From salary, pension rules to ATM cash withdrawal: Changes from August 1 that will affect your daily life
Come August 1, some major changes will take place which will have a direct effect on your money matters. As withdrawing cash from ATM will become expensive, the policy of the Reserve Bank will also come into force from the first week of August. LPG prices can also be changed.
Here’s a detailed list of key changes that will come into effect from August 1.
1. ATM transactions to become costlier
After the order of the Reserve Bank of India, from August 1, banks will be able to increase the interchange charge at ATMs by Rs 2. In June, the Reserve Bank allowed the interchange charge to be increased from Rs 15 to Rs 17 for every financial transaction and from Rs 5 to Rs 6 for non-financial transactions.
Interchange fee is a fee charged by banks to merchants processing payments through credit cards or debit cards. According to the new rules, customers will be able to do five free transactions every month from their bank’s ATM. Customers will be able to do three free ATM transactions in metro cities and five in non-metro cities using ATMs of other banks.
2. ICICI Bank banking services
The country’s largest private bank ICICI Bank has changed the rules regarding ATM transactions and chequebooks, which will be applicable from August 1. ICICI Bank gives four cash transactions free every month for regular savings account. Rs 150 rupees will have to be paid on every transaction after the free limit. The value limit (Deposit + Withdrawal) includes both home branch and non home branch transactions.
ICICI Bank will not charge any fee for a 25-page cheque book in a year, but after that for a 10-leaf cheque book, Rs 20 will be charged.
3. Rules related to salary, pension, EMI will change
RBI has changed the rules of National Automated Clearing House (NACH). Now you will not have to wait for the weekend to pass for your salary or pension. You will get these services throughout the week. RBI Governor Shaktikanta Das, during the credit policy review of June last month, had announced that to further enhance the convenience of the customers and also to avail the 24×7 Real Time Gross Settlement (RTGS), NACH which is currently available in banks in working days, to be implemented on all days of the week, with effect from August 1, 2021.
4. LPG cylinder price
The price of liquefied petroleum gas (LPG) cylinders will change as the price is decided on the first of every month. However, there no such announcement as yet but it is expected the price will change.
5. Form 15CA/15CB deadline will end
In a relief to the taxpayers, the Income Tax Department had extended the deadline for submitting Form 15CA/15CB in manual format, whose deadline is ending on August 15. Taxpayers will have to submit both these forms in manual format to the authorized dealers by August 15, 2021.
6. RBI’s credit policy
The Reserve Bank of India (RBI) will announce its credit policy in August. The Monetary Policy Committee will decide on the change in interest rates. This meeting of MPC will be held between August 4-6. MPC meets 6 times in a year. The last meeting was held in June, in which no change was made in interest rates.
7. Price of Honda cars
Honda Cars India will once again increase the prices of its cars. The Japanese car company will make its vehicles expensive in August. Although, no information has been given about how much the price will increase, but, the prices will be decided according to different models and variants. According to a PTI report, Honda is increasing the car prices due to the increase in the cost of making the vehicles.