These 5 rules related to your money will change from August 1, your pocket will have a direct impact

Many financial changes are going to take place from 1st August Financial Changes. Many things are going to be cheap and many things are going to be expensive in this. Let us tell you what things related to your money will change. In such a situation, if you do not pay attention to them, then you may be at a loss.

new Delhi. Many financial changes are going to take place from 1st August Financial Changes. Many things are going to be cheap and many things are going to be expensive in this. These changes include bank loan, PM farmer, charge on minimum balance, less money to be spent on auto insurance. Let us tell you what things related to your money will change. In such a situation, if you do not pay attention to them, then you may be at a loss.

1. Buying a car and bike will be cheaper
Changing motor vehicle insurance may make buying a new car or bike a little cheaper from next month. This will benefit millions of people in the Corona period. Irda said that buying a new vehicle proves to be expensive for the people due to the long term package policy. If you also want to buy a new car or motorcycle, then after August 1, you will have to spend less money on auto insurance. The Insurance Regulatory Development Authority of India (IRDAI) is going to change the rules related to ‘Motor Third Party’ and ‘On Third Damage Insurance’. According to the instructions of IRDAI, since then, new car buyers will not be forced to take insurance of the car for 3 and 5 years.

Also Read: Money laundering and terrorist funding in India postponed till next year

2. Changes in minimum balance and transaction rules
Many banks have announced a charge on minimum balance from August 1 to increase their cash balance and digital transactions. Also, after three free transactions in these banks a fee will also be charged. The charges will be effective from August 1 at Bank of Maharashtra, Axis Bank, Kotak Mahindra Bank and RBL Bank. Savings account holders in Bank of Maharashtra have to keep a minimum amount of Rs 2,000 in their account in metro and urban areas, which was Rs 1,500 earlier. If the balance is less than Rs 2,000, the bank will charge Rs 75 in metro and urban areas, Rs 50 in semi-urban areas and Rs 20 per month in rural areas.

3. PM-Kisan amount will come to the account of 10 crore farmers.
Modi government has put the fifth installment in the farmers account under the PM Kisan Samman Nidhi, also known as PM Kisan Yojana, for the poor and weak and small holdings farmers. . Now on August 1, under this scheme, the Modi government is going to send the sixth installment of 2000 rupees to the bank account of the farmers. Let us know that the fifth installment of PM Kisan Scheme was released on April 1, 2020. The government has provided cash benefits to 9.85 crore farmers of the country since the inception of the scheme.

4. RBL Bank Changes Savings Account Rules
RBI has recently changed the interest rates on savings account. The new rates will be applicable from 1 August. Now, you will get 4.75 percent interest annually on savings account deposits up to Rs 1 lakh. At the same time, 6 percent will be given on deposits up to Rs 1-10 lakh and 6.75 percent interest will be given on deposits ranging from Rs 10 lakh to Rs 5 crore. If a debit card is lost or damaged, a charge of 200 rupees will have to be paid. At the same time, now you have to pay Rs 250 annually for the Titanium Debit Card. At the same time, customers can now withdraw cash from the ATM 5 times a month for free.

5. E-commerce companies have to give information about the country of origin of the product
From August 1, it will be necessary to tell from the e-commerce companies where the product they are supplying is made. But many companies have already started giving this information. These include several companies including Mintra, Flipkart and Snapdeal. The Department for Promotion of Industry and Internal Trade (DPIIT) said on Wednesday that all e-commerce companies will have to update the country of origin of all their new product listings by 1 August. This initiative has been taken to promote local products.

The post These 5 rules related to your money will change from August 1, your pocket will have a direct impact appeared first on informalnewz.