From 1st August, there are going to be many major changes that will affect the life of the individual. These changes from banks to insurance will have a direct impact on the common man’s pockets. In many banks, the minimum balance limit has changed and it is not taken care of, similarly, the relief news is that the IRDAI decision will have to pay a lower on-road price when buying cars and two-wheelers. We are giving you information about these changed rules, you may incur losses in case of not paying attention to them.
1. LPG Price:
Oil marketing companies announce new LPG cylinders and air-fuel prices on the 1st of every month. These prices have been increasing steadily for the last few months. On August 1, people’s pockets will also be affected as the price of LPG LPG is expected to rise.
2. The low on-road price of vehicles:
Due to a decision of the Insurance Regulatory and Development Authority of India (IRDAI), a long-term insurance package policy will no longer be purchased when purchasing new trains from 1st August 2020. Because of this, cars and two-wheelers will now have to pay less on-road prices. Under the long-term insurance policy, the car had to undergo a three-year and two-wheeled vehicles for five years of insurance, which would no longer be necessary. Now the car buyer will not have to get five-year insurance together for three years and two-wheelers.
3. Changes in minimum balance and transaction rules:
Several banks have announced to charge the minimum balance from August 1 to increase their cash balance and digital transactions. The fee will also be levied after three free transactions in these banks. The charge will be levied in Bank of Maharashtra, Kotak Mahindra Bank, and Axis Bank.
The savings account holders in the Bank of Maharashtra will now have to keep a minimum of Rs. 2000 in their account in metro and urban areas, earlier this amount was Rs. 1500. Will charge Rs 75 in Metro and urban areas on low balance, Rs 50 in a semi-urban area, and Rs 20 in rural areas.
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4. RBL Bank Savings Interest Rate Changes:
RBL is changing the interest rate of the bank savings account, which will come into effect from August 1. The savings account will now receive a 4.75 percent annual interest on deposits up to Rs 1 lakh. Interest at Rs 1 to 10 lakh will be 6 percent, 10 lakh to 5 crores at the rate of 6.75 percent. A fee of Rs. 200 will have to be paid when the debit card is damaged or lost. The titanium debit card will have to pay Rs. 250 per annum. Will be able to remove free cash from ATMs 5 times a month.