February updates: Major changes in banking rules to affect SBI, HDFC Bank, PNB and ICICI Bank customers; check details

A series of regulatory and operational modifications are set to take effect in February 2026 for account holders at State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), and ICICI Bank. The changes will directly impact how customers interact with their banks, as updates are rolled out concerning transfer charges, credit card features and compliance documentation. These reforms are part of a broader initiative to streamline customer experiences and ensure alignment with evolving regulatory standards.

IMPS transfers

The new rules will introduce revised service charges on Immediate Payment Service (IMPS) transfers, potentially affecting the cost of daily fund transfers for customers. The adjustments are designed to reflect the increased usage of digital banking channels and the banks’ aim to optimise operational efficiency. Customers who regularly use IMPS for their transactions should monitor the updated fee schedules to understand any additional costs that may apply from February 2026.

Transaction fee changes

In addition to transaction fee changes, several banks are updating their credit card benefits. These updates are expected to involve alterations to reward programmes and cashback offers, which could influence how customers choose to use their credit cards for purchases and bill payments. The banks have indicated that these changes reflect current market trends and customer preferences, aiming to provide more targeted value through revised credit card schemes.

KYC rules

Compliance requirements are also being tightened, with updates to Know Your Customer (KYC) rules. Customers will need to ensure their KYC documentation is current and compliant with the new standards set out by their banks. This adjustment is intended to reinforce security and regulatory compliance, minimising potential disruptions to banking services for those who maintain up-to-date records.

Banking customers are encouraged to pay close attention to deadlines for implementing these new rules. The revised timelines are designed to provide adequate notice, allowing account holders to adapt without facing service interruptions. These deadlines are anticipated to streamline compliance procedures and reduce administrative bottlenecks for both clients and banks.

The proposed changes are expected to affect a wide cross-section of the Indian banking population, given the large customer bases of SBI, HDFC Bank, PNB, and ICICI Bank. According to recent estimates, these banks collectively serve millions of retail and corporate clients, amplifying the reach and significance of the upcoming reforms. Customers who rely on digital services and credit card facilities may feel the effects most acutely, depending on their specific usage patterns.