30 days before its implementation.
With the introduction of new rules relating to saving accounts in 2025, customers have benefited immensely with many schemes and safeguards. The measures such as the scrapping of minimum balance requirements, higher interest rates, and the promotion of digital banking certainly favor customers. The customers, however, are advised to check the official website and notice board of their bank frequently for further developments.
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