From August 1, people will see several changes in day-to-day banking operations and these will also have an impact on other sectors. Know all about the new rules that will come into effect from August 1.

Salary, EMI payment related: In
June, the Reserve Bank of India announced that the National Automated Clearing
House (NACH), which is the bulk payment system will now be available on all days
of the week effective from August 1, 2021. The National Automated Clearing
House (NACH) facilitates one-to-many credit transfers such as payment of
interest, dividend, salary and pension. It also facilitates collection of
payments pertaining to gas, electricity, water, telephone, periodic instalments
towards loans, investment in mutual funds and insurance premium. 

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ATM cash withdrawal to be expensive:
The RBI has given a go- ahead to increase the interchange fees for ATM
machines. The interchange fees structure for these ATM transactions has been
increased from Rs 15 to Rs 17. This will also come into effect from August 1.
This increase in the fee has been done after 9 years keeping in mind and
considering the deployment and ATM expenses that the banks have to incur. The
fees for non-financial transactions has increased from Rs 5 to Rs 7. The
interchange fees is applicable on transactions where a user of a bank  that 
issued him an ATM card uses it at another bank’s machine. This change is
bound to be transferred to customers using their ATM cards at various outlets.

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ICICI Bank to revise charges:
India’s leading private bank ICICI has stated that it will revise the limits of
cash transactions, ATM interchange and cheque book charges for it’s domestic
savings account holders. These changes will be applicable on all kinds of
transactions i.e deposit as well as withdrawal. The customers who have regular savings
account will be allowed four free transactions as per the bank’s website. Those
above the free limits would have to pay a charge of Rs. 150 per transaction.
These changes will come into effect from 1 August 2021 according to the bank’s
website.

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Revision in banking charges by IPPB:
The customers of India Post Payments Bank (IPPB), who use it’ s doorstep
services will now have to pay additional charges.  These charges will be Rs 20 + GST for per
doorstep service request. This as well will come into effect from 1 August
2021. They have clearly mentioned that there will be no limit on the number of
transactions when an IPPB personnel visits a customer’s home for doorstep
service.  But, it has also clarified that
“no charge” clause will come into effect only on serving multiple requests of a
single customer. If there are more people who want to use IPPB’s doorstep
service, then it will be considered as separate DSB delivery and will be
chargeable.