Many changes are happening in the new financial year. Among them, the changes taking place in PNB and Axis Bank are important.
The PPS system will be implemented from the coming April 4 by Punjab National Bank. Let us know about the changes taking place in both the banks.
PNB Payment Rule: After SBI, now Punjab National Bank (PNB) is also going to change the rules related to its payment. If you are also a PNB customer then this news is very important for you.
Punjab National Bank (PNB) is now going to implement the Positive Pay System (PPS). Although many banks have implemented it even before PNB.
The bank has told that from the coming April 4, this rule will be made mandatory. Apart from this, Axis Bank is also changing its rules from the new financial year. Let’s know about them.
Axis Bank’s rules will change
Important news for Axis Bank customers. From April 1, the limit on bank customers to keep the minimum balance in the savings account is going to increase.
After the implementation of the new rule, the minimum balance in the savings account will increase by Rs 10 thousand to Rs 12 thousand. According to the information given by the bank, the limit for free cash transactions has also been changed to four free transactions or Rs 1.5 lakh.
check payment rules
Actually, this rule from RBI is related to verification for check payment. According to this rule, the check can also be returned if there is no confirmation. Earlier, PPS system has also been implemented by SBI and Bank of Baroda.
Must give all information
Positive Pay System (PPS) will be made mandatory in Punjab National Bank from April 4, 2022. According to this rule, if you issue a check of Rs 10 lakh or more through a bank branch or digital channel, then PPS confirmation will be necessary.
In this, you have to give account number, check number, date of check, check amount and name of beneficiary. If you do not provide this information, your check will be returned.
Know what is PPS system?
PPS system is a system designed to prevent fraud. Under this system, the account holder will have to give complete details to the bank when the check is issued.
These information include the date of the check, beneficiary name, account number and amount information electronically through SMS, net banking, ATM or mobile banking. This will take less time for clearance.
How does PPS work?
Under this system, the issuer of the check will have to give the details of the check to the bank through SMS, mobile app, net banking or ATM.
When the check reaches the bank’s table, the information given by the account holder will be cross checked. If any discrepancy is found, the check will be rejected. Actually, it has been made to stop the fraud of the bank.
