The Reserve Bank of India (RBI) has recently announced that National Automated Clearing House (NACH) will be functional all days of the week, effective August 1, 2021. This move will bring the processing duration shorter for salary credits, bill payments, insurance premiums and loan EMIs, which were earlier delayed due to bank holidays.
Several rules related to banking, finance and other sectors that have a major impact on the lives of common man are set to change from August, 2021. These new rules have a direct effect on our day-to-day lives, so it is important to know more about these in detail. Here we tell you about four changes that are going to come into effect from next month and effect your lives
Salary, EMI payments:
The Reserve Bank of India (RBI) has recently announced that National Automated Clearing House (NACH) will be functional all days of the week, effective August 1, 2021. The aim is to enhance the consumer convenience, RBI governor Shaktikanta Das said while announcing the measure. NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension. It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium. This move will bring the processing duration shorter for salary credits, bill payments, insurance premiums and loan EMIs, which were earlier delayed due to bank holidays. This auto-transfer facility has helped transfer of government subsidies during the present COVID-19 pandemic in a timely and transparent manner, RBI said.
ATM cash withdrawals to cost more:
According to another RBI order in the month of June, the interchange fees structure for transactions at ATMs was increased from ₹15 to ₹17. The hike will be effective from August 1, as announced by the RBI. The interchange fees has been hiked after nine years, keeping in view the deployment and expenses towards ATM maintenance that has to be incurred by the banks. For non-financial transactions, the fees has been hiked from ₹5 to ₹6. The interchange fees is applicable on transactions where a user of a bank, which issued an ATM card to him, uses it at the machine of another bank. This change is bound to be transferred to customers using their ATM cards at various outlets.
ICICI Bank to revise charges:
India’s leading private bank ICICI will revise limits of cash transactions, ATM interchange and cheque book charges for its domestic savings account holders from August 1. The revision of charges will be applicable for all the cash transactions – deposit as well as withdrawal. As per the bank’s website, the customers who have regular savings account with the bank, are allowed four free transactions. Those above the free limits would invite a charge of ₹150 per transaction, according to ICICI.
Revision in banking charges by IPPB:
The India Post Payments Bank (IPPB) announced earlier this month that customers who use its doorstep services will now have to pay additional charges. The IPPB has said that it will start charging ₹20 (plus GST) for each request for doorstep service. This will be applicable from August 1. Currently, there is no charge on doorstep banking offered by IPPB. However, there won’t be any limit on the number of transactions when an IPPB personnel visits a customer’s home for doorstep service, according to the India Post. But, it has clarified that the ‘no charge’ clause will be applicable only on serving multiple requests of a single customer. If there is more people who want to use IPPB’s doorstep service, it will be considered as separate DSB delivery and hence will be chargeable.
LPG Cylinder prices:
The LPG cylinder prices are revised at the beginning of each month by the fuel companies, depending upon the price of crude oil in international markets. So make sure to check the same before you make an LPG cylinder booking next month.
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