By next month, there will be myriad changes in the banking sector. state Bank of India It has amended its charges and rules for cash withdrawal from its Automated Teller Machines (ATMs) and branches. Some taxpayers may face tax deduction at source (TDS) at higher rates from next month. From LPG cylinder prices to revised banking charges – here are the key changes that will be applicable from July 1.
1) SBI ATM withdrawal charges will be levied: For all SBI customers, except those having zero-balance account, the charges will be levied for cash 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. SBI will charge Rs 15 plus Goods and Services Tax (GST) for each withdrawal on cessation of those free withdrawals.
2) Increase in Check Book Usage Fee: SBI savings account holders will have limited check leaf access from July 1, 2021. As per the newly issued and approved guidelines, an account holder can use only 10 check cards in a financial year. Use of more than the prescribed amount will attract Rs 40 plus GST for next 10 cards or Rs 75 plus GST for subsequent 25 cards. Using an emergency check book will cost Rs 50 plus GST for 10 cards. Having said that, no such cash penalty has been mentioned for senior citizens yet.
3) Upcoming Changes in LPG Cylinder Prices: value of Liquefied Petroleum Gas (LPG) Cylinder Will change as the price is fixed on the 1st of every month. No such announcement has been made by any of the major providers yet, but that change is expected on July 1.
4) High TDS coming on the scene: From July 1, the government is going to introduce higher tax deduction at source (TDS) rate for those who have not yet submitted their Income Tax Return (ITR) for the last two years. This change has also been made a part of the Income Tax Rules by the Finance Act, 2021. As per the new rule, the change will be implemented for those taxpayers whose TDS deduction is more than Rs 50,000 every year. However, taxpayers will be given time till July 15 to file TDS for the last quarter of the financial year 2020-21.
5) New IFSC Code for Syndicate Bank: In light of the merger between Syndicate Bank And Canara Bank, former account holders will get new IFSC codes.
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