If you are planning to transfer money via SBI, redeem your HDFC reward points, or swipe your ICICI credit card for a movie this week, stop. Your bank has likely changed the rules while you were sleeping. Starting February 2026, several major Indian banks are rolling out new policies impacting everything from transaction fees and credit card benefits to account compliance deadlines. Ignoring these updates could mean unexpected charges, lost rewards, or even restricted access to your funds.
Here’s a breakdown of the four critical changes you need to know, coming into effect this month:
1. SBI Revises IMPS Charges: Why Your Digital Transfers Just Got Pricier
If you are one of the millions of State Bank of India (SBI) customers who rely on the YONO app or Internet Banking for quick money transfers, you need to check your transaction habit starting February 15, 2026.
While UPI remains the king of free transfers, SBI has announced a significant shift in its Immediate Payment Service (IMPS) fee structure. For years, digital IMPS was the “go-to” for transfers above UPI limits, but a new tiered pricing model means your convenience will now come with a specific cost.
The New Fee Breakdown (Effective Feb 15, 2026)
The bank has moved away from a flat-fee approach to a slab-based system for digital channels (YONO, Internet Banking, and Mobile Banking). Here is exactly what will be deducted from your account:
| Transaction Amount | New IMPS Fee (Digital) |
| Up to ₹25,000 | FREE |
| ₹25,001 to ₹1 Lakh | ₹2 + GST |
| ₹1 Lakh to ₹2 Lakh | ₹6 + GST |
| ₹2 Lakh to ₹5 Lakh | ₹10 + GST |
Who is affected?
While a few rupees might seem small, this change heavily impacts small business owners and freelancers who frequently move mid-sized sums (₹30,000 to ₹1,00,000) that exceed the daily UPI limits. This also affects individuals paying for services or making larger family transfers that require instant processing.
Pro Tip: If your transfer isn’t urgent, switching to NEFT remains a cost-effective alternative as it is generally free for digital users. However, if you need the “instant” nature of IMPS, be prepared for these micro-deductions to show up on your statement.
Who is Exempt?
In a move to protect specific segments, SBI has confirmed that certain accounts will not be charged these new fees. This includes:
- Salary Package Accounts (DSP, PMSP, etc.)
- SBI Rishtey Family Savings Accounts
- Pensioner Accounts
2. The Credit Card “Nerf”: ICICI & HDFC Trim Popular Benefits
If your credit card provides you with movie tickets or luxury travel perks, February 2026 might bring some disappointment. Two major private sector banks, ICICI Bank and HDFC Bank, are recalibrating their popular credit card reward programs, directly impacting how you earn and redeem benefits.
ICICI Bank: Movie Buffs, Beware!
ICICI Bank is discontinuing its popular BookMyShow movie ticket benefit for several of its credit cards. For many cardholders, this perk was a significant draw, offering free or discounted tickets monthly. This change means you’ll need to find alternative ways to save on your cinema visits.
HDFC Bank: Infinia Redemptions Capped
Holders of the prestigious HDFC Bank Infinia credit card will now face new limits on reward point redemptions. The bank has set a maximum of 5 redemptions per month, capping the overall value of benefits you can accrue. While Infinia remains a premium card, this move suggests a broader industry trend towards more conservative reward structures.
What Does This Mean for You?
This signals a shift in 2026 where banks are moving away from easily accessible “lifestyle perks” to “spend-based rewards” or more targeted benefits to protect their margins amidst rising operational costs and regulatory changes. It’s crucial to review your card’s updated terms and conditions to avoid missing out on benefits you thought you had.
3. PNB’s Critical KYC Deadline: Avoid Account Restrictions
For Punjab National Bank (PNB) account holders, a critical deadline looms in early February 2026. The bank has issued a final warning regarding Know Your Customer (KYC) updates. Failure to comply by the specified date could lead to severe operational restrictions on your account, impacting everything from withdrawals to online transactions.
Why is KYC Important?
KYC is a mandatory process enforced by the Reserve Bank of India (RBI) to verify the identity of customers, prevent financial fraud, and combat money laundering. Regular updates ensure your account details are current and compliant.
How to Check and Update Your KYC Status:
- PNB One App: Log in to your PNB One app and look for a “KYC Update” notification or section.
- Online Portal: Visit the official PNB website and navigate to the “Internet Banking” section. Some updates can be done digitally if your details haven’t significantly changed.
- Branch Visit: If you’ve received a specific alert or if your details (address, name) have changed, a visit to your nearest PNB branch with valid ID and address proof might be necessary.
Don’t delay: Account restrictions can be a major inconvenience. Ensure your PNB account is fully compliant before the deadline to maintain uninterrupted banking services.
The “2026 Banking Survival” Tip
These four significant changes from SBI, HDFC, ICICI, and PNB are not isolated incidents; they reflect a broader trend of banks tightening digital security, fee structures, and compliance protocols in the 2026 fiscal year. With evolving regulations and the ongoing push towards digital banking, staying informed is no longer optional—it’s essential for smart money management.
Make it a habit to regularly check official communications from your bank (email, SMS, in-app notifications) and review the terms and conditions of your accounts and cards. The financial landscape is always shifting, and being prepared is your best defense against unexpected impacts on your wallet.
Which of these banks do you use? Let us know in the comments if you’ve received a notification from them yet, or if these changes caught you by surprise!
