RBI New Rules: From Salary, EMI Payments To ATM Charges, Changes To Kick In From Aug 1

One of the major changes to note is that you have to shell more for for transactions at Automated Teller Machines (ATMs)

RBI

New Delhi:  As you enter August, there will be several changes affecting your financial live ranging from banking transactions to EMIs due to certain changes coming into effect from next month. Here are major changes for bank account holders and salaried employees to note.

Impact on Salary, EMI payment

Form now onwards, you will not have to wait for working days in order to get your salary or pension credited. In June, the Reserve Bank of India had announced the National Automated Clearing House (NACH) will be made available throughout the week from August 1. NACH is a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers including payment of dividend, interest, salary and pension. Besides this, it helps in facilitating collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium.

RBI said that NACH has become one of the popular digital modes of Direct Benefit Transfer (DBT) for beneficiaries, which helps in timely and transparent transfer of government subsidies during the pandemic.

ATM cash withdrawal to be expensive

One of the major changes to note is that you have to shell more for for transactions at Automated Teller Machines (ATMs). As announced by the central bank, the interchange fees has been raised after nine years from Rs15 to Rs17 keeping in mind the demand of banks. For non-financial transactions, the fee has been raised from Rs5 to Rs6. The interchange fee is applicable if you use your card on another bank ATM beyond the permissible limit.

Revision in door step banking charges

The India Post Payments Bank (IPPB) also announced that customers who avail doorstep services will now have to pay additional charges. Now, customers will be charged Rs20 (plus GST) for each request for availing doorstep service. This will be applicable from August 1. Currently, there is no charge on doorstep banking offered by IPPB.  However, there will be no limit on the number of transactions during a DSB visit for one customer. But if in the same visit, the DSB serves another customer, it will be considered as separate DSB delivery and will be chargeable.

ICICI Bank cutomers to pay more

ICICI Bank will revise the limits of cash transactions, ATM interchange and cheque book charges for its domestic savings account holders. From next month, these changes will be effective as per the bank’s website. The revised charges will remain applicable if you carry out all the cash transactions, deposit and withdrawal. Customers with regular savings account with the bank can avail four free transactions. Those above the free limits would have to pay a charge of Rs150 per transaction, according to ICICI.