From the revised ATM withdrawal fees to the new IFSC codes, account holders of various banks will be affected by these changes from July 1. The prices of LPG cylinders are also expected to be revised, and those who do not file tax returns will be subject to a higher rate. TDS.
By hindustantimes.com | Written by Amit Chaturvedi, Hindustan Times, New Delhi
POSTED JUNE 27, 2021 6:01 PM IST
From July 1, people will see changes in banking and other areas that will directly impact the lives of ordinary people. In addition to banking services, these changes will also have an impact on those who have not filed their tax returns.
The changes to banking services have been approved by the Reserve Bank of India (RBI) and will also include free transactions made by users of banks at ATMs or ATMs.
Here is a list of the changes that will take effect on July 1:
- SBI revises fees for cash withdrawals at ATMs: State Bank of India (SBI) customers will benefit from four free cash withdrawals at the bank’s ATM as well as at branches. The country’s largest public lender will charge ₹15 plus GST on each transaction after free transactions.
- Increase in fees for using the checkbook: SBI Savings Bank holders will have limited free use of check sheets from July 1. The bank issued new guidelines that an account holder can only use 10 check sheets in a fiscal year. To use more, the bank announced ₹40 plus TPS (for the next 10 sheets) and ₹75 plus TPS (for 25 sheets). However, no such charges have been announced for the elderly.
- Price of LPG cylinders to change: The price of liquefied petroleum gas (LPG) cylinders is decided on the first day of each month. Although no such official announcement is made by the oil companies, it is widely expected that prices will be revised on July 1. LPG is a non-renewable energy source and is extracted from crude oil and natural gas.
- TDS for not declaring income tax: From next month, the government has decided to impose a higher withholding tax rate (TDS) on those who have not filed an income tax return (ITR) in the past two years. The rule will apply to taxpayers whose TDS deducted each year exceeds ₹50,000. This was inserted into the income tax rules by the 2021 finance law.
- Syndicate Bank IFSC code to change: Syndicate Bank account holders will get new IFSC codes as the bank merged with Canara Bank. The latter appealed to all Syndicate Bank account holders to obtain the new IFSC codes so that transactions can go smoothly.
- Account holders of two banks to obtain new check books: Andhra Bank and Corporation Bank were merged into Union Bank of India. The latter asked users of the two banks to obtain new checkbooks with security features. Their existing check books will become invalid. Andhra Bank and Corporation Bank merged into Union Bank on April 1, 2020.
- Hero MotorCorp to increase product prices: The company announced last week that it would increase the non-showroom price hike for its motorcycles and scooters, effective July 1. The price hike was necessary to partially offset the impact of the continued rise in commodity prices, Hero said. MotorCorp.