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Many changes will come in your life from 1st August! Rules related to ATM, salary, pension, EMI will change

By Ruchi Upadhyay 
Updated Date

New Delhi: Inflation is touching new heights every day. In the next month i.e. August, the winds of inflation will start, which will have a direct impact on your pocket and life. As withdrawing cash from ATM will become expensive, the policy of the Reserve Bank will also come in the first week of this August. LPG prices can also be changed. Let us tell you about these changes.

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ATM transactions costlier from August 1

After the order of the Reserve Bank of India, from August 1, banks will be able to increase the interchange charge at ATMs by Rs. In June, the Reserve Bank allowed the interchange charge to be increased from Rs 15 to Rs 17 for every financial transaction and from Rs 5 to Rs 6 for non-financial transactions. Interchange fee is a fee charged by banks to merchants processing payments through credit cards or debit cards. According to the new rules, customers will be able to do five free transactions every month from their bank’s ATM. Customers will be able to do three free ATM transactions in metro cities and five in non-metro cities using ATMs of other banks.

ICICI Bank banking services will be expensive

The country’s largest private bank ICICI Bank has changed the rules regarding ATM transactions and checkbooks, which will be applicable from August 1. ICICI Bank gives 4 cash transactions free every month for regular savings account. 150 rupees will have to be paid on every transaction after the free limit. The value limit (Deposit + Withdrawal) includes both home branch and non home branch transactions. ICICI Bank will not charge any fee for a 25-page check book in a year, but after that for a 10-leaf check book, Rs 20 will be charged.

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Rules related to salary, pension, EMI will change

RBI has changed the rules of National Automated Clearing House (NACH). Under this change, now you will not have to wait for the passing of Saturday and Sunday i.e. weekend for your salary or pension. You will get these services throughout the week. These new rules will come into effect from August 1, 2021. RBI Governor Shaktikanta Das, during the credit policy review of June last month, had announced that to further enhance the convenience of customers and to avail the benefits of 24×7 Real Time Gross Settlement (RTGS), NACH which is currently available in banks in working days. Available, it is proposed to be implemented on all days of the week, with effect from August 1, 2021.

Price of LPG cylinder will increase

There will be a change in the prices of LPG cylinders from August 1. New prices of domestic LPG and commercial cylinders are fixed on the first of every month. On July 1, the prices of LPG cylinders were increased by Rs 25.50. After this increase, 14.2 kg cylinder is being available in Delhi for Rs 834.50 instead of Rs 809. Earlier on May 1, gas companies did not make any change in the rate of LPG Gas Cylinder. Earlier in April, the price of LPG cylinder was cut by Rs 10, while the prices were increased in February and March.

Form 15CA/15CB deadline will end

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In a relief to the taxpayers, the Income Tax Department had extended the deadline for submitting Form 15CA/15CB in manual format, whose deadline is ending on August 15. Earlier this deadline was done on June 30, 2021, then it was extended till July 15. Taxpayers will have to submit both these forms in manual format to the authorized dealers by August 15, 2021.

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