Did the limit of $600 bank deposits without getting reported to the government go into effect?

All bank interest is reported to the IRS even if it is less than $10 ... the banks do not need to issue a 1099-INT to the account owner but it is still reportable income.  

The $600 limit you mention is for 1099-nec forms to be issued and it went into affect for 2022 however many companies filed them in 2021 HOWEVER  all total taxable  worldwide income needs to be reported even if no tax form is issued. 

prior to the 1099-NEC business to business payments of over $600 were reported on 1099-MISC and that was in effect for decades.