Significant banking and card-related modifications are scheduled to take effect from February 2026, bringing notable adjustments to everyday transactions, credit card perks, and regulatory compliance for customers of four major Indian banks: State Bank of India, ICICI Bank, HDFC Bank, and Punjab National Bank. These updates, as reported, will reshape how account holders interact with their financial services, necessitating awareness and adaptation to new fee structures and benefit schemes.
State Bank of India Revises IMPS Transaction Charges
Starting February 15, 2026, the State Bank of India will implement revised service charges on specific Immediate Payment Service transactions. This change aims to standardize fees for digital transfers, impacting customers who frequently use online banking for larger amounts.
Detailed Fee Structure for SBI IMPS Transfers
- For online IMPS transfers exceeding Rs 25,000 and up to Rs 1 lakh, customers will incur a charge of Rs 2 plus applicable GST.
- Transactions that range above Rs 1 lakh and up to Rs 2 lakh will attract a higher fee of Rs 6 plus GST.
- Transfers surpassing Rs 2 lakh and up to Rs 5 lakh will cost Rs 10 plus GST, marking a tiered approach based on transaction value.
ICICI Bank Adjusts Credit Card Benefits
From February 1, 2026, ICICI Bank will discontinue the complimentary movie benefit offered through BookMyShow on select credit cards. This move ends a popular perk for cardholders, potentially affecting entertainment spending habits.
Concurrently, the bank will continue and refine reward point earnings on expenditures related to transport and insurance across several popular card variants. This adjustment suggests a strategic shift towards incentivizing essential spending categories over leisure activities.
HDFC Bank Modifies Reward Point Redemption Rules
HDFC Bank will also introduce changes to its credit card programme effective February 1, 2026. Specifically, the bank will revise reward point redemption rules for its premium Infinia metal credit card, imposing a new limit on monthly redemptions.
According to the HDFC Bank website, "With effect from February 1, 2026, reward points on your Infinia credit card can be redeemed up to a maximum of five times per month." This cap aims to streamline redemption processes and may influence how cardholders utilize their accumulated points for rewards and cashbacks.
Punjab National Bank Emphasizes KYC Compliance
Punjab National Bank has issued an urgent alert urging customers to update their Know Your Customer details in alignment with Reserve Bank of India guidelines. The bank has specifically targeted customers whose KYC is due as of December 31, 2025, setting a deadline of February 2, 2026, for completion.
Failure to update KYC details by this date may result in restrictions on account operations, highlighting the critical importance of regulatory compliance for uninterrupted banking services. This proactive measure underscores PNB's commitment to adhering to anti-money laundering norms and ensuring customer data accuracy.
These collective changes reflect a broader trend in the Indian banking sector towards enhanced digital transaction fees, revised credit card benefit structures, and stricter regulatory adherence. Customers of SBI, ICICI Bank, HDFC Bank, and PNB are advised to review their banking habits and stay informed to navigate these upcoming adjustments seamlessly from February 2026 onward.
