Rules Changes From 1st August 2021 In Banking Sector, know what will change?
Here we come with a new IMP News In our informative blog site knowing steps360. There will be no hassle of non-payment of salary or pension on weekly holidays or government holidays from the month of August. That is, even if there is a Saturday-Sunday or any declared holiday on the 30th, 31st, the salary will come in the pension account. But customers will have to lose more pockets on cash withdrawal from ATMs. Know which rules are changing from 1st August, which will have an effect on you. ICICI Bank has also increased banking charges.
The Reserve Bank had announced last month that the services of the National Automated Clearing House (NACH) would be available every day of the week. NACH is a payment system operated by the National Payments Corporation of India. It handles the work of dividend, interest, salary, and pension transfer. It also collects the payment of bills like gas, electricity, telephone, water. Along with this, Loan EMI also works to collect installments of mutual funds and insurance premiums.
Withdrawing money from ATM will be expensive
From 1st August, ATM cash withdrawal will become expensive, as the RBI has increased the interchange fee on financial transactions from one bank to another through ATMs from Rs 15 to Rs 17. RBI took this decision in June, which will come into effect from August 1. Fees for non-financial transactions have also been increased from Rs.5 to Rs.6. The interchange fee is levied by a bank account holder while using the ATM card of another bank.
Post Payments Bank services are too expensive
India Post Payments Bank (IPPB) has also increased the charges for those using its doorstep delivery services. Post Payments Bank will now charge a fee of Rs 20 (GST extra) for these services every time. However, when the Post Payments Bank employee comes home for doorstep service, the consumer can do the transaction many times, but the charge will be one time only. If you use it, the charge will be different.
ICICI Bank hikes ATM transaction fee
ICICI Bank has also announced to increase ATM transaction charges and checkbook charges for domestic savings account holders from 1st August.
The fee has been changed for both bank deposits and withdrawals. Now only four free transactions can be done from ATM (ATM Free Transactions). According to the bank's website, a hefty fee of Rs 150 will be levied for more than four cash withdrawals.
SBI has already increased the fee
State Bank of India (SBI) has limited the number of free cash withdrawals from ATMs from 1st July. SBI has levied charges on cash withdrawals from ATM or bank branches more than four times every month. Account-holders of Basic Savings Bank deposits will have to pay additional charges for cash withdrawals from more than four ATMs or branches from 1st July.
About one-third of the banking savings account holders in the country are from SBI. These SBI account holders will also have to pay additional charges for the use of more than 10 leaves of the checkbook in a year.
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