From ATM charges to cash deposit fees, here’s looking at 6 money-related changes effective from Jan 1

From January 1, ATM withdrawal beyond a certain limit is going to cost more from January 1. Banks will levy higher ATM withdrawal charges for cash and non-cash ATM transactions beyond free monthly permissible limit from next year. 

 

"To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs 21 per transaction. This increase shall be effective from January 1, 2022," the RBI had said in a circular.

According to the new bank locker laws, banks won’t be liable for any damage or loss of belongings in a locker as a result of natural disasters like as earthquakes, floods, or other natural disasters. Meanwhile, the Reserve Bank of India has directed banks to take appropriate precautions to safeguard themselves from such tragedies.

From January 1, food delivery services such as Swiggy and Zomato will now start collecting 5% GST on food orders on behalf of restaurants. Another GST rule change coming into effect from today is that you will now have a GST on auto rickshaw bookings made via e-commerce platforms. 

The government has already clarified that the last day to file the income tax return (ITR) for assessment year 2020-21 was December 31. Taxpayers filing ITR beyond Decemeber 31 can get a penalty of up to Rs 5000 for missing the deadline that was revised not once, but twice.

India Post Payments Bank (IPBB) has revised  the fee on cash withdrawals and deposits at physical branches. Bank customers will now have to pay “0.50% of the value subject to minimum Rs 25 per transaction” after free four cash withdrawal transactions. Basic Savings Account customers won’t have to pay any fee.

Indian Oil Corporation has slashed the prices of commercial LPG cylinders by Rs 100, in what could be a relief for restaurants, hotels and caterers. However, the company hasn’t changed the prices of domestic LPG cylinders.