New Delhi: Starting August 1, a few rules will change. The Reserve Bank of India has made adjustments to salaries, pensions, and dividends (RBI). ATM interchange fees may rise. ICICI Bank has also changed its ATM interchange and chequebook charges.
Salary, Pension, Interest, and DBT Changes by the Reserve Bank of India
The Reserve Bank of India (RBI) stated in June that, from August 1, 2021, the National Automated Clearing House (NACH) will be operational on all days of the week. NACH, the National Payments Corporation of India's (NPCI) bulk payment system, enables one-to-many credit transfers such as dividends, interest, wages, and pension payments. For a significant number of beneficiaries, NACH has become a popular and prominent method of direct benefit transfer (DBT).
EMIs from the RBI, mutual fund investments, and insurance premium payment charges
NACH also makes it easier to pay for things like electricity, gas, phone, and water, as well as loan payments, mutual fund investments, and insurance premiums.
Order from the RBI
"In order to improve customer convenience and exploit the 24x7 availability of real-time gross settlement (RTGS), NACH, which is now accessible on bank working days, is likely to be made available on all days of the week beginning August 1, 2021," said RBI Governor Shaktikanta Das.
Charges for using an ATM at a bank
In a circular, the RBI also permitted banks to raise the interchange charge per transaction in all locations from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions. The new rules will take effect on August 1, 2021.
Cash Transaction Limits, ATM Interchange, and Chequebook Charges at ICICI Bank
With effect from August 1, 2021, the fee schedule for ICICI Bank Savings Accounts will change. The limitations on cash transactions, ATM interchange, and chequebook charges for Domestic Savings Account customers have been revised by ICICI Bank.