New Delhi: According to RBI's list of bank holidays, banks will be closed for a total of 18 days in August. In August, banks will remain closed on Muharram, Raksha Bandhan, Independence Day, Krishna Janmashtami, and Ganesh Chaturthi. Apart from this, like every month, in August also, banks will be closed on the second and fourth Saturdays due to weekly holidays.
Although bank holidays in different states vary depending on the locality, the number of holidays may vary in some states. Also, from August 1, many rules including banking in the country are changing.
Bank of Baroda (BOB) has changed the rules for payment by check. The new rules have come into effect from August 1. In Bank of Baroda, payment of checks with an amount of Rs 5 lakh or more will be done based on a positive pay system. Under this, those issuing checks of Rs 5 lakh or more will have to give information related to their check payable to the bank through SMS, net banking, or mobile app. Only after that, the payment of the concerned check will be done. Failure to provide the information will result in a stoppage of payment of the check.
July 31 was the deadline for KYC of PM Kisan Samman Nidhi Yojana. Those farmers who have not got KYC done by 31st July will not be able to take advantage of the scheme. Also, the last date for registration to take advantage of the Pradhan Mantri Fasal Bima Yojana was July 31. Those who have not registered may be deprived of it.
Filing of Income Tax Return (ITR) from August 1 to December 31 will attract a penalty. The amount of fine can range from Rs 1,000 to Rs 10,000. If the annual income is less than Rs 5 lakh, a fine of Rs 1000 and above will attract a fine of Rs 5,000.
HDFC hikes interest rates: HDFC Ltd has again increased the home loan rates. NBFCs have increased the retail prime lending rate by 0.25%. The new rates will be applicable from August 1, which will affect both new and old customers.
