RBI New Rules: In the month of June, RBI had said that the interchange fee for transactions at ATMs has been increased. The amount has increased from Rs 15 to 17. The hike announced by RBI will be effective from August 1. The month of August will witness many changes that will affect the day-to-day banking operations and will affect other sectors as well. Those transacting with banks should be aware of the changes that will come into effect from August 1. From August 1, many charges related to banking are going to increase.
The Reserve Bank of India had announced in June that the National Automatic Clearing House (NACH) would be available on all days of the week from August 1, 2021. NACH is a wholesale payment system operated by the National Payments Corporation of India (NPCI). It facilitates one-to-many credit transfers such as payment of dividend, interest, salary, and pension. It also provides facilities for the collection of payments related to electricity, gas, telephone, water, periodic installments for loans, investments in mutual funds, and insurance premiums.
ATM cash withdrawal will be expensive
RBI had said that the interchange fee for transactions at ATMs has been increased from Rs 15 to Rs 17. The hike announced by RBI will be effective from August 1. After nine years, the interchange fee has been increased keeping in mind the cost of ATM maintenance, which banks have to bear. The fee for non-financial transactions has been increased from Rs 5 to Rs 6.
Revision of Banking Fees by IPPB
India Post Payments Bank (IPPB) had announced that customers who use its doorstep services will now have to pay additional charges. IPPB has said that it will start charging Rs 20 (plus GST) for each request for doorstep service. This will come into effect from August 1. At present, there is no charge for doorstep banking offered through IPPB. However, there will be no limit on the number of transactions when IPPB personnel visit a customer’s home for service.
ICICI Bank Fee Revision
India’s leading private bank ICICI Bank has said that it will revise the limits for cash transactions, ATM interchange, and checkbook charges for its domestic savings account holders. According to the ICICI Bank website, these changes will be effective from August 1. The revision of the fee will be applicable for all cash transactions, deposits and withdrawals. According to the bank’s website, customers who have regular savings account with the bank are allowed four free transactions. According to ICICI, people above the free limit will have to pay a fee of Rs 150 per transaction.
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