New Delhi | Jagran Business Desk: The month of August is going to bring some major changes which will impact your pocket. Reserve Bank of India's policy will come into force, withdrawing cash from ATM will become costlier, change in LPG price, major changes in ICICI bank services, and many more. So those who transact with banks must be aware of the changes that will come into effect from August 1, 2021.
Salary, EMI payment-related: In June, the Reserve Bank of India had announced the National Automated Clearing House (NACH), a bulk payment system operated by the National Payments Corporation of India (NPCI). It facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension and collection of payments related to gas, water, periodic instalments towards loans, electricity, telephone, investments in mutual funds and insurance premium. This policy will come into effect from August 1 on all days, including Saturday and Sunday.
ATM Cash Withdrawal: As per RBI's order, the interchange fees structure for transactions has been increased from Rs 15 to Rs 17. This decision has been taken after viewing the expenses incurred in the ATM (Automated Teller Machine) maintenance and deployment. For non-financial transactions, the fees have been increased from Rs 5 to Rs 6. The interchange fee is a fee charged by banks to merchants processing payments via debit or credit cards. According to the new rules by RBI, customers will be able to do 5 free transactions every month from their bank's ATM, while 3 free ATM transactions in metro cities and 5 in non-metro cities using ATMs of other banks. RBI has also said that bank customers will have to pay Rs 21 per transaction instead of Rs 20 with effect from January 1, 2022.
ICICI Bank to revise charges: The leading private bank has changed the rules regarding chequebooks and ATM transactions for its domestic savings account holder. As per the rule, customers are allowed four free transactions, now above free limits, customers will be charged Rs 150 per transaction. Talking about chequebooks, ICICI bank will not charge any fee for a 25-page cheque book, however, after that bank will charge Rs 20 for a 10 leaf cheque book.
Price of Cylinders: The price of LPG cylinders is decided on the first of every month. However, for the August price, no such announcement has been made.
Posted By: Niharika Sanjeeiv