Your Salary, EMI, ATM Withdrawals Will Change From August: 5 Changes You Should Know
More adjustments were adopted in June following the Reserve Bank of India’s (RBI) mandate, which saw the interchange fee for ATM cash withdrawals change. The RBI has cleared the way for banks to implement changes from ATM interchange fee hikes to revision in overall banking charges.
These changes are set to take place starting from August 1, 2021.
New ATM Cash Withdrawal Charges
The new interchange cost is Rs 17 as a result of the recent regulatory changes. The prior charge of Rs 15 has been increased by Rs 2. This change will go into effect on August 1st, and the fees will only apply to financial transactions.
The rate for non-financial transactions has increased from Rs 5 to Rs 6. In instances where a customer of one bank withdraws money from an ATM of another bank, the interchange fee is charged.
ICICI Bank Revised Charges
For domestic savings account holders, the bank is also implementing revised ATM interchange and chequebook rates.
In the major cities of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad, the first three transactions (both financial and non-financial) would be free. Five free transactions will be given to other places.
The fee for exceeding the limit is Rs 20 for financial transactions and Rs 8.50 for non-financial transactions.
National Automated Clearing House Facilities
The National Automated Clearing House (NACH) facilities would be open and operational on all days of the week as of August 1, according to the RBI.
Currently, it is only available on bank working days, but with the new RBI mandate, it may become available on all days, including weekends and holidays.
IPPB Doorstep Service Charges
Customers would be charged Rs 20 plus GST for each doorstep service requested beginning August 1, according to India Post Payments Bank (IPPB).
On the first day of each month, the price of a Liquefied petroleum gas (LPG) cylinder is reviewed. And the practice is set to take place on August 1st. The prices are determined by the current crude oil price on the international market.