The month of July has been a starter for numerous new rules concerning financial services. The new rules are mainly relating to ATM withdrawals, maintaining minimum bank account balance, mutual funds, and also Atal Pension Yojana accounts have been brought forward.
Here are the 5 rules to be adhered by bank account holders;
ATM withdrawal charges
In the backdrop of the ongoing health crisis and the economic crunch arising out of the spread of Covid-19, finance minister Nirmala Sitharaman had announced in March that ATM charges will be suspended off for all ATM transactions for a time frame of three months. The deadline has ended June 30 and now the ATM withdrawals will be charged as before which are exceeding the limit of free transactions.
Minimum bank account balance
FM had also stated that the minimum balance requirement fee in bank accounts will be waived for three months, ending in June. Most banks demand a minimum balance requirement from an account holder and non-maintenance can draw a penalty starting from 1st July.
Atal Pension Yojana accounts
In the month of April, the Pension Fund Regulatory and Development Authority had instructed banks to hold the auto-debit of Atal Pension Yojana (APY) until June 30. The auto-debit for APY scheme shall now continue from 1st July, but no penal interest will be charged if APY contributions from April, 2020 to August, 2020 are regularised before September 30, 2020.
Stamp duty on mutual funds
The mutual fund investors, including those holding the Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP) plans, will not have to pay stamp duty charges from 1st July. The stamp duty will be charged at the rate of 0.005% on the purchase or switch-in amount but not on redemption. The new rules are applicable to all mutual funds, debt, and equity as well. The imposition of stamp duty will affect holdings of 90 days and less.
Registration in Kisan Samman Nidhi
As per the Prime Minister Kisan Samman Nidhi Yojana, ₹6,000 is provided to the farmers in three installments of ₹2,000 every year. So far, five installments have been transferred to the farmers. The last date of registration was June 30, according to reports.