Many bank rules were changed from 1st September 2019, 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 were also changed for the benefit of the general public.
In general, banks in India open at 10 am for the 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 9 am. The Ministry of Finance has already issued directives to the PSBs to begin banking operations at 9 in the morning from September onwards.
Kisan Credit Card within 15 days
From 1st September 2019, it is 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 per cent interest on savings account while customers with above 1 lakh deposits will get 3 per cent only. SBI has reduced the rate of retail term deposits from 0.1 to 0.5 per cent. Also, the bulk deposit rate has been cut from 0.3 to 0.7 per cent.
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.
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.
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.