Many rules related to banks will change from 1st September 2019 (Sunday), which may have a direct impact on your life. The new set of rules has come with many benefits for the bank customers including cheap home loans and Kisan Credit Card within 15 days. In addition the bank timings will also change for the benefit of general public.
Important changes in Bank rules from 1st September 2019 are as follows
In general, banks in India open at 10am for general public but from 1st September 2019, these timings may change for the PSBs. Now, the PSBs may have to start banking functions for consumers from 9am. The Ministry of Finance has already issued directives to the PSBs to begin banking operations at 9 in the morning from September 1st.
Kisan Credit Card within 15 days
From 1st September 2019, it will be easy for the farmers to get Kisan Credit Card (KCC). Banks will now issue KCC within 15 days to farmers. The Central Government has already issued a notice to different Indian banks in this regard.
SBI Home Loans will be cheaper
From 1st September 2019, State Bank of India home loans will become cheaper. This is because the repo linked lending rate (RLLR) of SBI has changed the pattern of the home loan industry. SBI has cut home loan interest rate by 0.20%. From September 1, the interest rate on home loan will be 8.05 %.
Lower interest on SBI Fixed Deposit
From 1st September 2019, SBI will cut the rate of interest on retail fixed deposits (FDs) and bulk deposits. The bank however did not make any changes in the savings bank interest rate. SBI customers with deposits up to Rs 1 lakh will continue to get 3.5 percent interest in savings account while customers with above 1 lakh deposits will get 3 percent only. SBI has reduced the rate of retail term deposits from 0.1 to 0.5 percent. In addition, the bulk deposit rate has been cut from 0.3 to 0.7 percent.
Auto, personal loan within 59 minutes
To give some relief to its customers, banks will disburse auto and personal loans within 59 minutes. From 1st September, many banks in India are going to introduce ‘psbloansin59minutes’ services at its branches across the country. According to a source, Oriental Bank of Commerce would begin ‘psbloansin59minutes’ from September 1.
Repo Rate linked retail loans
Bank of Maharashtra said that they will link their retail loans with the RBI’s Repo Rate. This step would make its retail loans economical from 1st September.
KYC compulsory for mobile wallet use
If you use mobile wallets such as Paytm, PhonePay, etc. then make sure that your Know Your Customer (KYC) is completed by 31st August or else you won’t be allowed to use your mobile wallet. The step has been taken after the RBI notice to mobile wallet companies asking them to finish the customers KYC by 31st August 2019. It must be noted that mobile wallet accounts without KYC will be closed by RBI.