Key banking changes effective from February

Indian banks including SBI, HDFC, and ICICI have introduced new rules from February that directly impact customers.

Credit Card Rewards

– HDFC Bank has revised its reward points policy.

– Payments such as rent will no longer earn reward points.

– Customers must check updated terms to avoid losing benefits.

IMPS Charges

– ICICI Bank has started charging for IMPS transfers above ₹20,000.

– Smaller transactions remain free.

– This affects customers who use IMPS for high-value transfers.

Aadhaar Verification

– SBI has made Aadhaar verification stricter.

– Customers must ensure Aadhaar details are correctly linked.

– This move strengthens compliance and security.

Reward Redemption Limits

– Banks are restricting categories where reward points can be redeemed.

– Fuel and rent payments are excluded.

– Customers should plan redemptions carefully.

What Customers Should Do

– Review updated terms for credit cards.

– Track IMPS charges before making large transfers.

– Keep Aadhaar details up to date.

– Redeem points wisely under new rules.