RBI to make changes in ATM withdrawal, salary, EMI, others from August 1

The implementation of Doorstep service charges, changes in salary, EMI, increased cash withdrawal charges and updated charges of ICICI bank will not just change the personal finance but will transform the entire economy.

RBI is about to clear the way for banks to execute transitions from revision to ATM interchange fee hikes in the overall banking assessments. These changes will be implemented from 1 August 2021.

From the beginning of August 2021, a ripple of novice novelties to your banking system will occur. It is going to affect the entire economy and not just personal finance.

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According to the reports of News18, here are some modifications you need to look into in the coming days:

Revised charges of ICICI bank

  • One of the biggest moneylenders will release updated limits for their cash transactions. ATM interchange and cheque book credits for its internal savings account holders will be in revised form. 1st August is the date of implementation. For financial and non-financial transactions in the metro cities of India (New Delhi, Chennai, Mumbai, Kolkata, Hyderabad & Bengaluru) first three transactions will be free. If someone crosses the limits of doing transactions, then they will have to pay a charge of Rs 20 on financial transactions and Rs 8.50 on non-financial ones. Cardholders of Gold, Magnum, Silver, Titanium, etc. will undergo the effects from next month.

 

ATM cash withdrawal charges to be augmented

  • There were more changes interjected in June that would see the interchange fee for cash withdrawals at ATM as per the mandate of the Reserve Bank of India. With the latest modifications to the rules, Revised interchange fees will be Rs 17. The hike of Rs 2 has been done to cope up with the maintenance charges of the machines. For non-financial transactions fees will just increase by Rs 1. The interchange fee applies to those who withdraw money from ATMs of other banks.

 

Changes in Salary, EMI, Premium Payment

  • The National Automated Clearing House (NACH) amenities will be open and operational daily. National Payments Corp. of India (NPCI) operates NACH. Payment of dividend, salary, and pension, interest will be the facilities provided. Payments of electricity, telephone, gas, insurance premiums, installments of loans, mutual funds will be the amenities.

Doorstep Service Charges by IPPB

  • An announcement has been done by The India Post Payments Bank (IPPB) that from August 1, each doorstep service that individual requests for, will be charged. 20 Rs and GST charges will be incurred on each doorstep delivery. As per the reports, if more people want to utilize the IPPB doorstep delivery service then, it will be classified as a DSB delivery and charges will be more for such delivery

The implementation of Doorstep service charges, changes in salary, EMI, increased cash withdrawal charges and updated charges of ICICI bank is a considerably big change and one to look forward to.