ATM, ICICI Bank, Salary, EMI, LIC to change from August. Find below.
August may bring a slew of new financial changes to your life. The RBI has permitted banks to make modifications ranging from increased ATM interchange fees to revisions in total banking rates. These modifications are scheduled to take effect on august 1, 2021. It might have an influence not just on your personal life and day-to-day banking habits, but also on many economic sectors.
The interchange charge for ATM cash withdrawals would increase from Rs 15 to Rs 17 under the Reserve bank of India's (RBI) requirement. The earlier price of Rs 15 has been increased by Rs 2. The tariff for non-financial transactions has increased from Rs 5 to Rs 6. The rise is due to the maintenance fees that go into keeping the ATM machines in good working order. The interchange fee is charged when a client of one bank withdraws money from another bank's ATM.
ICICI bank, one of the country's largest lenders, will implement new cash transaction limitations. For domestic savings account customers, the bank is also implementing a new ATM interchange and chequebook costs. These adjustments will take effect on august 1 and will affect both withdrawals and deposits. In the major cities of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad, the first three transactions would be free. Five free transactions will be given to other places. The fee for exceeding the limit is Rs 20 for financial transactions and Rs 8.50 for non-financial transactions. Charges will be applicable for Silver, Gold, Magnum, Titanium, and Wealth variant account cardholders.
The facilities of the National Automated Clearing house (NACH) will be open and operating every day of the week. The National Payments Corporation of india (NPCI) manages NACH, which enables one-to-many credit transfers such as dividend, interest, wage, and pension payments. The platform is now only available during bank working days, but with the new RBI requirement, it may become available on weekends and holidays. The RBI orchestrated this change in order to improve consumer convenience.
Customers would be paid for each doorstep service requested from august 1, according to india Post Payments bank (IPPB). customers would be charged Rs 20 + GST for each service ordered. In the month of July, there were no such accusations. When IPPB workers visit a customer's home for the desired doorstep service, there will be no limit on the number of transactions.