New Rules From 1 February: From LPG Cylinder Prices to IMPS Transaction Fees

Check new rules that are set to change from 1 February 2022.

Check New Rules Changing From 1 February: From LPG Cylinder Prices to IMPS Transaction Fees

(Photo: Manvender Vashist)

From 1 February 2022, there are a set of changes that are going to directly impact your life.

So let's head straight to them and see what changes the government has brought about for the month of February.

1. Increased Limit on SBI IMPS Transaction Charges

The limit for transactions via Immediate Payment Service (IMPS) has been revised from Rs 2 lakh to Rs 5 lakh by the State Bank of India (SBI) from 1 February onwards. However, readers must note that the bank shall levy a fee for the same.

SBI IMPS transactions between Rs 2 lakh to Rs 5 lakh: Rs 20 + GST

SBI IMPS transactions below Rs 2 lakh: nil.

2. Change in LPG Price

There are speculations that LPG gas prices may also change from 1 February 2022. This change will be depend upon the price of crude oil in the international market. However, it is expected that an announcement regarding the same will be made shortly.

3. Change in the Minimum Balance Rule in Punjab National Bank (PNB)

From 1 February onwards, the Punjab National Bank (PNB) will levy a fine of Rs 250 if the EMIs or other instalments are not paid in time, due to a lack of money in a customer's account.

The penalty amount was previously Rs 100 but has not been changed to Rs 250.

4. Bank of Baroda Positive Pay

Bank of Baroda is set to introduce changes to its cheque payment rules from 1 February 2022. The bank has said that positive pay confirmation for payments made via cheques shall be made mandatory. However, readers must note that this change shall only be applicable on cheque transactions over Rs 10 lakh.