Salary, EMI Payments & ATM Charges are set to change from August 1

Salary, EMI Payments & ATM Charges are set to change from August 1
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Highlights

Reserve Bank of India new rules that will have an impact on your pocket will become effective from August 1, 2021.

Rules that have a major impact on the life of the common man in relation to day-to-day banking operations and financial sectors are scheduled to be changed from next month. Reserve Bank of India new rules that will have an impact on your pocket will become effective from August 1, 2021. You should know about the changes that will come into effect from August 1, 2021.

Salary, EMI Payment related: Reserve Bank of India (RBI) had in June announced that the National Automated Clearing House (NACH), is a bulk payment system operated by the NPCI, which will be available on all days of the week (including Saturday and Sunday), effective August 1, 2021. It facilitates one-to-many credit transfers such as payment of dividend, interest, salary, pension, etc., as also a collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premium among others.

ATM Cash Withdrawals to turn expensive: As per the orders of the RBI issues in June, the interchange fees structure for transactions at the automated teller machines (ATMs) was increased from Rs 15 to Rs 17, which will turn effective from August 1, 2021. The interchange fees are being hiked after a gap of nine years viewing the expenses incurred in ATM maintenance and deployment. For non-financial transactions, the fees have been increased from Rs 5 to Rs 6.

The interchange fee is a fee charged by banks to merchants processing payments via debit or credit cards. According to the new rules by RBI, customers will be able to do 5 free transactions every month from their bank's ATM, while 3 free ATM transactions in metro cities and 5 in non-metro cities using ATMs of other banks. RBI has also said that bank customers will have to pay Rs 21 per transaction instead of Rs 20 with effect from January 1, 2022. The interchange fees are 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.

Revision in banking charges by IPPB: The India Post Payments Bank (IPPB) announced earlier this month that customer who uses its doorstep services will now have to pay additional charges. The IPPB has said that it will start charging Rs 20 (plus GST) for each request for doorstep service. This will be applicable from August 1, 2021.

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 India Post. But it has been clarified that the 'no charge' clause will be applicable only on serving multiple requests of a single customer. If there are more people who want to use IPPB's doorstep service, it will be considered as separate DSB delivery and will be chargeable.

ICICI Bank to revise charges: India's leading private lender has also changed its rules related to chequebooks and ATM transactions for its domestic savings account holder and revised limits of cash transactions, ATM interchange. These changes will be effective from August 1, 2021. As per the changed norms, the customers with regular savings account with the bank will be allowed four free transactions and any further transaction would invite a charge of Rs 150 per transaction. In relation to

For the chequebooks, ICICI bank will not charge any fee for a 25-page cheque book, however, after that bank will charge Rs 20 for a 10 leaf cheque book.

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