From July, changes are going to happen in the banking sector. The government may bring some taxpayers face to face with higher rates of tax deducted at source (TDS). State Bank Of India (SBI) The company has introduced revised charges from next month that will increase the charges for cash withdrawals from its Automated Teller Machines (ATMs) and branches. From check book usage charges to SMS charges axis Bank And even a change in the IFSC code of Syndicate Bank – here are the many changes that will make landfall on July 1.
1) To change TDS rates: The biggest change has come from the government which is going to levy a higher TDS for those who have not yet filed their Income Tax Return (ITR) in the last two financial years. This new rule will come under the purview of the Finance Act, 2021 and will also be applicable to those taxpayers whose TDS deduction is more than Rs 50,000 per annum. On the bright side, taxpayers will be given time to file their TDS for the last quarter of FY 2020-21. The deadline for this is July 15.
The new income tax portal will facilitate taxpayers to check their status using their PAN card number. If TDS is not filed, the deduction will be twice the existing TDS or at the rate of 5%.
2) Withdrawal charges from SBI ATMs and branches: All customers having Minimum Balance Account or Basic Savings Bank Deposit (BSBD) account will be charged for withdrawal from SBI ATMs as well as branches. Account holders will be eligible for four free cash withdrawals from the bank’s ATMs and branches. After four free withdrawals, SBI will charge Rs 15 to Rs 75 plus Goods and Services Tax (GST) for each withdrawal. This is done for any additional value added services.
3) Check Book Usage Fee: SBI customers with savings accounts will have to contend with limited free check-leaf access from July 1. As per the new SBI mandate, account holders can use only the first 10 check cards from next month. These holidays will be treated as free for the entire financial year, however, usage of additional leaves will attract charges. For subsequent 10 cards, the account holders will be charged Rs 40 more GST and for 25 cards they will be charged Rs 75 more GST. Use of emergency check book will attract Rs 50 plus GST on 10 leaves. While these comprehensive rules are yet to come, no such order has been issued for senior citizens yet.
4) New IFSC Codes of Syndicate Bank to be issued: customers of Syndicate Bank You will need to get new IFSC codes for your accounts. This change has come due to the merger of Syndicate Bank and Canara Bank.
5) Axis Bank alerts customers to change charges: axis Bank It has increased several charges for its account holders having savings bank account. While the earlier changes were implemented from May, the new changes are due on July 1. The bank has increased its cash withdrawal charges from its ATMs over and above the previous free limit. It has also increased the minimum balance requirements for its savings accounts. Additionally, Axis Bank has also changed the SMS charges to customers due to the regulations introduced by the Telecom Regulatory Authority. Customers will be charged 25 paise for each SMS alert, excluding promotional text or OTP messages.
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