Financial changes affecting salary, emi, etc from August - YP Buzz

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                             The changes that took effect from August are the outcome of changes in the rules introduced by the Reserve Bank of India (RBI) and the regular reforms introduced by banks. August will bring a number of changes to banking regulations, which will affect the day-to-day operations of account holders. While those who pay the same monthly installments (EMIs) and earn salaries will benefit, these changes may reduce account holders who use ATM cards regularly.

                                                                         
Reserve Bank of India

Here's a look at some of the changes that will take effect from August:

NACH to be available daily: National Automated Clearing House (NACH) is a payment system used by banks to transfer salaries and pensions, benefits and interest, etc. Assists with payments related to electricity, gas, telephone, water, periodic bills, joint investments, and insurance premiums. NACH is made by the National Payments Corporation of India (NPCI) and is only available on banking days. In June, the RBI announced that the bulk payment system would be allowed on all dates beginning August 1. This, RBI Governor Shaktikanta Das, was made available for 24x7 real-time accommodation (RTGS). NACH is also used as a direct profit transfer (DBT) mode for a large number of beneficiaries.

Interchange fees to be increased: This was announced by the RBI in June. The implication of this increase is that the financial and non-financial performance of Automated Teller Machines (ATM) will be costly. The RBI has allowed banks to increase exchange rates from ₹ 15 to ₹ 17. Non-financial transactions, these fees will be increased from ₹ 5 to ₹ 6. withdraw money. The money increased after nine years given the increasing cost of ATM shipping and bank ATM savings by banks, the RBI said. The last change in the structure of ATM transactions took place in August 2012, when customer payments were last revised in August 2014, he added.

India Post's revised charges to come into effect: Those who have an account with India Post Payments Bank (IPPB), will have to pay extra to use the services at the door. The bank does not currently have any funding for these services, but from the month of August, it will start charging ₹ 20 (and GST) for each such application. However, according to the India Post, there will be no limit to the number of transactions when IPPB employees visit a customer’s home through a door-to-door service. However, it clarified that the 'no money' clause will only apply to multiple customer requests. If too many people want to use the departmental IPPB service, it will be considered a separate delivery for the DSB and will be charged.

ICICI banks to revise charges: India's leading independent bank ICICI has said it will review the transaction limits, ATM exchanges and checkbook charges for their home savings account holders. The changes will be on the floor from August, according to the ICICI Bank website. Price revisions will apply to all cash transactions - deposits and withdrawals. According to the bank's website, customers with standard savings account with the bank, are allowed four free transactions. Those who exceed the free limits will invite ₹ 150 charges per transaction, according to ICICI.

Changes in the price of LPG cylinders: The price of Liquefied petroleum gas (LPG) cylinders is updated on the first day of the month. And this work is scheduled to take place on August 1. Prices are based on the price of crude oil in global markets.


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