The month of August can bring new changes in your banking lifestyle. These changes are due to start from August 1, 2021. This can affect not only your personal life and day-to-day banking habits, but sectors of the economy as well. NS reserve Bank of India Clearing the way for banks to implement revision in overall banking charges from ATM interchange fee hike, here are the changes you need to keep an eye on in the coming month.
ATM cash withdrawal fee will be increased
According to reserve Bank of India (RBI) mandate, more changes were made in the month of June for which the interchange fee will be visible ATM cash withdrawal Change. With the latest changes in the rules, the new interchange fee is Rs 17. This is an increase of Rs 2 from the previous fee of Rs 15. This change will be effective from August 1 and these charges will be applicable only on financial transactions. This increase is due to the maintenance charges levied on the maintenance of ATM machines. The rate has been increased from Rs 5 to Rs 6 for non-financial transactions. Interchange charges are applicable on transactions where a customer of one bank withdraws money from an ATM of another bank.
Revised charges of ICICI Bank
From next month, ICICI, one of the country’s largest lenders, will introduce revised limits for its cash transactions. The bank is also introducing revised ATM interchange and check book charges for its domestic savings account holders. These changes will come into effect from August 1 and will be applicable on withdrawals and deposits. The first 3 transactions will be free (for financial and non-financial transactions) in the metro cities of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad. Other places will get five free transactions. There will be a charge of Rs 20 per financial transaction for crossing the limit and Rs 8.50 for non-financial transaction. For cardholders of Silver, Gold, Magnum, Titanium and Wealth variation accounts, the charges will be applicable from next month.
Salary, EMI, Premium Payment Changes
From August 1, RBI announced that National Automated Clearing House (NACH) facilities will remain open and operational on all days of the week. NACH is administered by the National Payments Corporation of India (NPCI) and facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension. It also provides facility to pay in respect of electricity, gas, telephone, loan installments, investment in mutual funds and insurance premiums. Currently, this facility is active only on bank working days, but with the new mandate of RBI, it can see the platform open on all days including weekends and holidays. The move was coordinated by RBI to improve customer convenience.
IPPB doorstep service charge from August
India Post Payments Bank (IPPB) announced that from August 1, customers will be charged for every doorstep service they request. According to the new rules, customers will have to pay Rs 20 plus GST for every doorstep service. There were no such charges in the month of July. According to India Post, there will be no upper limit on the number of transactions when IPPB employees visit the customer’s home for the requested doorstep service. However, when a customer racks up multiple service requests, there will be a ‘no charge’ clause attached to it. On the other hand, if more people want to use the IPPB doorstep delivery service, it will be classified as DSB delivery and as per the report, charges will be charged.
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