Several changes in banking and financial sectors from January 1

Several rules pertaining to banking, financial and other sectors are changing from January 1. Since these new rules are set to impact the day-to-day lives of a common man and hence it is important to know more about these changes in detail.

From January 1, ATM withdrawal beyond a certain limit is going to pinch the customer’s pocket as banks will levy higher ATM withdrawal charges from next month. Bank customers will have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022, if they exceed the monthly limit of free transactions.

However, customers will continue to be eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs. They would also be able to do three free transactions from other bank ATMs in metro centres and five in non-metro centres.

Meanwhile, customers of India Post Payments Bank (IPPB) are in for some sad news starting next month. Account holders of this bank will have to pay a charge for withdrawing and depositing cash amounting to Rs 10,000. The new rule will come into effect from January 1. There are three types of savings accounts for India Post Payments Bank customers: (a)Basic Savings Account, (b) Savings (other than Basic SA) & Current Accounts, and (c) Savings (other than Basic SA) & Current Accounts. IPPB has informed all the concerned that charges of on Cash Deposit & Cash Withdrawal transactions will be effective from January 1, 2022.

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