From the beginning of the new year, some rules related to the bank are going to change. With these new rules, the relief of customers will be less and the problem will increase more. If you withdraw money after the free limit from the ATM, then the pocket will be cut more.
From the beginning of the new year, some rules related to the bank are going to change.
Bank Account New Rules: From the beginning of the new year, some rules related to the bank are going to change. With these new rules, the relief of customers will be less and the problem will increase more. If you withdraw money after the free limit from the ATM, then the pocket will be cut more. There is a bank in which a fee will have to be paid even on depositing money, but the most important thing is about bank accounts. If the KYC of the account is not done then it will be frozen. Actually, RBI has directed banks and NBFC companies to freeze the accounts of all such customers who have not fulfilled the KYC norms. KYC means Know Your Customer.
Under these rules, the customer is required to give proof of his identity and address to the bank or NBFC company, so that it is ensured that the account belongs to the same customer whose proof of identity and address is with the bank. The Reserve Bank had given time till December 31 to implement the KYC rules. That is, if the KYC of the bank account has not been done, then it can be frozen from January 1.
After some time the validity of KYC expires.
It is also important to know here that the KYC of your bank account has been done long ago, even then there is a fear of freezing it from the new year. Actually, KYC validity ends after a certain time. Banks did not take any action even after the expiry of the KYC validity of lakhs of customers, due to the second wave of the pandemic, but now banks and other financial institutions are not in a mood to give any concession.
Customers who fall under the low risk category are required to get KYC updated every 10 years. At the same time, high-risk customers have to update their information every two years. Apart from this, KYC update is also required to unfreeze or reactivate dormant or inactive accounts.
Let us tell you that updating KYC rules from time to time is mandatory not only for banks but also for financial companies, mutual funds, broking houses and depositories. To prevent fraud in money transactions, RBI has made it mandatory to update the KYC rules.
Withdrawing money from ATM will also be expensive in the new year
Apart from the requirement of KYC, withdrawing money from ATMs will become costlier in the new year. Customers will have to pay more charges for withdrawing money from ATMs after the free transaction is over. Till now, customers had to pay Rs 20 per transaction for withdrawing money from ATMs after the end of the free transaction. Now this charge has been increased to Rs 21.
Not only this, there is such a bank that will also charge a fee for depositing money from the new year, although it is not a normal bank but a payment bank, from January 1, there will be a charge for depositing and withdrawing money in India Post Payments Bank (IPPB).
Cash withdrawal is free up to Rs 25,000 per month for savings and current accounts. After the free limit, 0.50 per cent of the value or a minimum of Rs 25 per transaction will be charged. At the same time, cash deposits up to 10 thousand rupees per month are absolutely free. After the free limit, 0.50 per cent of the value will be charged, subject to a minimum of Rs 25 per transaction.
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