From July 1, many key changes will be implemented across banking, financial and other sectors that are set to impact the day-to-day lives of a common man. For starters, the State Bank of India (SBI) has updated charges and rules for Automated Teller Machines (ATMs) transactions while a few taxpayers may have to face Tax Deduction at Source (TDS) at higher rates starting next month. Meanwhile, LPG cylinder prices are up for a revision in the month of July.
Here are the lists of key changes coming into effect from July 1:
- IFSC Code to be changed : Syndicate Bank customers will be shocked from July 1. In fact, Syndicate Bank has been merged with Canara Bank. Due to which the IFSC code starting with SYNB can be changed for all branches as per Canara Bank. The bank has appealed to customers to update the IFSC code.
2. Income Tax Return: From July 1, the Central government is going to impose a higher tax deduction at source (TDS) rate for those who are yet to deposit their income tax returns (ITR) for the past two years. The Centre has introduced this change as part of the income tax rules by the Finance Act, 2021. According to the new guidelines, the change will be implemented towards taxpayers whose TDS deductions each year exceeds Rs 50,000.
3. Change in SBI ATM charges
SBI will offer only four free transactions — including ATMs and bank branches every month for BSBD account holders. Customers will have to pay Rs 15 plus Goods and Services Tax (GST) for the fifth transaction onwards.
SBI will offer 10 cheque leaves free in a financial year to its BSBD account holders. If you need an additional cheque book, then you need to pay a certain amount to the bank. For instance, 10 leaf cheque book will cost Rs 40 plus GST, 25 leaf cheque book at Rs 75 plus GST, and emergency cheque book for 50 plus GST for 10 leaves or part thereof.
5. LPG Cylinder Price: From July 2021, the price of liquefied petroleum gas (LPG) cylinders will change as the price is decided on the first of every month. However, there no such announcement as yet but it is expected the price will change.
6. New Driving License Rules : From July 1, 2021, there will be major changes related to driving licenses. In fact, you no longer have to go to the RTO office to get a driver’s license. Instead, you can get a license at a recognized driving school by completing the training and the required criteria.
7. Cheque Book usage charges: Not just the ATM withdrawals, the savings account holders with SBI will have limited free cheque-book usage from next month. As per the fresh guidelines from the bank, an account holder can only use 10 cheque-books in a financial year. However, if you want to use more cheque-books, then you will have to pay a charge of Rs 40 plus GST for the next 10 leaves or Rs 75 plus GST for the subsequent 25 leaves.
