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8 Personal Finance Changes From July 1
Every month as per the latest government announcement, there can be some changes that come into force and need to be known by the country's citizens for better financial planning:
1. IFSC code of Syndicate Bank:
IFSC code as well as cheque book of Syndicate Bank will become invalid from July 1.Likewise, the customers of Syndicate Bank have been asked to update IFSC code latest by June 30."Dear customer, replace e-syndicate cheque book and cheques issued to the third party as validity for presentation expires on 30.06.2021," Canara Bank said.
2. Small Savings scheme:
Post office small savings scheme may see a rate cut following the low interest rate regime. Amid the state assembly elections last quarter, the centre after reducing rates on small savings scheme rolled back the rate cut. Rate on small savings schemes are linked to yield on 10-year government securities and are revised quarter on quarter.
3. TDS rules to change from July:
There will be a verification of taxpayers done and those taxpayers who would not have filed ITR for the last two years shall be charged a higher TDS. The rule is for taxpayers for whom the TDS deduction value exceeds the threshold value of Rs. 50000. The rule is part of the new insertion made to the Finance Act, 2021.
4. SBI cash withdrawal and cheque leaflet changes:
The country's leading lender has announced that with effect from July 1, 2021, the bank's customers will be allowed just 4 withdrawals from bank ATM and branch. Beyond the free transaction, the lender shall charge Rs. 15 plus GST on each of the transaction.
Also, in respect of the cheque books, there shall be limit imposed i.e. customers can now make a use of as many as 10 cheque leaflets and beyond those they will be levied some charges. For cheque leaflets beyond 10, there will be levied Rs. 40 plus GST, while for 25 leafs there will be charged Rs. 75 plus GST. But no such charges have been announced for senior citizens.
5. LPG price change:
LPG or cooking gas cylinder prices are also revised month on month and it is likely that there can be a revision in Lpg cylinder price. The LPG is sourced and extracted from natural gas and crude.
6. Auto companies to raise vehicle prices:
In order to offset rising input costs, auto companies from Hero Motocorp to Maruti shall increase vehicle prices from July this year.
7. Corporation Bank and Andhra Bank customers to get new cheque books:
Corporation Bank and Andhra Bank has been merged with Union Bank and likewise the customers of the two banks have been asked to get a new cheque book with latest security features.
8. IDBI Bank charges revision for locker, savings account, cheque leaflets:
Beyond 20 leaflets, the bank will have to pay Rs. 5 per cheque after the free limit. But this is not levied if you maintain a IDBI 'Sabka Saving Account'.
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