A few changes here and there as per the monthly announcements by the government need to be known publically for enhancing one’s financial planning. Here’s what is changing from July 1 in financial terms:
Syndicate Bank’s IFSC code
As the IFSC code and the cheque book of Syndicate bank becomes invalid from the 1st of July, customers have been requested to update the respective IFSC code by the 30th of July. “Dear customer, replace e-syndicate cheque book and cheques issued to the third party as validity for presentation expires on 30.06.2021,” said Canara Bank.
Rate cut on small savings scheme
Post the low interest rate regimen, a rate cut may apply on the post office small savings scheme. The centre amid the state assembly elections, rolled back the rate cut after reducing rates on small savings scheme last quarter.
This calls for the verification of taxpayers, as those of who haven’t filed ITR from past 2 years will be liable for higher TDS. This rule is valid for those for whose TDS deduction value exceeds Rs 50000 threshold value as per the new insertion to the Finance Act 2021.
SBI cheques and ATM withdrawals changes
Post July 1, SBI will charge Rs 15 plus GST on every transaction after 4 free withdrawals from the bank ATM and branch. In addition, customers will be levied GST charges after 10 cheque leaflets. Rs 40 will be charged beyond 10 leaflets and Rs 74 beyond 25 cheque leaflets. No such announcements have been made for senior citizens.
Price change for LPG
Like every month, LPG prices are set to be revised in the coming month.
Price rise from auto companies
Auto companies in an attempt to offset surging input costs might increase vehicle prices from next month.
New cheque books for Corporation Bank and Andhra Bank customers
Customers of Andhra Bank and Corporation Bank have been asked to get new cheque books which comes with the merger of both the banks with Union Bank.
IDBI Revised charges
Customers of IDBI Bank will have to pay Rs 5 beyond 20 cheque leaflets, but those with ‘Sabka Saving Account’ have been exempted from this revision of charges.