Salary, pension, EMI payment to ATM charges: These 5 rules impacting common man will change from August

From the month of August, several new rules will be implemented across banking, financial and other sectors --check them out.

New Delhi: Several rules that have a major impact in the lives of common man are going to change from August that deals with banking, financial and other sectors. 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 rules impacting common man that will change from August 2021

New rules for salary, pension, EMI payment

Reserve Bank of India (RBI) had in June announced that National Automated Clearing House (NACH) will be available on all days of the week, effective August 1, 2021. NACH is a bulk payment system operated by the NPCI. It facilitates one-to-many credit transfers such as payment of dividend, interest, salary, pension, etc., as also collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds, insurance premium, etc.

ATM Cash withdrawal, transaction charges

The Reserve Bank of India had recently announced a couple of changes in the ATM rules. While these rules are in line with the long pressing demands by the payment services, banks and white label ATM operators for customers it also means a little more burden on their pocket. Effective August 1, 2021, banks are allowed to increase interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions in all centres, the circular said. ATMs are deployed by banks for serving their own customers and also provide services to other banks' customers as acquirers where they earn interchange income.

India Post Payments Bank Charges

India Post Payments Bank (IPPB) has announced changes in some of its banking charges applicable from August 1, 2021. IPPB has updated the charges related to doorstep banking and other services. Doorstep delivery service, which was being provided free of cost till now, will be chargeable.Customers will have to pay Rs 20 plus GST charge from August 1 to use doorstep banking services offered by the bank. Cash transactions (withdrawing or depositing cash) in doorstep banking service will attract 20 per transaction along with GST.

ICICI Bank Cash Transaction Charges for Regular Savings/ Salary Accounts and Variants

ICICI bank has announced a number limit (Sum total of deposits and withdrawals) 4 free cash transactions, per month. Charges above free limits will be Rs 150, per transaction 2) Value Limit (Sum total of deposits and withdrawals) The value limit is inclusive of both the home and non home branch transactions a) Home Branch (Branch where account is opened or ported) Rs 1 lakh. Free per month, per account. Above Rs 1 lakh – Rs 5 per Rs 1,000, subject to a minimum of Rs 150 b) Non-Home Branch – No charges for cash transactions up to Rs 25,000, per day Above Rs 25,000 – Rs 5 per Rs 1,000, subject to a minimum of Rs 150. 3) Third Party Cash transaction (Sum total of deposits and withdrawals) - Up to a limit of Rs 25,000 per day – Rs 150, per transaction. Above Rs 25,000 is not permitted. For Senior Citizen customers, Young Star/Smart Star Accounts, while the limit of Rs 25,000 per day will be applicable, the accounts will not be charged.

Deadline for e-filing forms 15CA and 15CB

The Central Board of Direct Taxes (CBDT) has granted further relaxation in the electronic filing of forms 15CA and 15CB. It has now been decided to extend the aforesaid date to August 15 from the earlier deadline of July 15.