RBI new rules: The month of August will see several changes that will affect the day-to-day banking operations, and also have an impact on other sectors. Those who transact with banks will have to be aware of the changes coming in effect from August 1.
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.
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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.
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Salary, EMI payment related: The Reserve Bank of India had announced in June that the National Automated Clearing House (NACH) will be available on all days of the week, effective August 1, 2021. NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension. It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium.
ICICI Bank to revise charges
India’s leading private lender has also changed its rules related to chequebooks and ATM transactions for its domestic savings account holder and revised limits of cash transactions, ATM interchange. These changes will be effective from August 1, 2021. As per the changed norms, the customers with regular savings account with the bank will be allowed four free transactions and any further transaction would invite a charge of Rs 150 per transaction. In relation to For the 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.
