There are going to be many changes in the rules regarding financial transactions from October 1. Under this, doing transactions from the post office (India Post) where it will become expensive. On the other hand, you will not get the auto debit facility of banks without your consent and will have to be allowed every time.
However, SBI has given a major relief by deciding to continue with many high interest rate special fixed deposits (FDs) introduced for senior citizens for the next six months. But in the meantime, Suryoday Bank has increased the difficulties of customers by deciding to close its ATMs from October 1.
Higher charges on post office ATMs
There is going to be a change in the charges on ATM cards in the post office from October 1. The annual maintenance fee for Post Office ATM/Debit card will be Rs.125 plus GST. Apart from this, now for SMS alerts sent to its customers, GST will be charged with a fee of Rs 12. The department has limited the financial and non-financial transactions that can be done at ATMs in a month. After five free transactions at the post office’s own ATMs, GST will be charged with Rs 10 per financial transaction. For non-financial transactions at India Post’s own ATMs, customers will have to pay Rs 5 per transaction plus GST after five free transactions. In case of ATMs of other banks, after three free transactions in metro cities or five free transactions in non-metro cities, Rs eight plus GST will have to be paid.
Post office will charge one percent on POS
Post office debit card holders will have to pay 1% of the transaction for cash withdrawal at Point of Service (POS). If the customer loses his ATM card, Rs 300 plus GST will be charged for getting a new debit card. Apart from this, if the ATM PIN is lost, then charges will also have to be paid for the duplicate PIN and for this Rs 50 along with GST will also have to be paid. Not only this, if the ATM or POS transaction is refused due to lack of balance in the savings account, the customer will have to pay a fee of Rs 20 for the same.
SBI’s high rate aphid increased by six months
SBI has extended the special FD scheme for senior citizens till March 2022. SBI introduced a new fixed deposit (FD) ‘SBI Wecare Deposit’ for senior citizens in May 2020. In this, an additional interest of 0.30 percent has been fixed to senior citizens on FDs of five years or more, over and above the interest rate applicable to them. SBI already gives 0.50 per cent more interest to senior citizens on FDs than normal customers. Thus, the overall higher interest rate available under SBI WeCare Deposit Scheme is 0.80 per cent higher. The benefit available under SBI Wecare Deposit will be available on both opening of new FD or renewal of old FD.
How to prevent auto-debit payment from failing
Under the new rule, under the auto debit system, banks will have to send a notification to their customers’ mobiles five days before the date of payment. After giving the notification, the approval of the customer has to be taken. OTP system has been implemented on payment of more than Rs. For this it is very important to link your mobile number with your bank account. The mobile number will be linked only then you will get SMS from the bank. Any payment service provider under auto debit for mobile, water bill, electricity bill etc. can deduct money from your account and before that it does not even take permission from the customer. In such a situation, money is deducted from your account on a fixed date. But from October 1 this will not happen.
Suryoday Bank closed its ATM
Suryoday Small Finance Bank said that it has decided to discontinue ATM banking service with effect from October 1, 2021, in order to pursue digital banking. However, ATMs and debit cards of the Maharashtra based bank will work at other bank’s ATMs. Apart from this, other services like PIN generation, fund transfer, mini statement, account balance information etc. will be available through internet banking and mobile banking. The bank commenced its operations as a small finance bank on 23 January 2017.
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