PM kisan Samman Nidhi: A lot of changes are going to happen from August 1. These changes can affect you financially, so it is important to know about them beforehand. These changes from August 1 are related to certain timelines and some rules. There are many such works, the last date for completion is by 31 July. Apart from this, there are many rules which are going to be implemented from the month of August. Let us know what is changing from August 1. This is important to know for those who do digital transactions and online shopping.
Free withdrawal from ATM closed
If you withdraw money from the ATM more than five times a month, then after five withdrawals from August 1, every withdrawal will be charged. One to 5 times a month can withdraw cash for free. On the other hand, if the debit card is lost or damaged, 200 rupees will have to be paid for the new card. While for a Titanium debit card, you have to pay Rs 250 annually. According to the RBI order, the interest rate on savings accounts will also change from August 1.
Farmers will get money
The sixth installment of Kisan Samman Nidhi will start from August 1. From August 1, the government will deposit the sixth installment of 2000 rupees in the bank account of the farmers. The 5th installment of PM Kisan Samman Nidhi was released on 1 April 2020. The government has provided cash benefits to 9.85 crore farmers of the country since the inception of the scheme.
Rules will change for e-commerce companies
To promote 'Make in India' products, from August 1, all e-commerce companies will be required to provide information of the country of origin (in which country) with that product on their website. However, most companies have started giving this information.
Car-bikes will be cheaper
Changes in vehicle insurance rules will come into effect from August 1. Changes in the rules of auto insurance will reduce the new car or bike prices. In fact, the Insurance Regulatory and Development Authority of India (IRDA) has withdrawn the rules of its long term packaged third party and on-damage policy. With this, now it will not be necessary to take a three and five year third party insurance policy for vehicles. Those taking this vehicle will be directly benefited.
LPG Cylinder Price
The price of LPG cylinder will change on August 1. For the past two months, the price of LPG cylinder has increased continuously. In August, customers will have to pay more or less for LPG cylinders, it will be known only on August 1, because the oil marketing companies of the country change the prices of LPG cylinders on the first date of every month.
Minimum balance change
Changes in minimum balance rules are going to take place in many banks from August 1. Some banks have decided to impose a penalty on the minimum balance. Customers will be charged after three free transactions. According to media reports, the rules of Bank of Maharashtra, Axis Bank and Kotak Mahindra Bank are going to change. At the same time, some banks can increase the minimum balance limit. That is, if there is less amount in the account than the minimum deposit, the bank will charge a fine.