Mumbai : Tomorrow is August 1st and many changes are going to take place from tomorrow, which will also affect you. If you do digital transactions then you need to know about this change. If you shop online, then from August 1, you will see special information about any product.
Let’s know which rules are going to change from August 1. If you are going to buy a new car or bike then you can get benefits. At the same time there is good news for the farmers of the country. There are going to be mainly 5 changes.
Changes in the minimum balance : The minimum balance rules are going to change in many banks from August 1. Some banks have decided to charge a minimum balance. Customers will be charged after three free transactions. According to media reports, the rules of Bank of Maharashtra, Axis Bank and Kotak Mahindra Bank are going to change. At the same time, some banks can increase the minimum balance limit. That is, if there is less amount in the account than the minimum deposit, the bank will charge a penalty.
Car-bikes will be affordable : Changes in the rules of vehicle insurance will be implemented from 1 August 2020. Changes in the rules of auto insurance will reduce the new car or bike prices. In fact, the Insurance Regulatory and Development Authority of India (IRDAI) has withdrawn the rules of its long term packaged third party and on-damage policy. With this, now it will not be necessary for the vehicles to take a third party insurance policy of 3 and 5 years.
Charge on withdrawals from ATM : If you withdraw money from ATM more than 5 times in a month, then after 5 withdrawals from August 1, every withdrawal will be charged. You can withdraw cash from an ATM for 5 times in a month. On the other hand, if a debit card is lost or damaged, 200 rupees will have to be paid for the new card. While for a Titanium debit card, you have to pay Rs 250 annually. According to the RBI order, the interest rate on savings accounts will also change from August 1.
Rules will change for e-commerce companies : In order to promote the Make in India product, from August 1, all e-commerce companies will be required to provide information of the country of origin along with the product on their website. That is, companies have to tell in which country the product is made. However, most companies have started giving this information.
Good news for farmers : The sixth installment of Kisan Samman Nidhi will start from August 1. From August 1, the government will deposit the sixth installment of 2000 rupees in the bank account of the farmers. The 5th installment of PM Kisan Samman Nidhi was released on 1 April 2020.