The month of August will see several changes that will affect the day-to-day banking operations, and also have an impact on other sectors. Those who transact with banks will have to be aware of the changes coming in effect from August 1.
Salary, EMI payment related: The Reserve Bank of India had announced in June that the National Automated Clearing House (NACH) will be available on all days of the week, effective August 1, 2021. NACH, a bulk payment system operated by the National Payments Corporation of India (NPCI) facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension.
ATM cash withdrawal to be expensive: According to another RBI order in the month of June, the interchange fees structure for transactions at Automated Teller Machines (ATMs) was increased from ₹15 to ₹17. The hike will be effective from August 1, as announced by the RBI. The interchange fees have been hiked after nine years, keeping in view the deployment and expenses towards ATM maintenance which has to be incurred by the banks.
Revision in banking charges by IPPB: The India Post Payments Bank (IPPB) announced earlier this month that customers who use its doorstep services will now have to pay additional charges. The IPPB has said that it will start charging ₹20 (plus GST) for each request for doorstep service. This will be applicable from August 1.
ICICI Bank to revise charges: India’s leading private bank ICICI has said that it will revise limits of cash transactions, ATM interchange and cheque book charges for its domestic savings account holders. These changes will be effective from August 1, according to ICICI Bank’s website. The revision of charges will be applicable for all the cash transactions – deposit as well as withdrawal.
