Changes in these rules from August 1 will directly impact common people as their day-to-day lives depend on them.
Rules associated with banking, finance, and other sectors are ready to change from August 2021. However, changes in these rules will directly impact common people as their day-to-day lives depend on them.
Therefore, it is important to know all about it in detail. Today, we will tell you about few changes that will come into effect starting August 1.
Salary and EMI payments
As announced by The Reserve Bank of India (RBI), The National Clearing House (NACH) will be functional all days of the week from August 1, 2021. While announcing it, RBI governor Shaktikanta Das stated that the aim for the same is to enhance consumer convenience. This initiative will shorten the process duration for salary credits, bill payments, insurance premiums, and loan EMIs. During the COVID-19 pandemic, the auto transfer facility has helped in transferring government subsidies in a convenient and lucid manner, said RBI.
ATM cash withdrawals cost
In June, RBI ordered to increase the interchange fees structure for transactions at ATMs from Rs 15 to Rs 17. This will also come in effect from August 1, as per new guidelines announced by RBI. After nine years, the interchange fees have been hiked. The fees for non-financial transactions have been hiked from Rs 5 to Rs 6.
ICICI Bank will revise charges
For its domestic savings account holders, ICICI will now revise limits on cash transactions, ATM interchange, and cheque book charges from August 1, 2021. According to ICICI’s official website, the customers with normal savings account with the bank will be allowed four free transactions. The user will have to pay Rs 150 per transaction after four free limits, said ICICI.
IPPB to revise banking charges
Earlier this month, The India Post Payments Bank (IPPB) announced that the customers will have to pay additional charges for using doorstep services. The bank will start charging Rs 20 + GST for every doorstep service request from August 1, said IPPB.
LPG Cylinder prices
Depending on the price of crude oil in international markets, fuel companies revise the prices of LPG cylinders at the beginning of every month. Don’t forget to check the LPG price before booking a cylinder next month.