This time from August 1 (Sunday), many important changes are going to happen. These are the changes which are directly related to the common man. This will also have an impact on your pocket and everyday life. So today we are going to tell you about these changes. An important change in this is that now withdrawing money from ATMs will become more expensive.
Extra charge for withdrawing money from ATM
According to the new rule, now from August 1, the interchange fee of ATMhas been hiked from Rs 15 to Rs 17. Similarly, charges on non-financial transactions has been hiked from Rs 5 to Rs 6 now. In this regard, instructions were issued by the Reserve Bank of India in June. These changes in interchange fees are happening after 9 years. The interchange fee is applicable when a bank's customer withdraws cash from the ATM on another bank. For the convenience of the customers, every bank has now fixed some free transaction limits.
Salary, pension and EMI payment rules
Getting a bank holiday on the day of salary is sometimes a difficult experience for some people. However, From August 1 onwards, bank customers will no longer have to wait for a working day to perform important transactions such as pension, salary and EMI payments. According to the new rules of the Reserve Bank of India, now from August 1, your salary, pension, loan EMI, mutual investment and even insurance premium payment will be available through the National Automated Clearing House (NACH) to be transferred to the account even on bank holidays. For this, RBI has decided to keep the National Automated Clearing House (NACH) system operational for seven days. This was announced last month.
Change in ICICI Bank charges
ICICI Bank is also making changes in many rules including withdrawal, deposit and cheque book charges on August 1. Now you will be able to do free cash transaction only 4 times with a cheque at a bank branch. For depositing or withdrawing more than this, a fee of Rs 150 will have to be paid. Also, with other ATMs, you will be able to do free transactions 3 times a month in 6 metro cities. Apart from this, 5 transactions are free in other cities. If customers cross the said limit, they would be charged Rs 20 per financial transaction and Rs 8.50 for non-financial transactions.
Change in Banking Charges by IPPB
Now from August 1, you will have to pay a fee for the door step banking facility of Indian Post Payment Bank (IPPB). 20 rupees and GST will have to be paid for door step banking facility every time. Till now this facility was free. A customer will also have to pay Rs 20 plus GST for money transfer and mobile payment etc.
LPG cylinder price change
On the first of every month, companies announce the new price of LPG cylinder. It depends on international prices. Last month, the government had increased the price of a 14.2 kg domestic gas cylinder by Rs 25.50.