From July 1 i.e. tomorrow, changes in financial/banking services and other areas will take effect and will have a direct impact on your pocket. Besides banking services, those who haven't submitted their income tax returns may be affected by these changes.
The Reserve Bank of India (RBI) has authorized the reforms in banking services, which would include free transactions carried out by bank customers at ATMs. Here are the 7 crucial changes that will have an impact on you and your pocket.
SBI’s revised charges for ATM cash withdrawals
From July 1, the SBI customers will be charged for withdrawing money from ATMs and using checkbooks. The new rule will be applicable to the Basic Saving Account Deposit (BSAD) account and the customer will have four free cash withdrawals from ATMs and branches as well. The bank will charge ₹15 plus GST on each transaction after the free transactions.
LPG cylinder prices
On the first day of each month, the prices of LPG cylinders are decided. Despite the oil firms' failure to make such an official declaration, it is widely assumed that prices will be revised on July 1. LPG is made from crude oil and natural gas and is a non-renewable energy source.
The government had reduced the price of a 19 kg commercial cylinder by Rs 122 last month.
Withdrawing money from IDBI Bank
From July 1, IDBI Bank would modify the check leaf charge, savings account charge, and locker charge. In semi-urban and rural branches, the bank has reduced the free facility for cash deposits (home and non-home) from 7 and 10 times to 5-5 times.
New IFSC code of Syndicate Bank
As the syndicate bank has merged with Canara Bank, the syndicate bank account holders will receive new IFSC codes. The latter has urged all Syndicate Bank account holders to get the updated IFSC codes so that transactions can be done smoothly.
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Increased cheque book usage costs
From July 1, SBI savings bank account holders will have limited free cheque leaf usage. The bank has issued new guidelines that limit an account holder to use only 10 cheque leafs in a financial year. The bank has announced that using more will cost you $40 plus GST (for the next 10 leafs) and $75 plus GST (for 25 leafs). For older citizens, however, no such charges have been declared.
New TDS rules for not filing income tax
From July 1, the government has decided to charge a higher tax deducted at source (TDS) rate For people who have not deposited income tax returns (ITR) for the past two years. The rule will apply to taxpayers whose TDS deducted each year is more than $50,000.
Hero MotorCorp will hike product prices
With effect from July 1, the company said last week that it will increase the ex-showroom prices of its motorbikes and scooters. According to Hero MotorCorp, the price rise was necessary to partially offset the impact of rising commodity prices.