A slew of changes, covering a number of areas that will affect the daily lives of
common people, will be implemented from Thursday, July 1. These changes will be
implemented in the banking sector, income tax, gas cylinder prices and more.

Let’s take
a look at all the changes coming into effect from July 1.

SBI charges for cash withdrawals

India’s
largest bank the State Bank of India (SBI) has revised its charges for cash withdrawals
from its ATMs and branches. The bank will have four free withdrawals, following
which it will charge Rs 15 excluding GST per transaction.

Changes in cheque book usage charges

From July
1, SBI savings accounts holders will have a limited number of free cheque book
usage. According to the latest guidelines, an account holder can only use 10
free cheques in a financial year. After the free cheques, the bank will charge
Rs 40 for the next 10 cheques and Rs 75 for 25. The charges are excluding GST
charges.

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New cheque books for account holders of 2 banks

With the merger
of Andhra Bank and Corporation Bank on April 1, 2020, resulting in the formation
of the Union Bank of India, customers of the erstwhile banks will be issued new
cheque books with added security features.

Syndicate Bank to change IFSC code

With the
Syndicate Bank merging with Canara Bank, account holders of the former will get
new IFSC codes.

LPG cylinder price change

LPG
cylinder prices are decided on the first day of every month and while no
official announcement has been made by the oil companies so far, it is expected
to be revised from July 1, according to Hindustan Times.

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TDS for not filing income tax

The
government will charge a higher Tax Deduction at Source (TDS) rate for individuals
who have not deposited their income tax returns in the last two years. This is
applicable for those whose TDS deductions per year exceed Rs 50,000

Hero MotorCorp to revise prices

The
automaker had announced last week that it will hike the ex-showroom prices for its
scooters and motorcycles from July 1. The increase in prices have been necessitated
to compensate for increasing commodity prices, the company had said.