ATM Cash Withdrawal, EMI Payments, Banking Charges Revised From August 1

Rules that are associated with finance, banking and other sectors have been revised from 1^st August, 2021. The changes in these rules will directly affect the common man (that includes the farming community as well) as their day-to-day lives depend on them. Therefore, it is important to know all about these changes in detail. 

Important Changes Made in ATM Withdrawal, Salary Payments, LPG Cylinder Bookings

Check out the changes made in banking charges, salary/UPI payments below;

Salary & EMI Payments 

As announced by the Reserve Bank of India (RBI), the National Clearing House (NACH) will be functional all days of the week from 1^st August, 2021. While announcing this, the governor of RBI, Shaktikanta Das stated the aim for the same is to improve the consumers’ convenience. This initiative will cut the duration for salary credits, insurance premium, bill payments & loan EMI’s. During COVID-19 pandemic, the auto transfer facility helped in transferring the government subsidies in a convenient & lucid manner.

ATM Cash withdrawals Cost

In June, RBI ordered to increase interchange fees structure for the transactions at ATMs from Rs 15 - Rs 17. This has come into effect from 1^st August 2021, as per the new guidelines announced by Reserve Bank of India. After 9 years, the interchange fees have been hiked. The fees for non-financial transaction have been hiked from Rs 5 – Rs 6.

ICICI Bank Revised Charges

For its domestic savings account holder, ICICI has revised the limits on cash transactions, ATM interchange & chequebook charges from 1^st August, 2021. According to ICICI’s official website, customers with normal savings account with bank will be allowed 4 free transactions. The user will have to pay Rs 150 per transaction after 4 free limits.

IPPB Revise Banking Charges 

The India Post Payments Bank (IPPB) announced that customers will have to pay the additional charges for using doorstep services. The bank has started changing Rs 20+ GST for every doorstep service request from 1^st August, 2021.

LPG Cylinder Prices

Depending on the price of crude oil in international markets, fuel companies revise the prices of LPG cylinders at the beginning of every month. So, don’t forget to check the LPG price before booking a cylinder.