These Banking Rules Change From August 1 | All You Need to Know
Kotak Mahindra will be charging after five ATM transactions per month. The sixth transaction will be charged Rs 20.
New Delhi: From August 1, four banks are revising the minimum balance requirement failing which there will be penalties on the customers. Bank of Maharashtra, Axis Bank, Kotak Mahindra Bank and RBL Bank will charge a penalty for not maintaining minimum from August 1. In Bank of Maharashtra, account holders having savings account in metro and urban areas will now be required to keep a minimum amount of Rs 2,000. Earlier, this amount used to be Rs 1,500. Under the new rule, if the amount is less than Rs 2,000, the bank will charge Rs 75 as a penalty in metro and urban areas, Rs 50 in semi-urban areas and Rs 20 per month in rural areas.
RBL Bank has put a limit of five free ATM transactions.
Kotak Mahindra too will be charging after five ATM transactions per month. The sixth transaction will be charged Rs 20.
These charges were waived during the lockdown.
Fuel price
There will be no change in fuel prices. The price of petrol has not changed for over a month now. It sells for Rs 80.43 a litre in the national capital since June 29. Diesel, on the other hand, has seen sporadic rates revisions. It currently sells for Rs 73.56 per litre in the national capital.
Non-subsidised cooking gas LPG rates were last revised on July 1 when prices went up by Re 1 to Rs 594 per 14.2-kg cylinder in the national capital.
Cars, Bikes to become cheaper
Insurance Regulatory and Development Authority of India (IRDAI) directed insurance companies to stop selling long-term motor insurance package policy to new vehicle owners from August 1, 2020. New car buyers will not be forced to take the car insurance for 3 and 5 years.
