New Banking Rules 2024 in India: Changes Impacting Your Finances and Home
Get ready for significant changes in the Indian banking landscape, as new rules will come into effect from May 1, 2024. These rules will impact various aspects of your financial transactions and even your kitchen. Here’s a comprehensive guide to the upcoming changes:
Revised Cash Withdrawal Limit:
The Reserve Bank of India (RBI) has increased the cash withdrawal limit from ATMs using a debit card to Rs. 10,000 per transaction. This is a significant increase from the current limit of Rs. 5,000.
Revised Minimum Balance Requirement:
Several banks have revised their minimum balance requirements for savings and current accounts. Failure to maintain the required balance will result in penalty charges. Contact your bank to check the revised minimum balance requirement.
Increased Credit Card Processing Fees:
The RBI has allowed banks to increase the processing fees charged on credit card transactions. This means you may have to pay higher fees when using your credit card for purchases.
Enhanced Security for Online Transactions:
To enhance the security of online transactions, banks are implementing additional authentication protocols. This may involve receiving an OTP (One-Time Password) or using a mobile banking app for verification.
New LPG Cylinder Rules:
From May 1, 2024, the government will implement new rules for LPG (Liquefied Petroleum Gas) cylinder distribution. Individuals will be eligible for only 9 subsidized LPG cylinders per year. Additional cylinders will be available at market price.
Stricter KYC Norms:
Banks will be required to conduct more stringent KYC (Know Your Customer) checks to prevent financial fraud. This may involve submitting additional documents and undergoing video verification.
Reduced Insurance Premium for Senior Citizens:
Senior citizens aged 60 years and above will be eligible for reduced insurance premiums on term life insurance policies and health insurance policies.
Changes in Pension Rules:
The government has announced changes in pension rules for employees of the Employees’ Provident Fund Organization (EPFO). The minimum pensionable salary has been revised, and the maximum pension amount has been increased.
New Rules for Mutual Funds:
The Securities and Exchange Board of India (SEBI) has introduced new rules for mutual funds. These rules aim to enhance transparency and investor protection.
Revised Income Tax Slabs:
The government may consider revising the income tax slabs in the upcoming Union Budget. This could impact your tax liability and take-home salary.
Stay Informed and Compliant:
It’s crucial to stay informed about these new banking rules to avoid any inconvenience or financial penalties. Contact your bank or visit their website for more details. By complying with these regulations, you can ensure the safety and efficiency of your financial transactions.
