These 5 changes, including ATM charges, from August 1, will have a direct impact on your pocket

These 5 changes, including ATM charges, from August 1, will have a direct impact on your pocket

These 5 changes, including ATM charges from August 1, will have a direct impact on your pocket

Many changes including charges on cash transactions&nbsp

August month is bringing some changes in your financial life. Which are changing from the timing of your payment transfer to the charge on cash transactions and salary rules. If you pay equated monthly installments or use ATMs frequently, you will be affected by the new rules. The changes coming into effect from today are those introduced by RBI and regular updates by banks. Here are all the changes that will affect your wallet from Sunday, August 1, 2021.

Change in interchange fees

RBI had also announced in June that using Automated Teller Machines (ATMs) would become costlier from today. The interchange charge charged by banks has been increased from Rs 15 to Rs 17 and for non-financial transactions the charges have been increased from Rs 5 to Rs 6. The interchange charge is paid by the debit card issuing bank, which has the facility to withdraw money from ATMs.

ICICI Bank charges revised

ICICI Bank had said that it will revise the ATM interchange charge, cash transaction limit, check book charge and number of cash transactions. The charge has been revised from Sunday. Applicable to both deposits and withdrawals. Allows 4 free transactions for its savings account users. However, it will charge Rs 150 for every transaction that exceeds the free limit.

Fast fund transfers

Gone are the days when users especially had to wait for weekends or public holidays to end to receive or do fund transfers like salary credits, EMI payments, bills etc. National Automated Clearing House (NACH), the bulk payment system used by banks, will now be available on Saturdays, Sundays and holidays also. This system is used to process bulk transfers like bank salary, pension, dividend etc. It also provides fund transfer for electricity bill, gas connection, telephone bill, water bill, EMI, purchase of mutual fund units and insurance premium. Developed by the National Payments Corporation of India (NCPI), the NACH payment system was available only during the bank’s working days prior to August 1, 2021. The RBI announced in June that the bulk payment system would be available daily from August 1. This was done to take advantage of the 24×7 availability of Real-time Gross Settlement (RTGS).

Changes in India Post charges

If you have an account with India Post Payments Bank (IPPB) using door-step services then it becomes costly. Till now there was no charge for such services but from August 1, each door-step banking request per customer will be charged Rs 20 (plus GST). The interest rate on IPPB savings account was reduced from 2.75% to 2.5% for balance amount up to Rs 1 lakh with effect from July 1, 2021. However, there was no change in the interest rate on balances above Rs 1 lakh.

LPG Cylinder Prices

The gas companies review the prices of your gas cylinders every month. The same exercise will be repeated on August 1. The price of non-subsidised domestic liquefied petroleum gas (LPG) cylinders was increased by Rs 25 in all metro cities with effect from July 1. The price of LPG cylinder weighing 14.2 kg has gone up by Rs 834.50 in Delhi and Rs 76 for a domestic cylinder of 19 kg in the national capital by Rs 1,550.

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