Personal finance changes from 2022: The new year is ready to knock in a few days and with its beginning many new changes will be implemented in many areas. The personal finance sector is no exception as there are a lot of new rules to be implemented from January 1, 2022. From costlier ATM charges to new guidelines on your bank lockers that will make them safe, many new changes are being made. To take effect as the new year begins. It will also effectively change the way you plan your finances, and like all other years you will have to revisit your planner and set it up accordingly.
Here are some of the major changes that are going to be implemented during the coming year:
Withdrawals from ATMs will be expensive from January 1
Once their monthly limit is exhausted, bank customers have to pay additional charges on ATM withdrawals, irrespective of their bank. The Reserve Bank of India had earlier said in a notification that customers will have to pay even higher charges from January 2022 for ATM transactions when the limit is exceeded. This means the change is set to be implemented at the end of next week. Customers have received information from their banks as the date approaches. At present, a bank customer pays Rs 20 per transaction at all ATMs to withdraw money if the monthly free limit is exceeded. Now the rates are to be increased by Re 1 per additional transaction every month.
India Post Payments Bank will charge on account deposits
With effect from January 1, 2022, India Post Payments Bank (IPPB) account holders will have to pay higher charges for cash withdrawals from their accounts if they exceed the prescribed limit. The new rule was notified by the state-owned lender earlier this year. IPPB has also revised the rates applicable on cash withdrawals from the accounts of its customers with effect from the same date.
“This is to inform all concerned that the charges for cash deposit and cash withdrawal transactions will be effective from January 01, 2022. These prices will be applicable at the rates applicable in addition to GST/cess,” the payments bank said. A note on its website.
India Post Payments Bank has three types of savings accounts – Regular Savings Account, Digital Savings Account and Basic Savings Account.
Bank lockers will be safe from next year
As per RBI’s directive, your bank lockers are going to be safe from January 2022. It mentions that banks cannot deny liability if the locker of the customer is compromised due to the negligence of the bank.
“It is the responsibility of the banks to take all steps for the safety and security of the premises in which the vault is kept. Responsible for ensuring that incidents like fire, theft/theft/dacoity, dacoity, building collapse in the Bank’s premises do not occur due to his own shortcomings, negligence and any omission/commission. Since banks cannot claim that they have no liability to their customers for damage to the contents of the locker, in cases where the loss of the contents of the locker is caused by the events described above or by its employee(s) The liability of the banks would be for an amount equal to one hundred times the existing annual rent of the safe deposit locker, the central bank said in a notification.
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