SBI, Axis, IDBI, other banks change rules from July 1: All you need to know

New Delhi: Customers of State Bank of India (SBI), Bank of Baroda (BoB), Syndicate Bank and Axis Bank, among others, may need to note that their bank has updated a few rules or charges from July 1. New rules of IDBI Bank and Canara Bank are also coming into effect from July 1, 2021. 

New rules of the State Bank of India (SBI)

SBI Basic Saving Bank Deposit (BSBD) account holders will now be able to withdraw cash only four times from ATMs or bank’s branches for free in a month. Customers will have to pay to small processing fee of Rs 15 plus GST from the fifth cash withdrawal onwards. 

Meanwhile, the prices for cheque books have also been revised by SBI. BSBD account holders will now have to pay Rs 40 plus GST for a 10-leaf cheque book while they will have to pay Rs 75 plus GST for a cheque book with 25-leaf.

Canara Bank and Syndicate Bank changes 

IFSC codes of Syndicate Bank will change from July 1, 2021. For those uninitiated, the Reserve Bank of India had merged Syndicate Bank with Canara Bank last year. However, the IFSC codes are changing from July 1. 

Syndicate Bank customers can add 1000 to their old IFSC codes before sharing them with others for receiving money. For instance, the new IFSC code will be CNRB0013687 if the previous code was SYNB0003687. 

IDBI Bank rule change

IDBI Bank will now offer only 20-leaf cheque book for free starting July 1. After exhausting the free limit, customers will be charged Rs 5 per cheque. However, customers of IDBI 'Sabka Savings Account' are immune to the change in the rules. 

Corporation Bank and Andhra Bank cheque book change

Corporation Bank and Andhra Bank customers will start receiving new cheque books starting July 1. Both the banks were merged with the Canara Bank by RBI last year. 

Bank of Baroda IFSC code change

Vijaya Bank and Dena Bank were merged with Bank of Baroda in 2019. Customers of both the banks were allowed to use old IFSC codes till June 30 as a buffer time provided by the time. 

However, from July 1 onwards, customers are advised to use new IFSC codes to ensure that transactions don’t fail. Also Read: Big blow to common man! LPG cylinder prices increased by Rs 25.50, check rate in your city

Axis Bank SMS alerts fees 

Axis Bank will start charging 25 paise per SMS alert received by customers. A maximum fee of Rs 25 per month can be charged by the bank as part of the service. But customers may not need to worry much because promotional messages and OTP alerts will remain free of cost. Also Read: Small saving schemes alert! PPF, Sukanya Samriddhi interest rates unchanged for next 3 months