New rules for banks, ATMs, Railways and airlines from May 1
New Delhi : Several rules in regards to banks, ATMs, railways and airlines are going to get changed from May 1.
Currently, the trains and airlines have been suspended from operations but the new rules have been made for them which will become applicable as soon as they become operational.
Check out the rules which have been changed from May 1.
New interest rates for SBI account holders: Now the customers who have their account in the State Bank of India will be getting slashed interest rates on deposits of more than 1,00,000. For balances up to Rs 100,000, SBI will offer an interest rate of 3.50% per annum, the lender said. The interest rates on deposits above Rs 100,000 will stand at 3.25%, which will be 2.75% below the repo rate.
This comes after the Reserve Bank of India (RBI) cut its repo rate, at which it lends money to commercial banks, by 25 basis points from 6.25% to 6%.
PNB ends its digital wallet: Punjab National Bank has shut its digital wallet and has requested its customers to either exhaust all money in it or transfer it to some other bank using IMPS.
“User can close wallet account only if balance is zero. If the balance is not zero, the user has to either spend money or send it to other accounts using IMPS,” PNB has said.
“When the customer wants to change the registered mobile in the bank, he has to first spend the balance amount in the wallet and close the wallet. Otherwise, he will not be able to change his mobile number in the branch.”
Full pension to pensioners: The Employees Provident Fund Organisation (EPFO) will start giving out full pensions from May to those who opted for commutation at the time of retirement. A commutation is an option given to pensioners to convert a part of their monthly pension into an upfront lump sum payment at the time of their retirement.
ATM Rules: According to the new direction, the ATM machines will be sanitiesed and cleaned after every use to make it infection free. It has been started in Ghaziabad and Chennai.
Boarding station rules: Even though the trains are not operating due to the lockdown, Indian Railways has changed some of its rules from May 1. This rule will be applicable as soon as the services are restored.
According to the new rule, passengers can change their boarding station up to four hours before the reservation chart is released. According to existing rules, a passenger could change his boarding station 24 hours before the date of travel.
However, if a passenger doesn’t travel and cancel their ticket after changing the boarding station, they won’t get any refund.
Airline rules: From May 1, passengers of Air India will not have to pay any extra charge on cancellation of tickets. The company has abolished the cancellation charge from May 1 in case passengers cancel or change their ticket within 24 hours of booking it.
