These Important Rules to Change From Today: Salary, EMI Payments, ATM Cash Withdrawal, Banking Charges- Know Details Here
The month of August will bring several changes to banking rules, which will impact the day-to-day operations performed by account holders. While those paying the equated monthly installments (EMIs) and receiving salaries will benefit, these changes could pinch account holders who use ATM cards frequently.
Here we tell you about changes that are going to come into effect from Tommorow
- Salary, EMI payments:
From tomorrow (1 August), bank customers will no longer have to wait for a working day for their salary or pension to be credited or to do important transactions like EMI payments. This is because the Reserve Bank of India (RBI) has changed the rules of the National Automated Clearing House (NACH). Customers will now be able to avail of NACH services all seven days of the week from tomorrow (1 August 2021). Currently, the NACH facilities are only available to customers on weekdays i.e. Monday to Friday.
RBI Governor Shaktikanta Das, during the credit policy review of June, had announced that customers would be able to avail of the benefits of 24×7 NACH on all days of the week, with effect from August 1, 2021. This has been done to further enhance the convenience of bank customers in the country. “In order to further enhance customer convenience, and to leverage the 24×7 availability of real-time gross settlement (RTGS), NACH which is currently available on bank working days, is proposed to be made available on all days of the week effective from August 1, 2021,” RBI Governor Shaktikanta Das had said while announcing the bi-monthly monetary policy review.
- ATM cash withdrawals to cost more:
According to another RBI order in the month of June, the interchange fees structure for transactions at ATMs was increased from ₹15 to ₹17. The hike will be effective from August 1, as announced by the RBI. The interchange fees has been hiked after nine years, keeping in view the deployment and expenses towards ATM maintenance that has to be incurred by the banks. For non-financial transactions, the fees has been hiked from ₹5 to ₹6. The interchange fees is applicable on transactions where a user of a bank, which issued an ATM card to him, uses it at the machine of another bank. This change is bound to be transferred to customers using their ATM cards at various outlets.
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India Post’s revised charges to come into effect:
Those who hold an account with the India Post Payments Bank (IPPB), will have to pay more to use the doorstep services. The bank currently has no charge for these services, but from August 1, it will start charging ₹20 (plus GST) for each such request. However, there won’t be any limit on the number of transactions when an IPPB personnel visits a customer’s home for doorstep service, according to India Post. But, it has clarified that the ‘no charge’ clause will be applicable only on serving multiple requests of a single customer. If there is more people who want to use IPPB’s doorstep service, it will be considered as separate DSB delivery and will be chargeable.
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Changes in price of LPG cylinders:
- ICICI Bank to revise charges:
(With Inputs From Agencies)
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