Tomorrow is August 1st and many changes are going to take place from tomorrow, which is going to affect you too. If you do digital transactions then you need to know about these changes. If you shop online, then from August 1, you will have a special information about any product.
Let us tell you that which rules are going to change from August 1. If you are going to buy a new car or bike then you will have benefits. At the same time there is a good news for the farmers of the country.
These are mainly 5 Changes
1. Changes in the Minimum Balance
The minimum balance rules are going to change in many banks from August 1. Some banks have decided to charge a minimum balance. Customers will be charged after three free transactions. According to media reports, the rules of Bank of Maharashtra, Axis Bank and Kotak Mahindra Bank are going to change. At the same time, some banks can increase the minimum balance limit. That is, if there is less amount in the account than the minimum deposit, the bank will charge penalty.
2. Cars-Bikes will be Affordable
Changes in the rules of vehicle insurance will be implemented from 1 August 2020. Changes in the rules of auto insurance will reduce the new cars or bikes’ prices. In fact, the Insurance Regulatory and Development Authority of India (IRDAI) has withdrawn the rules of its long term packaged third party and on-damage policy. With this, now it will not be necessary for the vehicles to take a third party insurance policy of 3 and 5 years.
3. Charge on Withdrawals from ATM
If you withdraw money from ATM more than 5 times in a month, then after 5 withdrawals from August 1, every withdrawal will be charged. You can withdraw cash from ATM for 5 times in a month. On the other hand, if a debit card is lost or damaged, 200 rupees will have to be paid for the new card. While for a Titanium debit card, you have to pay Rs 250 annually. According to the RBI order, the interest rate on savings accounts will also change from August 1.
4. Rules will Change for E-Commerce Companies
In order to promote the Make in India product, from August 1, all e-commerce companies will be required to provide information of the country of origin along with the product on their website. That is, companies have to tell in which country the product is made. However, most companies have started giving this information.
5. Good News for Farmers
The sixth installment of Kisan Samman Nidhi Yojana will start from August 1. From August 1, the government will deposit the sixth installment of 2000 rupees in the bank account of the farmers. The 5th installment of PM Kisan Samman Nidhi Yoajana was released on 1 April 2020.