New Delhi: The year 2021 is ending and the new year 2022 is beginning. With the beginning of the new year, many rules including banking, debit and credit cards are going to change, which will have a direct impact on your pocket and expenses.
Withdrawing money from ATM will be expensive
Under the new rules of RBI, customers will have to pay more money for ATM transactions after the prescribed limit. All banks have decided to increase ATM charges by 5 percent. That is, after the limit is reached, you will have to pay Rs 21 every time you withdraw cash from the ATM. The customer will have to pay GST separately. Presently this amount is Rs.20.
Extra charge for withdrawing money from post office
India Post Payments Bank has announced that it has revised the charges on branch cash withdrawal and deposits with effect from January 1. Now if an IPPB account holder deposits or withdraws money after crossing the prescribed free limit, then he will have to pay more charges.
No fee is required for deposits up to Rs 10,000 in savings account and current account. But if customers withdraw more than 10 thousand rupees, then they will have to pay 0.50 percent charge, this fee will be minimum 25 rupees per transaction. On the other hand, cash withdrawal up to Rs 25,000 will be free every month in savings and current accounts. After this, 0.50 percent charge will have to be paid on every transaction.
Payment method will change
Due to the new rules of Reserve Bank of India, the method of online payment with debit-credit card will also change. Although, earlier it was to be implemented from January 1, 2022, but in view of the demand of traders, RBI has decided to implement it from June 30, 2022.
Actually, many customers making online purchases save their debit-credit card details on the e-commerce website. The new RBI rule is going to change this. This is being done to prevent data leaks.
Detail will be deleted automatically
The details of the cards saved on the e-commerce sites will be automatically deleted from January 1, 2022. In such a situation, you will have to enter their complete details every time while making payment by debit card or credit card to the customers to make purchases.
Tokenization: A new way to avoid filling details again and again
Apart from filling the details, you will also get the option of tokenization of the card. Tokenization of debit and credit cards will replace the original card details with a code. This will be called a token. This token code will be a combination of the card details, the person requesting the token and the device from which the request is made. In this process, instead of saving the card details on any online website, you will have to save only this unique token. This will reduce the risk of data leak.
