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.