april The month is over. The new month of May has started from today. Along with this, there have also been changes in many important rules related to money. Let us know which important rules have changed from May 1 and how much impact will the change in those rules have on your pocket.
1. Change in charges on ICICI Bank Savings Account
Let us tell you that ICICI Bank has changed the charges on its savings account. This has come into effect today i.e. 1st May. The changes include an annual fee of up to Rs 200 per year on debit cards. For rural locations, the fee is Rs 99 per year. On check books, the charges will be zero for 25 check leaflets in a year and above that, the bank will charge Rs 4 per leaf. The bank will charge between Rs 2.5 and Rs 15 per transaction as per the amount transferred for Immediate Payment Service (IMPS) transactions. There will also be a penalty charge of Rs 500 per ECS/NACH debit return for financial reasons. Recovery will be made maximum three times per month for the same mandate.
2. If the name is wrong in the PAN-MF folio, the application will be canceled
From today if your name on the mutual fund application does not match your PAN (Permanent Account Number) card, your application will be rejected. To make it clear how your name appears in official records, Securities and Exchange Board of India-mandated KYC rules say that your name must be uniform. If you are investing in a mutual fund folio for the first time, your name and date of birth should be the same as it appears on your PAN and in your income tax records.
3. Yes Bank changed the rules of minimum balance
Yes Bank has announced changes in various charges on savings accounts from today. The bank has increased the maximum charges for maintaining less than the prescribed Average Monthly Balance (AMB) in savings accounts. The bank will charge between Rs 250 and Rs 1,000. Earlier, the charges were between Rs 250 and Rs 750. Charges vary depending on the type of savings account, location of the bank branch and the amount of balance in the account. With ECS (Electronic Clearing Service) returns due to low balance, the bank will now charge Rs 500 for the first time. The bank will charge Rs 550 from the second return onwards.
4. Paying utility bills will be expensive
Paying utility bills will become expensive from today. Banks will have to pay 1% extra charge on utility bill payments through credit cards from May 1. Let us tell you that Yes Bank and IDFC First Bank have announced that they will charge an additional 1 percent on utility bill payments from their credit cards from May 1, 2024. If you have a Yes Bank credit card, there will be a free usage limit of Rs 15,000. Whereas for IDFC First Bank it is Rs 20,000. Extra charges will have to be paid on bill payment more than this.
5. There will be change in the prices of LPG cylinders
There will also be a change in the price of LPG cylinder and ATF from May 1. Let us tell you that oil marketing companies decide the price of LPG cylinder. Companies fix the prices of 14 kg domestic and 19 kg commercial cylinders. The prices of CNG and PNG are also fixed.
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