For starters, the State Bank of India (SBI) has updated charges and rules for Automated Teller Machines (ATMs) transactions while a few taxpayers may have to face Tax Deduction at Source (TDS) at higher rates starting next month.
New Delhi: From July 1, many key changes will be implemented across banking, financial and other sectors that are set to impact the day-to-day lives of a common man. For starters, the State Bank of India (SBI) has updated charges and rules for Automated Teller Machines (ATMs) transactions while a few taxpayers may have to face Tax Deduction at Source (TDS) at higher rates starting next month. Meanwhile, LPG cylinder prices are up for a revision in the month of July.
10 key changes coming into effect from July 1:
1. Change in SBI ATM charges
SBI will offer only four free transactions — including ATMs and bank branches every month for BSBD account holders. Customers will have to pay Rs 15 plus Goods and Services Tax (GST) for the fifth transaction onwards.
2. SBI Cheque Book usage changes
SBI will offer 10 cheque leaves free in a financial year to its BSBD account holders. If you need an additional cheque book, then you need to pay a certain amount to the bank. For instance, 10 leaf cheque book will cost Rs 40 plus GST, 25 leaf cheque book at Rs 75 plus GST, and emergency cheque book for 50 plus GST for 10 leaves or part thereof.
3. Change in LPG Cylinder Price
The rates of liquefied petroleum gas (LPG) cylinders are expected to change from the current rates in July 2021. Usually, the prices of LPG cylinders are revised on the 1st of every month. However, there’s no guarantee that the rates will change for sure.
4. Higher tax deduction at source
The Income Tax department is all set to charge a higher tax deduction at source (TDS) rate on transactions made by such taxpayers who haven’t filed their income tax returns (ITR) in the last two years.
5. Change in IFSC Code
With Syndicate Bank’s merger with Canara Bank coming into effect last year, the IFSC codes of the former bank are all set to change starting July 2021. You can get new IFSC codes by contacting Canara Bank’s customer care.
6. IDBI Bank services to get expensive
IDBI Bank is going to change many rules from July 1, including changes for chequebook, savings account charge and locker charge. Customers will now get only 20 pages of cheque books for free every year. After that, 5 rupees will have to be paid for every cheque. However, the new system will not be applicable to the customers coming under ‘Sabka Savings Account’ and they will continue to get free checks for a year.
7. Decision on interest rates of small savings schemes
Interest rates under small savings schemes such as Sukanya Samriddhi, National Savings Certificates (NSC) and PPF are reportedly expected to lower from July 1. The central government might soon take a decision on reducing the interest rates of small savings schemes. The interest rates of small savings schemes were last cut on March 31. However, the very next day, Finance Minister Nirmala Sitharaman withdrew this decision, calling it a mistake.
8. Driving license will come home
You will no longer need to go to the RTO office to get a learning license. You will be able to get a driving license only by giving an online test at home. After passing the test, you will be able to download and take a printout of your driving license.
9. Maruti cars to be expensive
If you are also planning to buy a Maruti car, then buy it right now because Maruti cars are going to be expensive from next month. Earlier in January 2021 and April 2021, the carmaker had also increased the prices.
10. Hero bikes will also be expensive
Hero MotoCorp has announced an increase in the prices of its motorcycles and scooters starting July 1. The price of two-wheelers of the company will increase by up to Rs 3,000 from July 1, 2021. The company is increasing the rates to absorb the price hike in raw materials. The increase will vary according to the model.
