Changes from August 1: A lot of changes are going to happen from next month i.e. August. These changes can affect you financially, so it is important to know about them beforehand. These changes from August 1 are linked to certain timelines and some rules. From minimum balance charges to long-term motor vehicle insurance cover policies and rules related to PM Kisan Scheme, a lot will change from August 1.  Let us know which deadlines are ending and the rules are changing from August 1.

Here are all the rule changes which come into effect from August 1:

Minimum balance rules: Bank of Maharashtra, Axis Bank, Kotak Mahindra Bank, and RBL Bank have announced that they will charge a penalty for not maintaining a minimum from August 1. In Bank of Maharashtra, account holders having savings account in metro and urban areas will now be required to keep a minimum amount of Rs 2,000 in the account. Earlier this amount used to be Rs 1,500. Under the new rule, if the amount is less than Rs 2,000, the bank will charge Rs 75 as a penalty in metro and urban areas, Rs 50 in semi-urban areas, and Rs 20 per month in rural areas.

RBL Bank savings account interest rate change: Interest rates of savings account RBL Bank (RBL Bank) have been changed and that revised rates will be effective from August 1. After the recent revision, customers will now get an interest of 4.75 percent annually on deposits up to Rs 1 lakh on a savings account. On the other hand, customers will get 6 percent on deposits of Rs 1-10 lakh and 6.75 percent interest on deposits ranging from Rs 10 lakh to Rs 5 crore. 

Buying a car and bike will be cheaper

Changing motor vehicle insurance may make buying a new car or bike a little cheaper from next month. This will benefit millions of people in the Corona period. Irda said that buying a new vehicle proves to be expensive for the people due to the long term package policy. If you also want to buy a new car or motorcycle, then after August 1, you will have to spend less money on auto insurance. The Insurance Regulatory Development Authority of India (IRDAI) is going to change the rules related to ‘Motor Third Party’ and ‘On Third Damage Insurance’. According to the instructions of IRDAI, since then, new car buyers will not be forced to take insurance of the car for 3 and 5 years.

New rules for e-commerce companies

The government has issued an order that from August 1, all e-commerce companies will have to give information about the country of origin of the products sold on their website, in which country the product is made.

Deadline for filing an income tax return

The deadline for filing the original or revised income tax return for the financial year 2018-19 expires on 31 July 2020. Therefore, those who have not yet filed the income tax return fixed, they should fill it in time. Also, the government had issued a press release on 13 May 2020, announcing that the deadline for filing income tax returns for the financial year 2019-20 has been increased from 31 July 2020 to 30 November 2020.

PM-Kisan amount will come to the account of 10 crore farmers.

Modi government has put the fifth installment in the farmers account under the PM Kisan Samman Nidhi, also known as PM Kisan Yojana, for the poor and weak and small holdings farmers. . Now on August 1, under this scheme, the Modi government is going to send the sixth installment of 2000 rupees to the bank account of the farmers. Let us know that the fifth installment of PM Kisan Scheme was released on April 1, 2020. The government has provided cash benefits to 9.85 crore farmers of the country since the inception of the scheme.

PM Kisan installment: Sixth installment will be released under PM-Kisan scheme. The sixth installment of the Prime Minister Kisan Samman Nidhi Yojana will start from August 1. The Narendra Modi government of the Center is going to transfer Rs 2,000 to the farmers’ account. Note that under this scheme, farmers get Rs 6,000 every year in three equal installments of Rs 2,000, directly into their bank account every four months. The fifth installment was released by the government on April 1, 2020.