From ATM transaction charges, GST to bank withdrawal charges: 5 Major rules changing from January 2022

New Delhi: Several rules pertaining to banking, financial and other sectors are changing from January 1.  Since these new rules are set to impact the day-to-day lives of a common man and hence it is important to know more about these changes in detail.

Here are 5 major rules impacting common man that will change from January 2022

New ATM withdrawal charges from January 1, 2022

From January 1, ATM withdrawal beyond a certain limit is going to pinch the customer's pocket as banks will levy higher ATM withdrawal charges from next month. Bank customers will have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022, if they exceed the monthly limit of free transactions. However, customers will continue to be eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs. They would also be able to do three free transactions from other bank ATMs in metro centres and five in non-metro centres.

India Post Payments Bank (IPPB) deposit/withdrawal charges from January 1, 2022

Customers of India Post Payments Bank (IPPB) are in for some sad news starting next month. Account holders of this bank will have to pay a charge for withdrawing and depositing cash amounting to Rs 10,000. The new rule will come into effect from January 1. There are three types of savings accounts for India Post Payments Bank customers: (a)Basic Savings Account, (b) Savings (other than Basic SA) & Current Accounts, and (c) Savings (other than Basic SA) & Current Accounts. IPPB has informed all the concerned that charges of on Cash Deposit & Cash Withdrawal transactions as mentioned below will be effective from 01 January, 2022 at the below mentioned rates. Check out the new rate/fee table on Cash Transaction Charges

Account Type	Transaction Type	Free Limit	Charges
Basic Savings Account	Cash Withdrawal	Free, up to 4 transactions per month	Post free limit, 0.50% of the value subject to minimum Rs. 25 per transaction
Basic Savings Account	Cash Deposits	Free	N A
Savings (other than Basic SA) & Current Accounts	Cash Withdrawal	Free, up to Rs. 25,000 per month.	Post free limit, 0.50% of the value subject to minimum Rs. 25 per transaction
Savings (other than Basic SA) & Current Accounts	Cash Deposits	Free, up to Rs. 10,000 per month.	Post free limit, 0.50% of the value subject to minimum Rs. 25 per transaction

The above prices are exclusive of GST/ CESS which will be levied at the applicable rates, said IPPB.  

ICICI Bank service charge from January 1, 2022

Private sector lender ICICI Bank has announced that it is going to revise the Service charge on the ICICI Bank Savings Accounts with effect from 01 January 2022.

Non-filers of monthly GST return to be barred from filing GSTR-1 from January 1, 2022

Businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year. The GST Council in its Lucknow meeting on September 17 has decided to take a host of measures to streamline compliance, including mandatory Aadhaar authentication for businesses to file refund claims. These moves would help prevent revenue leakage due to evasion of Goods and Services Tax (GST), which was launched on July 1, 2017.

LPG Cylinder Prices

Oil marketing companies revise the prices of LPG on the first day of every month depending on the crude rates in the international markets. It is by and large expected that the OMCs will make announcement on revision of LPG Cylinder Prices.