New Rules
Money related changes from August 1st and the effect they will have on your pocket.
Money related changes from August 1st: From August 1, 2021, i.e. tomorrow, there are going to be five big changes related to money in India. These changes will have a direct impact on your life. While on the one hand, you will get relief from these new rules, on the other hand, if you do not take care of some things, then you may also suffer financial loss. These changes might affect your pocket. Your household budget can also get affected by these rules. Therefore it is very important for you to know about them. These changes include the price of LPG cylinders, ATM withdrawal charges, door-step banking facility of India Post Payment Bank (IPPB), cash transactions for ICICI Bank customers, and some changes by the Reserve Bank of India (RBI). National Automated Clearing House (NACH) rules are also included.
Various Money related changes from August 1st
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Extra Charge on withdrawing money from ATM
As per the official statement by The Reserve Bank of India (RBI), Banks are now allowed to increase their interchange fee per transaction, that is, for financial transactions Rs 15 transaction fee has increased to Rs 17 and for the non-financial transactions, it increased to Rs 6 from Rs 5, across all centers. From 1st August 2021, these changes will come into effect. RBI has said that the fee has been increased due to an increase in the cost of installation and maintenance of ATMs. If by using the card, you are withdrawing money from the ATM of another bank rather than your bank ATM, then the bank from whose ATM the money is withdrawn becomes a merchant bank. In such a situation, your bank has to pay a certain fee to the merchant bank, which is called the ATM interchange fee. An interchange fee is levied for withdrawals from other bank’s ATMs beyond a limit.
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Gas Cylinder Price
Oil companies review the prices of LPG cylinders every month. LPG prices vary accordingly the tax from state to state. Some of the factors determining the price of a Gas Cylinder include the Average International Benchmark and Changes in Foreign Exchange Rates. The price of domestic cooking gas cylinders will change from August. In July, oil marketing companies had increased the prices of 14.2 kg LPG LPG cylinders by Rs 25.50. At the same time, the 19 kg cylinder was increased by Rs 76. There was no change in the price of domestic cylinders in May and June. In April, the price of LPG cylinders was cut by Rs 10.
14.2 kg cylinder price
Talking about the present rate of a 14.2 kg non-subsidized LPG cylinder in Delhi, it is INR 834.50. In Kolkata, it is INR 861, INR 834 in Mumbai, and INR 850 in Chennai.
The price of 19 kg cylinder
A 19 kg LPG cylinder is priced at Rs 1550, Rs 1651.5, Rs 1507, and Rs 1687.5 in Delhi, Kolkata, Mumbai, and Chennai respectively.
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NACH: Salary will be deposited in the account even if there is a holiday in the bank
From August 1, NACH, elaborated as The National Automated Clearing House will be available every day. Mr. Shaktikanta Das, the Governor of RBI (Reserve Bank of India) has officially announced this. Earlier this service was available on all working days of banks. NACH is that banking facility, through which companies and the common man can easily do the important transactions of every month. Now from August 1, 2021, this facility will be available on all days of the week. At present, most of the companies use it to put salary in the account of their employees, due to which salary does not come in your account on the day of the bank holiday. But now the salary and pension amount will be deposited in your account even on the day of the holiday. Along with this, payment of all bills including EMI, mutual fund, telephone can also be paid.
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Fees to be paid for IPPB doorstep banking
India Post Payment Bank (IPPB) is a public sector bank under the Department of Posts and Ministry of Communications, Government of India. From August, you will have to pay a fee for availing of IPPB’s doorstep banking facility. Now every time the customers have to pay GST along with Rs 20 for the doorstep banking facility. Whereas before this facility was absolutely free. For various types of services, the bank will charge Rs 20 per service plus GST. The customer will also have to pay GST along with Rs 20 for money transfer and mobile payments etc.
By:-
Prakhar Sharma
Founder, Upgrading India
