Some rules that have been introduced that came into effect from 1 August 2021. These new rules may affect your personal finance. Here is a detailed insight into these new rules.
Financial Transaction Changes
From 1 August 2021, all critical financial transactions like pension, salary, and EMI payments will be available 24 hours a day, seven days a week. During the June credit policy review, RBI Governor Shaktikanta Das declared that the National Automated Clearing House (NACH) would be available 24 hours a day, seven days a week to better serve clients. Earlier, the service was only offered when banks were open, which was usually Monday through Friday. Earlier, auto-debit instructions submitted by bank account holders were not processed on days when the bank was closed, such as Sundays, bank holidays, or even gazetted holidays. Additionally, because most organisations employ NACH for salary credits, these never occurred on holidays.
New ATM Withdrawal and Transaction Charges
Following a directive from the Reserve Bank of India (RBI), the interchange fee that banks charge after each transaction on an ATM machine increased by 2% from 1 August 2021. Cash withdrawals from ATMs will cost more now that the interchange transaction fee has been raised from Rs.15 to Rs.17. The cost for non-financial transactions has been increased from Rs.5 to Rs.6.
ICICI Bank Revised Service Charges
From 1 August 2021, ICICI Bank's costs for cash withdrawals from ATMs, cheque books, and other financial operations have been reduced. Domestic savings account holders, including salary accounts, will be subject to the revised costs.
India Post Payments Bank Revised Doorstep Banking Charges
With effect from 1 August 2021, if you have a savings account with India Post Payments Bank and wish to use doorstep services, you will have to pay additional fees. With effect from August 1, 2021, the IPPB has amended its doorstep banking costs, charging Rs20 plus applicable GST for each request per customer. There was no price for doorstep banking at the time (DSB).
