Major CHANGES happening in August - Know how it impacts you FULL DETAILS here
These new rules will be now operational all days, including weekends and holidays, and will be effective from August 1, 2021.
As August has begun, there are the new changes that are taking place around the country and that you must know. These are changes that can directly impact you! From August 1, 2021, the major changes that will affect you largely are the surge in ICICI banking services, the change in the National Automated Clearing House (NACH) rules by RBI, new ATM withdrawal rules, additional charges for India Post Doorstep Services, hike in the LPG cylinder prices, and more. Let’s see some of the major changes that will impact you directly.
Salary, EMIs and Pension related Information
The Reserve Bank of India has changed the National Automated Clearing House (NACH) rules. These new rules will be now operational all days, including weekends and holidays. This will be effective from August 1, 2021. Under the new rules, you will be getting all salary, EMIs, pension-related information throughout the week, even on non-working days and holidays. This facility is currently available now only on weekdays.
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New ATM rules
RBI has made other big changes in the Automated Teller Machine (ATM) rules. From August 1, 2021, RBI is implementing an increase in interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions in all centres.
Change in ICICI Bank Services
ICICI Bank has issued a notice on its revised limits of Cash transactions, ATM Interchange and Chequebook charges for Domestic Savings Account holders. The bank has mentioned this information on its website. However, these services will be applicable from August 1, 2021. For the Regular Savings/ Salary Accounts and Variants, Cash Transaction Charges have been Limited to 4 free cash transactions, per month. Charges above free limits: Rs 150, per transaction. The value limit is inclusive of both the home and non-home branch transactions. The First 3 transactions (inclusive of financial and non-financial) in 6 metro locations (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad) in a month is free for non-ICICI customers. The First 5 transactions (inclusive of financial and non-financial) in all other locations, in a month, are free for non-ICICI customers.
Hike in LPG cylinder prices
The prices of LPG cylinders have increased again. The prices of gas cylinders have increased to Rs 73.5, as per the official website of Indian Oil. In Delhi, the price of a 19-kg commercial LPG cylinder has increased from Rs 1,500 to Rs 1,623 per cylinder. However, there has been no increase in the price of the 14.2 kg domestic gas cylinders that are used in households for cooking.
Additional Charges for India Post Doorstep Services
The India Post Payments Bank (IPPB) earlier informed that the customers will have to pay additional charges for using doorstep services. The bank will start charging Rs 20 plus GST for every doorstep service request from August 1.
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